Note 11 — Warrants

During the year ended December 31, 2024, the Company issued 633,332 pre-funded warrants with an exercise price of $0.001 and no expiration date. See Note 9.

During the year ended December 31, 2024, warrant holders exercised 444,180 warrants with a weighted average exercise price of $2.33 and 123,333 pre-funded warrants with an exercise price of $0.001.

At December 31, 2024, there were 342,240 warrants outstanding at an exercise price of $8.90 and 763,827 pre-funded warrants outstanding at an exercise price of $0.001. At December 31, 2023, there were 786,420 warrants outstanding at a weighted average exercise price of $5.19 and 253,828 pre-funded warrants outstanding at an exercise price of $0.001.

All warrants were exercisable at December 31, 2024 although warrants may generally be exercised only to the extent that the total number of shares of common stock then beneficially owned by these shareholders does not exceed 4.99% (or, at the investor’s election, 9.99%) of the outstanding shares of the Company’s stock.

The remaining life, excluding the 763,827 pre-funded warrants with no expiration date, of the outstanding warrants is 0.6years.

The estimated aggregate pre-tax intrinsic value (the difference between the Company’s stock price on the last day of the year ended December 31, 2024 and the exercise prices, multiplied by the number of in-the-money warrants) is $5.8 million.