Note 5 - Stockholders' Equity

3 Months Ended

Mar. 31, 2026

5.	Stockholders’ Equity

Reverse Stock Split

On January 9, 2026, we effected a one-for-twenty-five reverse split of our common stock. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split. The roundup of fractional shares associated with the reverse stock split resulted in the issuance of an additional 65,548 shares of common stock.

Common Stock Transactions

February 2026 Offering. On February 17, 2026, we closed a registered direct offering resulting in the issuance of 432,902 shares of common stock and in a concurrent private placement, we issued common warrants to the purchasers to purchase up to 865,804 shares of common stock at an initial exercise price of $2.31 per share. Net proceeds after deducting placement agent fees and other offering expenses were approximately $885,000.

March 2026 Warrant Exercise Inducement. On March 31, 2026, we entered into warrant exercise inducement letters with the holders of certain existing stock purchase warrants (with exercise prices ranging from $1.4103 to $32.75 per share), whereby the holders agreed to exercise an aggregate of 634,658 of the warrants at a reduced exercise price of $1.36 per share in consideration for our agreement to issue new warrants to purchase 1,269,316 shares of common stock at an exercise price of $1.36 per share. Upon exercise of their existing warrants, at the holder’s direction we issued to them an aggregate of 560,658 shares of common stock and held 74,000 shares in abeyance, which were subsequently issued in April 2026. Net proceeds to us after deducting placement agent commissions and other offering expenses were approximately $762,700.

Other Warrant Exercises. On March 11, 2026, we issued 3,433 shares of our common stock upon the exercise of stock purchase warrants for net proceeds of approximately $4,800.

ATM Program. During 2024, we established an “At-the-Market” continuous offering program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through its sales agent, shares of its common stock. During January 2026 we sold 23,882 shares of our common stock through the ATM Program for net proceeds of approximately $71,200.

Stock Options

We have stock-based incentive plans (the “Plans”) pursuant to which our Board of Directors may grant stock options and other stock-based awards to our employees, directors and consultants. A total of 338,293 shares of our common stock are reserved for future issuance pursuant to the Plans (inclusive of outstanding stock options. There were no stock option grants or other activity with the Plans during the three months ended March 31, 2026. Certain information concerning stock options outstanding at March 31, 2026 is presented below.

Number

of Shares

Weighted-

Average

Exercise

Price

Weighted-

Average

Remaining

Contractual

Term (yrs)

Aggregate

Intrinsic

Value

Stock options outstanding at March 31, 2026

45,579

137.20

8.4

Stock options exercisable at March 31, 2026

22,662

214.22

8.0

Stock Purchase Warrants

The following warrants were outstanding as of March 31, 2026:

Issue Date	Number of Shares*		Exercise Price		Expiration
September 2021		268	$	4,875.00	September 2026
July 2025		490,000		4.35	July 2030
September 2025		476,196		1.1877	November 2030
December 2025		2,270,330		1.1877	December2030
February 2026		432,902		2.31	June 2028
February 2026		432,902		2.31	June 2031
March 2026		1,269,316		1.36	June 2031
Outstanding at March 31, 2026		5,371,914

- Definition

The entire disclosure for equity.

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+ Details

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