Note 22: Subsequent Events

On October 22, 2025, pursuant to the terms of a securities purchase agreement (the “Purchase Agreement”) entered into with an institutional investor (the “Investor”), the Company closed a registered direct offering of 3,000,000 shares (the “Shares”) of its common stock, par value $0.001 per share (“Common Stock”), and pre-funded warrants to purchase up to 6,903,049 shares of Common Stock (the “Pre-Funded Warrants”) to the Investor. In a concurrent private placement, pursuant to the Purchase Agreement, the Company also sold to the Investor unregistered warrants to purchase up to 9,903,049 shares of Common Stock (the “Common Warrants”), with an exercise price of $0.738 per share. Each Share and privately placed Common Warrant was sold at a public offering price of $0.738, and each Pre-Funded Warrant and privately placed Common Warrant was sold at a public offering price of $0.737, for aggregate gross proceeds at closing of approximately $7.3 million, prior to deducting placement agent fees and other offering expenses. The Company paid to the placement agent in connection with the offering a cash fee equal to 7% of the aggregate gross proceeds from the sale of the securities sold in this offering, and the placement agent is also entitled to receive 7% of the gross proceeds received from the exercise of any warrants issued in the offering. In addition, the Company issued warrants to purchase 693,213 shares of common stock to the placement agent and its designees with an exercise price of $0.8118 per share.

On August 27, 2025, the Company entered into a transaction under Section 3(a)(10) of the Securities Act of 1933 with a third party to settle $1.8 million of outstanding accounts payable, in exchange for issuing 3,148,535 shares of common stock. Under the terms of the agreement, the third party makes payments to the Company’s vendors in cash and, in exchange, the Company issues shares of common stock to the third party. The transaction was carried out in stages and as of November 14, 2025, the Company had completed the arrangement, settling a total of $1.8 million, and issued 3,148,535 shares of common stock.