Red Flags Detected

• ⚠ Dilution Per Share to New Investors In This Offering $7.64 (new) — New investors face immediate dilution of $7.64 per share, representing over 50% of the $15.00 offering price, due to the low net tangible book value.
• ⚠ 12,622,000 Shares of Common Stock Issuable Upon the Conversion of 12,622 Outstanding Shares of Series A Preferred Stock (new) — The conversion of Series A Preferred Stock could add 12.6 million shares, significantly diluting existing and new shareholders.
• ⚠ 8,777,486 Shares of Common Stock Issuable Upon the Exercise of 8,777,486 Pre-funded Warrants With an Exercise Price of $0.0001 Per Share (new) — Pre-funded warrants with a nominal exercise price are almost certain to be exercised, adding over 8.7 million shares and diluting investors.
• ⚠ 7,354,734 Shares of Common Stock Issuable Upon the Exercise of Stock Options With a Weighted-average Exercise Price of $4.80 Per Share (new) — A large number of stock options have an exercise price well below the offering price, creating significant potential dilution when exercised.
• ⚠ 5,294,474 Shares of Common Stock Issuable Upon the Exercise of Stock Options With a Weighted-average Exercise Price of $12.44 Per Share (new) — Additional stock options with exercise prices below the offering price further increase the potential dilution overhang.