The placement agent warrants were valued using the Black-Scholes option-pricing
model with the following assumptions.
Schedule
of Placement Agent Warrants Black-Scholes Option Pricing Model
| | |
June 2024 | | |
December 2024 | | |
June 2025 | | |
July 2025 | |
| | |
PIPE Offering | | |
PIPE Offering | | |
PIPE Offering | | |
PIPE Offering | |
| | |
| | |
| | |
| | |
| |
| Expected volatility | |
| 100.4 | % | |
| 104.3 | % | |
| 98.9 | % | |
| 95.1 | % |
| Risk-free interest rate | |
| 4.45 | % | |
| 4.09 | % | |
| 3.86 | % | |
| 3.86 | % |
| Expected dividend yield | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
| Expected life of warrants in years | |
| 2.75 | | |
| 2.75 | | |
| 2.5 | | |
| 2.5 | |
| Estimated fair value of placement agent warrants | |
$ | 1.70 | | |
$ | 1.52 | | |
$ | 0.55 - 0.80 | | |
$ | 0.82 | |
|