20.   Subsequent Events

The Company has evaluated all events subsequent to the balance sheet date through February XX, 2025, the date these financial statements are available to be issued. During this period, there were no material subsequent events requiring disclosure except as discussed below.

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2023 Plan

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In accordance with the provisions of the 2023 Plan, the Limit increased on January 1, 2025 by 458,383 shares for a total number of awards that can be made under the 2023 Plan of 1,658,383 shares.

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2025 Purchase Agreement

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On January 10, 2025, the Company entered into the 2025 Purchase Agreement with Investors, pursuant to which the Company agreed to issue and sell to the Investors an aggregate of 240,807 Shares of Common Stock. The purchase price of each Share was $2.72, the last reported closing price of the Common Stock on the date of execution of the 2025 Purchase Agreement, which closing price was greater than the book value of the Common Stock on the date of the execution of the 2025 Purchase Agreement.

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The 2025 Private Placement closed on January 10, 2025. The Company received aggregate gross proceeds from the 2025 Private Placement of approximately $655,000, before deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the 2025 Private Placement for working capital purposes.

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Woodforest Pre-Funded Warrant

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The Pre-Funded Warrant issued to Woodforest under the Settlement Agreement was subsequently assigned by Woodforest to Lynx1 Master Fund LP on January 13, 2025.

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AstralBio Exclusive License Agreement

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Pursuant to the License Agreement with AstralBio, the fixed upfront fee of $750,000 was settled for 246,087 shares of the Company’s Common Stock based on the volume weighted average price of the Company’s Common Stock as reported by Bloomberg, LP over the five day period ending at 4:00 PM on the day prior to issuance, January 28, 2025.

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2024 Pre-Funded Warrants Exercise

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In January 2025, 128,070 2023 Pre-Funded Warrants were exercised for proceeds of $13.

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ATM Agreement

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Under the ATM Agreement, the Sales Agents for the Company sold 32,167 shares in January 2025.  The Company received net proceeds of approximately $102,000.

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Exercise of Stock Options

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During January 2025, options for 48,300 shares with a grant price of $1.72 were exercised for which the Company received proceeds of $83,076.

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Vesting of RSUs

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During the third quarter of fiscal year 2025, RSUs for 11,575 shares of Common Stock were vested.