16. Subsequent events

On October 15, 2025, the Company entered into a Securities Purchase Agreement with an institutional investor pursuant to which it agreed to issue and sell, in a registered direct offering, (a) 205,213 shares of common stock at an offering price of $11.34 per share and (b) 928,581 pre-funded warrants at an offering price of $11.339 per warrant, for aggregate net proceeds of approximately $12,000,000. In a concurrent private placement, the Company also sold 1,133,794 common stock purchase warrants at an offering price of $0.125 per warrant, with each warrant exercisable for one  share of common stock at an exercise price of $11.34 per share. The offering closed on October 16, 2025. The Pre-Funded Warrants are immediately exercisable at $0.001 per share until exercised in full. The Private Placement Warrants are exercisable upon issuance, may be exercised on a cashless basis under certain circumstances, and expire five years from the date of issuance. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.