The securities issued and issuable in the PIPE financing consist of senior convertible notes and warrants to purchase shares of the Company's common stock. Of the initial $13 million commitment, $6.3 million was funded at the initial closing on May 4, 2026, with the remaining $6.7 million expected to be funded promptly following the effectiveness of a registration statement to be filed by the Company with the Securities and Exchange Commission (the "SEC") related to the resale of the common stock issuable upon conversion or exercise, as applicable, of the securities issued in the PIPE financing.

The Company intends to use the net proceeds from the initial closing primarily for working capital, and the net proceeds from the second closing to repay senior convertible notes issued by the Company in February 2026.