The transaction involves the sale of 3,838,544 shares of common stock and common warrants to purchase up to 5,103,622 shares, at a combined purchase price of $0.725 per share and warrant, with an exercise price of $1.00 per share for the warrants.

These warrants will be exercisable immediately and will expire five years from the initial exercise date, with a provision for early call by the company under certain conditions.

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The closing of the offering is expected by February 8, subject to customary closing conditions, with anticipated gross proceeds of $3.7 million.

Together with previous financing, the company expects these proceeds to fully fund its ongoing SIGNAL-AD trial until the release of topline data expected in the third quarter of 2024.

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