Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

The pre-funded warrants and common warrants were valued at $4,230,000 and $5,324,301, respectively, using the following Black-Scholes assumptions:


		Pre-funded warrants		Common warrants			Underwriter warrants

Expected term (in years)		4		4			4
Risk‑free interest rate		3.64	%	3.64	%		3.64	%
Dividend yield		—	%	—	%		—	%
Expected volatility		90.63	%	90.63	%		90.63	%
Exercise price	$	0.0001		$0.36- $0.5151		$	0.45
Stock price	$	0.36		$0.36- $0.5151		$	0.36
Black-Scholes value	$	0.36		$0.24-0.27		$	0.22

Warrants Outstanding to Purchase Shares of Common Stock

As of December 31, 2025, the Company has warrants outstanding to purchase shares of common stock, which are all exercisable in whole or in part, with expiration dates as follows:


Expiration date	2025			2024
Expiration date	Number of warrants outstanding		Exercise price	Number of warrants outstanding		Exercise price
April 2025	—	$	—	55,177	$	7.25
December 2026	128,934	$	9.45	128,934	$	9.45
January 2027	12,705	$	9.45	12,705	$	9.45
April 2028	68,809	$	1.53	68,809	$	1.53
November 2028	5,805,083	$	1.18	5,805,083	$	1.18
June 2030	105,726	$	1.06	—	$	—
August 2030	13,409,168	$	0.36-.5151	—	$	—
November 2035	49,135,689	$	0.81-1.10	—	$	—
Pre-funded warrants	6,750,000		no expiration	—		—
Total	75,416,114			6,070,708

FEMASYS INC 10-K