Note 5 - Stockholders' Equity

9 Months Ended

Sep. 30, 2025

5.	Stockholders’ Equity

Common Stock Transactions

September 2025 Offering. On September 30, 2025, we closed a registered direct offering of 3,968,256 shares of common stock and in a concurrent private placement, we issued common warrants to the purchasers to purchase up to 11,904,768 shares of common stock at an exercise price of $0.63 per share. Net proceeds after deducting placement agent commissions and other offering expenses were approximately $2.3 million.

July 2025 Offering. On July 2, 2025, we closed a public offering of an aggregate of 9,235,000 units, consisting of (i) 9,235,000 shares of our common stock and (ii) warrants to purchase 18,470,000 shares of common stock at an exercise price of $0.65 per share. Net proceeds after deducting placement agent fees and expenses and other offering expenses were approximately $5.5 million.

March 2025 Offering. On March 25, 2025, we closed a registered direct offering of 1,350,000 shares of common stock, pre-funded warrants to purchase an aggregate of 2,085,115 shares of common stock, and common warrants to purchase up to 3,435,115 shares of common stock at an exercise price of $1.31 per share. Net proceeds after deducting placement agent commissions and other offering expenses were approximately $4.1 million. The pre-funded warrants were fully exercised during the second quarter of 2025.

ATM Program. On September 25, 2024, we entered into a Sales Agreement and established an “At-the-Market” continuous offering program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through its sales agent, shares of its common stock. During the three-month and nine-month periods ended September 30, 2025, we sold 337,511 and 2,290,114 shares of our common stock, respectively, through the ATM Program for net proceeds of approximately $220,000 and $4.0 million, respectively, after deducting commissions to the sales agent and other related expenses.

Stock Options

We have stock-based incentive plans (the “Plans”) pursuant to which our Board of Directors may grant stock options and other stock-based awards to our employees, directors and consultants. A total of 2,033,648 shares of our common stock are reserved for future issuance pursuant to the Plans, inclusive of outstanding stock options. A summary of the Company’s stock option activity during the nine months ended September 30, 2025 is presented below.

	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (yrs)		Aggregate Intrinsic Value
Outstanding at December 31, 2024		333,648	$	12.71		8.6	$	58,500
Stock options granted		805,300		2.48
Outstanding at September 30, 2025		1,138,948	$	5.48		8.9	$	-
Exercisable at September 30, 2025		222,132	$	17.32		7.5	$	-

Stock Purchase Warrants

A summary of the Company’s warrant activity during the nine months ended September 30, 2025 is presented below.

	Common Warrants
	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (yrs)		Pre-Funded Warrants -- Number of Shares			Total Warrants
Outstanding at December 31, 2024		6,617,747		$	5.13		4.6		-			6,617,747
Warrants issued		33,809,883			0.71				2,085,115			35,894,998
Warrants exercised		(240,000	)		-				(2,085,115	)		(2,325,115	)
Warrants expired		(159,781	)		-				-			(159,781	)
Outstanding at September 30, 2025		40,027,849		$	0.70		4.8		-			40,027,849

The table below summarizes additional information concerning warrants outstanding as of September 30, 2025.

Issue Date	Number of Shares		Exercise Price *		Expiration
September 2021		6,668		195.00	September 2026
May 2024		1,605,688		0.54	May 2029
July 2024		2,170,000		0.54	January 2030
August 2024		2,675,610		1.31	March 2030
March 2025		3,435,115		1.31	June 2030
July 2025		18,230,000		0.49	July 2030
September 2025		11,904,768		0.63	November 2030
Outstanding at September 30, 2025		40,027,849

* Reflects current exercise prices as of the date of this quarterly report, inclusive of exercise price reset adjustments in accordance with terms contained within each respective warrant agreement.

- Definition

The entire disclosure for equity.

+ References

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+ Details

GeoVax Labs, Inc. 10-Q