| Stockholders' Equity |
7. Stockholders’ Equity Authorized, Issued, and Outstanding Common Stock The Company’s authorized common stock has a par value of $0.001 per share and consists of 150,000,000 shares as of March 31, 2026, and December 31, 2025; 62,051,330 and 43,541,510 shares were issued and outstanding at March 31, 2026 and December 31, 2025, respectively. See Note 12 for further details on the March 2026 Private Placement. The following table summarizes common stock share activity for the three months ended March 31, 2026 and 2025 (dollars in thousands):
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Three Months Ended March 31, 2026 |
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Shares of
Common Stock |
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Common
Stock |
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Additional
Paid-in
Capital |
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Accumulated
Deficit |
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Total
Stockholders’ Equity |
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Balance, December 31, 2025 |
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43,541,510 |
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$ |
46 |
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$ |
434,474 |
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$ |
(385,144 |
) |
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$ |
49,376 |
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Net loss |
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— |
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— |
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— |
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(21,299 |
) |
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(21,299 |
) |
Stock-based compensation expense |
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— |
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— |
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580 |
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— |
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580 |
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Common stock issued through employee stock purchase plan |
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28,801 |
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— |
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17 |
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— |
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17 |
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Common stock issued for restricted stock units |
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1,122,322 |
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1 |
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— |
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— |
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1 |
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Common stock issued for Shares |
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17,358,697 |
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17 |
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11,410 |
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— |
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11,427 |
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Proceeds allocated for Pre-Funded Warrants |
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— |
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— |
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5,758 |
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— |
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5,758 |
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Proceeds allocated for Shares issued in April 2026 |
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— |
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— |
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11,446 |
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— |
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11,446 |
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Receivable for March 2026 Private Placement proceeds |
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— |
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— |
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(15,999 |
) |
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— |
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(15,999 |
) |
Balance, March 31, 2026 |
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62,051,330 |
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$ |
64 |
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$ |
447,686 |
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$ |
(406,443 |
) |
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$ |
41,307 |
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Three Months Ended March 31, 2025 |
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Shares of
Common Stock |
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Common
Stock |
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Additional
Paid-in
Capital |
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Accumulated
Deficit |
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Total
Stockholders’ Equity |
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Balance, December 31, 2024 |
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37,973,991 |
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$ |
41 |
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$ |
431,571 |
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$ |
(376,535 |
) |
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$ |
55,077 |
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Net loss |
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— |
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— |
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— |
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(5,391 |
) |
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(5,391 |
) |
Stock-based compensation expense |
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— |
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— |
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819 |
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— |
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819 |
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Common stock issued through employee stock purchase plan |
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31,710 |
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— |
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26 |
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— |
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26 |
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Common stock issued for vested restricted stock units |
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1,014,573 |
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1 |
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— |
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— |
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1 |
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Balance, March 31, 2025 |
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39,020,274 |
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$ |
42 |
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$ |
432,416 |
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$ |
(381,926 |
) |
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$ |
50,532 |
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Shares Reserved for Future Issuance The Company had reserved shares of common stock for future issuance as follows:
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March 31, 2026 |
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December 31, 2025 |
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Outstanding stock options |
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3,519,408 |
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3,549,612 |
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Outstanding restricted stock units |
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3,732,599 |
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2,663,923 |
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Pre-funded warrants to purchase common stock associated with the December 2020 public offering |
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3,200,000 |
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3,200,000 |
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Warrants to purchase common stock associated with the April 2022 public offering |
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15,000,000 |
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15,000,000 |
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Pre-funded warrants to purchase common stock associated with the April 2022 public offering |
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3,189,815 |
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3,189,815 |
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Warrants to purchase common stock associated with the March 2026 Private Placement |
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43,500,000 |
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— |
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Pre-funded warrants to purchase common stock associated with March 2026 Private Placement |
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8,750,000 |
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— |
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Warrants to purchase common stock associated with loan agreement |
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198,811 |
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198,811 |
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Warrant to purchase common stock associated with Danforth |
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50,000 |
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50,000 |
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For possible future issuance under 2024 Plan (Note 8) |
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2,308,196 |
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4,469,906 |
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For possible future issuance under employee stock purchase plan |
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1,339,099 |
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1,367,900 |
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For possible future issuance under 2015 Plan (Note 8) |
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666,550 |
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665,634 |
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Total common shares reserved for future issuance |
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85,454,478 |
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34,355,601 |
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Warrants Associated with the March 2026 Private Placement and April 2022 Public Offering The fair value of the March 2026 Private Placement and April 2022 public offering outstanding common warrants has been determined using the Black-Scholes valuation model, and the changes in the fair value are recorded in the accompanying unaudited condensed consolidated statements of operations. The outstanding common warrants associated with the March 2026 Private Placement and April 2022 public offering meet the definition of a derivative pursuant to ASC 815, Derivatives and Hedging, and do not meet the derivative scope exception given the common warrants do not qualify under the indexation guidance. As a result, the March 2026 Private Placement and April 2022 public offering common warrants were initially recognized as liabilities and measured at fair value using the Black-Scholes valuation model. For the three months ended March 31, 2026 and 2025, the Company recognized a loss of $1.6 million and a gain of $2.9 million, respectively, on the warrant liability fair value adjustment for the April 2022 public offering common warrants. For the three months ended March 31, 2026, the Company recognized a loss of $3.6 million on the warrant liability fair value adjustment for the March 2026 Private Placement common warrants. As of March 31, 2026 and December 31, 2025, the fair value of the warrant liabilities was $18.9 million and $2.2 million, respectively.
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