Subsequent Events |
6 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events | |
Subsequent Events | Note 18. Subsequent Events As discussed in Note 11, Common Stock Financing Activities, in connection with the March 2025 issuance and sale in a public offering of (i) 188 shares of the Company’s common stock, (ii) pre-funded warrants to purchase 3,812 shares of Common Stock, and (iii) accompanying warrants to purchase 4,000 shares of Common Stock, after June 30, 2025 but before financial statement issuance, certain investors exercised the remaining 1,359 pre-funded warrants to purchase 1,359 shares of Common Stock. As discussed in Note 11, Common Stock Financing Activities, the Company previously entered into an Equity Distribution Agreement with Canaccord, pursuant to which the Company could offer and sell shares of its common stock, having an aggregate price of up to $8,135, from time to time, through an “at the market” equity offering program under which Canaccord will act as sales agent. After June 30, 2025 but before financial statement issuance, the Company sold 4,627 shares under the Equity Distribution Agreement for gross proceeds of $7,991 and received proceeds of $7,751, net of issuance costs of $240. On August 6, 2025, the Company increased the maximum amount of shares that are eligible to be sold pursuant to the Equity Distribution Agreement to allow for the offer and sale of up to $3,500 of its common stock. Prior to financial statement issuance, the Company sold 1,050 shares for gross proceeds of $3,500 and received proceeds of $3,395, net of issuance costs of $105. Following the sale of common stock, the Company raised sufficient net proceeds to satisfy the Raise 3 requirement under the Fifth Amendemnt to the Credit Agreement. Pursuant to the Sixth Amendment of the Credit Agreement, the Company retained an investment banker prior to July 31, 2025. On August 1, 2025, the Compensation Committee of the Board unanimously approved the issuance of an aggregate amount of 45 RSU grants to certain designated executive employee grantees. The RSU grants are structured as retention awards that vest one-hundred percent (100%) on or within thirty (30) days of 9 months from the grant date, subject to continued employment, with full acceleration upon a change in control occurring on or prior to the first anniversary of the grant date. Each RSU grant includes dividend equivalent rights. On August 11, 2025, the Company received proceeds of $3,560 from the exercise of 848 March 2025 Accompanying Warrants at an exercise price of $4.20 per share.
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