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| Stockholders' Equity | Stockholders’ Equity Equity offering On June 12, 2025, the Company announced the Offering of 12,500,000 Units of the Company at a public offering price of $3.50 per Unit. Each Unit consisted of one share of common stock of the Company and one-half of one common stock purchase warrant (each whole warrant, a 2025 3-Year Warrant). Each 2025 3-Year Warrant is exercisable to purchase one share of common stock of the Company at a price of $4.20 per share, exercisable for a period of 36 months. The shares of common stock and warrants were issued separately but could only be purchased together in the June 2025 Offering. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 1,875,000 Units (comprised of 1,875,000 additional shares of common stock and 937,500 additional warrants), shares of common stock, warrants, or any combination thereof, at the underwriters’ discretion, so long as the aggregate number of shares of common stock and warrants that may be issued under the option does not exceed 1,875,000 shares of common stock and 937,500 warrants. On June 12, 2025, the underwriters exercised their over-allotment option to purchase 937,500 of the 2025 3-Year Warrants. The June 2025 Offering closed on June 13, 2025, and the Company received net proceeds of $40.3 million, after deducting underwriting discounts and $0.4 million of expenses incurred in connection with the June 2025 Offering. On July 11, 2025, the underwriters exercised an additional portion of their over-allotment option to purchase 1,324,117 shares of common stock at $3.49 per share for additional net proceeds of $4.3 million, after deducting underwriting discounts and expenses payable by the Company in connection with the June 2025 Offering. The proceeds from the June 2025 Offering were allocated between the common shares and warrants based on their relative fair values at the date of issuance, with $5.9 million allocated to warrants. The fair value of the warrants was estimated using a binomial option pricing model with the following assumptions: stock price of $3.40, risk free rate of 4.16%, period of 36 months, volatility of 55%, and exercise price of $4.20. The warrants are exercisable for one common share each and expire on June 16, 2028. There were 6,654,875 warrants outstanding as of September 30, 2025, which, if exercised, would result in dilution of common shares. On September 2, 2025, the Company entered into securities purchase agreements with three accredited investors to issue and sell 14,017,056 Units for a purchase price of $4.2805 per Unit pursuant to the “2025 Private Placement”, resulting in a total purchase price of $60.0 million. Each Unit consisted of one share of common stock and one-half of one warrant to purchase one share of common stock. Each Warrant is exercisable to purchase one share of common stock of the Company at a price of $6.00 per share with a two years exercise period, each whole warrant a 2025 2-Year Warrant, and are subject to mandatory exercise in the event that, during such two years period, the volume weighted average price of the common stock has been at least $8.00 per share, subject to adjustment, for a period of at least 20 trading days within the 30 trading day period ending on the third business day prior to the date on which notice of the redemption is given, as further detailed in the 2025 2-Year Warrant. The Company intends to use the net proceeds from the 2025 Private Placement for further exploration, working capital and general corporate purposes. The proceeds from the 2025 Private Placement were allocated between the common shares and warrants based on their relative fair values at the date of issuance, with $2.8 million allocated to warrants. The fair value of the warrants was estimated using a binomial option pricing model with the following assumptions: stock price of $5.80, risk free rate of 3.80%, period of two years, volatility of 55%, and exercise price of $6.00 and subject to required exercise when the volume weighted average stock price reaches $8.00 for 20 trading days out of a 30-trading day period. The warrants are exercisable for one common share each and expire on September 10, 2027. There were 7,008,528 2025 2-Year Warrants outstanding as of September 30, 2025, which, if exercised, would result in dilution of common shares. In September 2025, 532,625 of the 2025 3-Year Warrants were exercised at the warrant exercise price of $4.20 per warrant, raising an additional net proceeds of $2.2 million. New ATM Program •During the three and nine months ended September 30, 2025, the Company sold 871,236 and 979,308 shares, respectively, of common stock pursuant to the New ATM Program for net proceeds of $5.2 million and $5.5 million, respectively. •As of September 30, 2025 and December 31, 2024, $92.1 million and $97.8 million, gross sales price of common stock was available for issuance under the New ATM Program, respectively. Equity Classified Warrants As of December 31, 2024, the Company had 90,019,112 warrants outstanding, with warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share. During the three and nine months ended September 30, 2025, the Company issued 7,008,528 and 14,196,028 warrants, respectively, including 7,187,500 Public Offering Warrants (2025 3-Year Warrants) and 7,008,528 Private Placement Offering Warrants (2025 2-Year Warrants). Each 2025 3-Year Warrant is exercisable to purchase one share of common stock of the Company at a price of $4.20 per share, exercisable for a period of 36 months. Each 2025 2-Year Warrant is exercisable to purchase one share of Common Stock of the Company at a price of $6.00 per share with a two-year exercise period and are subject to mandatory exercise in the event that, during such two-year period, the volume weighted average price of the Common Stock has been at least $8.00 per share, subject to adjustment, for a period of at least 20 trading days within the 30 trading day period ending on the third business day prior to the date on which notice of the redemption is given, as further detailed in the Warrant. During the three and nine months ended September 30, 2025, the Company had 0 and 33,619,298 warrants expire, respectively. In May 2025, the Company’s 5-Year Public Warrants issued in 2020 totaling 34,289,898 warrants, with an exercise price of $11.50 and issuable at 10 warrants per 1 share of equity, expired unexercised and became worthless. Of these expired warrants, 33,619,298 warrants were reported in the Company’s equity section. In September 2025, warrant holders of the 2025 3-Year Warrants exercised their warrants to purchase a total of 532,625 shares of common stock at an exercise price of $4.20 per warrant, for a total purchase price of $2.2 million. At September 30, 2025, there were 6,654,875 2025 3-Year warrants still outstanding. As of September 30, 2025, the Company had 70,063,217 warrants outstanding, with warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share. The following table summarizes additional information on the Company’s outstanding warrants as of September 30, 2025:
(1)Warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share The following table summarizes additional information on the Company’s outstanding warrants as of December 31, 2024:
(1)Warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share
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