Common stock and common stock warrants

12 Months Ended

Dec. 31, 2025

Common stock and common stock warrants

As of December 31, 2025 and 2024, the Company’s restated certificate of incorporation authorized the issuance of $0.01 par value Class A and Class B common stock. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The Company’s Class B common stock is non-voting. Class A and Class B common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of Preferred Stock. As of December 31, 2025, no cash dividends had been declared or paid.

As of December 31, 2025, there were 39,970,946 shares of Class A common stock issued and outstanding, and 4,499,529 shares of Class B common stock issued and outstanding.

On December 15, 2023, the Company entered into an ATM Agreement with Cowen, pursuant to which the Company may issue and sell shares of its Class A common stock having aggregate sales proceeds of up to $50 million from time to time through Cowen, acting as sales agent and/or principal. The prospectus filed by the Company related to the ATM Agreement permits the issuance and sale of up to $10 million of shares of Class A common stock from time to time The Company agreed to pay Cowen a commission of up to 3.0% of the gross proceeds from any sales of shares of its Class A common stock under this facility. During the year ended December 31, 2025, we sold 113,217 shares of Class A common stock under this facility resulting in net proceeds of $0.4 million. During the year ended December 31, 2024, we did not issue or sell any shares of our Class A common stock under this facility.

As of December 31, 2025, the Company had reserved 28,709,681 shares of Class A common stock for the exercise of outstanding stock options, vesting of restricted stock units, the number of shares remaining available for grant under the Company’s 2021 Incentive Award Plan (see Note 11), the number of shares available for purchase under the Company’s Employee Stock Purchase Plan (see Note 11), for the exercise of outstanding common stock warrants and for the conversion of Class B common stock.

During the year ended December 31, 2025, zero warrants to purchase Class A common stock expired.

As of December 31, 2025 and 2024, warrants to purchase the Class A common stock outstanding consisted of the following:


	December 31, 2025
Issuance date	Contractual term	Balance sheet classification	Shares of common stock issuable upon exercise of warrant	Weighted average exercise price
	(in years)
July 24, 2017	10	Equity	15,035	$	298.96
April 12, 2018	10	Equity	30,000	$	1.00
July 14, 2021 *	10	Equity	975,109	$	1.46
August 8, 2025	10	Equity	179,104	$	3.35
			1,199,248


	December 31, 2024
Issuance date	Contractual term	Balance sheet classification	Shares of common stock issuable upon exercise of warrant	Weighted average exercise price
	(in years)
July 24, 2017	10	Equity	15,035	$	298.96
April 12, 2018	10	Equity	30,000	$	1.00
July 14, 2021*	10	Equity	975,109	$	1.46
			1,020,144

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*– In connection with the Company's IPO, preferred stock warrants were automatically converted to Class A common stock warrants. The contractual term of the converted Class A common stock warrants remained consistent with the original term of the preferred stock warrants, with original issue dates between 2017-2020.