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| STOCKHOLDERS' EQUITY | 15. STOCKHOLDERS’ EQUITY Common Stock The Company’s amended and restated certificate of incorporation as of December 31, 2024 authorized the issuance of 250.0 million shares of common stock, $0.01 par value per share, of which 69.0 million and 55.7 million were and as of December 31, 2025 and December 31, 2024, respectively. The following table summarizes the total number of shares of the Company’s common stock issued and reserved for issuance as of December 31, 2025 and 2024 (in thousands):
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Holders of common stock are entitled to receive any dividends that the Company’s board of directors may declare out of funds legally available for that purpose on a non-cumulative basis. The Company has never paid, and for the foreseeable future does not expect to pay, a dividend on its common stock. Common Stock Warrants The following table summarizes the Company’s outstanding common stock warrants as of December 31, 2025 and 2024:
During the year ended December 31, 2025, we issued a warrant certificate exercisable into 225 shares to Perceptive, there were no exercises or cancellations of warrants. Common Stock Offering On February 10, 2025, the Company completed a secondary public offering of its common stock in which the Company issued and sold 9,200,000 shares of its common stock, which included shares pursuant to an option granted to the underwriter to purchase additional shares, at a public offering price of $2.25 per share. The Company received net proceeds of approximately $18.9 million after deducting underwriting discounts, commissions and estimated offering expenses. On July 3, 2025, the Company entered into the Distribution Agreement, pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time through the ATM Program. Sales under the Distribution Agreement will be made pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-288526) and a related prospectus and prospectus supplement. During the year ended December 31, 2025, the Company sold an aggregate of 2,261,835 shares of its common stock under the ATM Program at an average price of $3.68 per share, generating gross proceeds of approximately $8.3 million. The Company paid aggregate sales commissions of $0.3 million and incurred additional offering-related expenses of $0.2 million. As a result, net proceeds from the offering were $7.8 million. As of December 31, 2025, the Company had approximately $41.7 million remaining available for future issuance under the ATM Program. |
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