v3.26.1
Stock and Warrants
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stock and Warrants Stock and Warrants
Authorized, Issued, and Outstanding Common Shares
As of March 31, 2026, and December 31, 2025, the Company had authorized shares of common stock of 250,000,000 shares. Of the authorized shares, 60,690,542 and 58,338,319 shares of common stock were issued as of March 31, 2026, and December 31, 2025, respectively, and 59,114,850 and 56,854,781 shares of common stock were outstanding as of March 31, 2026, and December 31, 2025, respectively.
As of March 31, 2026, and December 31, 2025, the Company had reserved authorized shares of common stock for future issuance as follows:
March 31,
2026		December 31,
2025
Outstanding awards under equity incentive plans7,302,6097,060,457
Outstanding common stock warrants2,529,3794,024,157
Possible future issuances under equity incentive plans7,777,0456,327,569
Possible future issuances under employee stock purchase plan1,011,9621,011,962
Total common shares reserved for future issuance18,620,99518,424,145
Common Stock Activity
The following table summarizes common stock activity for the three months ended March 31, 2026:
Shares of Common Stock
Balance as of January 1, 2026
56,854,781
Common stock issued as a result of stock options exercised or RSUs vested955,575
Common stock issued as a result of stock warrants exercised1,304,494
Balance as of March 31, 2026
59,114,850
Authorized, Issued, and Outstanding Preferred Stock
As of March 31, 2026, and December 31, 2025, the Company had 10,000,000 shares of authorized, unallocated preferred stock. As of March 31, 2026, and December 31, 2025, no shares of preferred stock were designated, issued, or outstanding.
Warrants to Purchase Common Stock
The Company has issued warrants to purchase common stock to various third parties, of which 2,529,379 remain outstanding as of March 31, 2026, and are immediately exercisable. These warrants qualify as participating securities under ASC Topic 260, Earnings per Share, and are treated as such in the net income (loss) per share calculation (Note J). The Company may be required to redeem these warrants for a cash amount equal to the BSM value of the portion of the warrants to be redeemed.
While the warrants are outstanding (but unexercised), the warrant holders will participate in any dividend or other distribution of the Company’s assets to its common stockholders by way of return of capital or otherwise. As of March 31, 2026, 2,954,158 of the warrants had been exercised or expired. As of December 31, 2025, 1,459,380 warrants had been exercised. The warrants have been evaluated to determine the appropriate accounting and classification pursuant to ASC 480 and ASC 815. Generally, freestanding warrants should be classified as (i) liabilities if the warrant terms allow settlement of the warrant exercise in cash and (ii) equity if the warrant terms only allow settlement in shares of common stock.
The Company determined that its outstanding warrants should be recorded as a liability and stated at fair value at each reporting period. Changes to the fair value of the warrant liability are recorded through the unaudited condensed consolidated statements of operations as a fair value adjustment related to warrant and CVR liability. As of March 31, 2026, and December 31, 2025, the fair value of the liability associated with these warrants was approximately $6.8 million and $9.6 million, respectively. The fair value adjustment related to these warrants for the three months ended March 31, 2026, and 2025, was $0.8 million and $4.8 million of income, respectively.