v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 7. Stockholders' Equity

Common Stock

The Company’s certificate of incorporation provides for 200,000,000 authorized shares of common stock, par value $0.001 per share, and 10,000,000 authorized shares of preferred stock, par value $0.001 per share. The holders of common stock are entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of March 31, 2026, no dividends have been declared. Each share of common stock is entitled to one vote.

At March 31, 2026 and December 31, 2025, the Company had reserved common stock for future issuances as follows:

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Common stock available for future grants

 

 

8,440,065

 

 

 

7,876,575

 

Common stock options issued and outstanding

 

 

2,944,665

 

 

 

3,063,476

 

Restricted stock units outstanding

 

 

5,512,564

 

 

 

4,048,888

 

Shares available for future purchase under employee stock purchase plan

 

 

2,415,148

 

 

 

1,880,211

 

Common stock reserved for issuance upon exercise of outstanding warrants

 

 

161,783

 

 

 

161,783

 

Total

 

 

19,474,225

 

 

 

17,030,933

 

Common Stock Warrants

On January 22, 2024, in conjunction with the funding of the Initial Loan under the Hercules Loan Agreement, the Company issued common stock warrants to the Lenders to purchase up to an aggregate of 135,686 shares of its common stock at an exercise price of $5.159 per share. On December 10, 2024, upon the funding of the Tranche I(b) Loan, the Company issued additional warrants to the Lenders to purchase 26,095 shares of its common stock at an exercise price of $3.83 per share. Each warrant is exercisable for up to seven years from the date of issuance. During the year ended December 31, 2024, the fair value of the issued warrants recorded was $0.7 million.

If the additional Term Loans are funded, the Company will be obligated to issue to the Lenders additional warrants to purchase common stock in an amount equal to 2.0% of the funded balance of each tranche loan, divided by the exercise price on the date the Company draws funds under such tranche loan, which is referred to as the issuance date. The exercise price will be calculated using the five-day volume-weighted average stock price as of the issuance date.

The unissued warrants do not meet the requirements for classification as equity and are recorded as other noncurrent liabilities in the consolidated financial statements. As of both March 31, 2026 and December 31, 2025, the fair value of the unissued warrants recorded was less than $0.1 million.