v3.26.1
Stockholders' Equity
3 Months Ended
Mar. 31, 2026
Class of Stock Disclosures [Abstract]  
Stockholders' Equity

Note 11. Stockholders’ Equity

At-the-Market Offering

In May 2025, the Company established an at-the-market offering program (2025 ATM Program) to sell up to $5.0 million of the Company's common stock. As of December 31, 2025, the Company had $4.6 million available under the 2025 ATM Program for future sales of its common stock.

During the three months ended March 31, 2026, the Company issued 171,488 shares of common stock under the 2025 ATM Program for net proceeds of $0.6 million after deducting commissions and other costs associated with the offering. As of March 31, 2026, the Company had $3.9 million available under the 2025 ATM Program for future sales of its common stock.

The Company recorded the 2025 ATM Program gross sales proceeds and offering costs in additional paid-in capital of the consolidated balance sheet. The following table summarizes the Company’s 2025 ATM Program sales activity during the period indicated (in thousands):

 

 

 

Three Months Ended March 31, 2026

 

 

December 31, 2025

 

Shares issued

 

 

171

 

 

 

109

 

Gross proceeds

 

$

705

 

 

$

439

 

Net proceeds after offering costs

 

$

628

 

 

$

167