v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Issuances
At The Market Offering Agreement
On June 4, 2021, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $50.0 million. As of the date of this filing and so long as the Company’s public float remains below $75.0 million, the Company is subject to limitations pursuant to General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), which limits the amount the Company can offer to up to one-third of its public float during any trailing 12-month period. Subsequent to the filing of a prospectus supplement to the Company's Registration Statement on Form S-3 (File No. 333-279034) relating to the at the market offering on August 21, 2024, the aggregate market value of its outstanding common stock held by non-affiliates was approximately $29.6 million. Pursuant to the Baby Shelf Limitation, since the aggregate market value of the Company's outstanding common stock held by non-affiliates was below $75.0 million at the time of such prospectus supplement filing, the aggregate amount of securities that the Company is permitted to offer and sell is now $9,855,890, which was equal to one-third of the aggregate market value of our common stock held by non-affiliates as of August 20, 2024. If the Company’s public float exceeds $75.0 million on a future measurement date, it will no longer be subject to the Baby Shelf Limitation. During the three months ended March 31, 2026, the Company did not issue any shares of common stock under the ATM Agreement. Since inception, the Company has issued 330,938 shares of common stock under the ATM Agreement for net proceeds of $1,065,608.
Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the three months ended March 31, 2026:
Stock OptionsWarrants
SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (In Thousands)SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 20251,502,881 $6.17 4.77$24.6 1,276,962 $40.80 0.29$— 
Changes during the period:
Granted101,550 1.97 — — 
Exercised(79,295)1.57 (75,000)2.88 
Forfeited— — — — 
Expired(12,442)37.54 (835,302)43.01 
Outstanding at March 31, 20261,512,694 $5.87 5.08$1,864.8 366,660 $43.50 0.32$— 
Vested at March 31, 2026
or expected to vest in the future		1,500,884 $5.90 5.05$1,836.5 366,660 $43.50 0.32$— 
Vested at March 31, 20261,351,367 $6.24 4.61$1,502.4 366,660 $43.50 0.32$— 


Restricted Stock
During the three months ended March 31, 2026 and 2025, the Company issued restricted stock for services as follows (in thousands, except share data):
Three Months Ended March 31,
  20262025
Number of restricted stock issued199,900 215,550 
Value of restricted stock issued$394 $819 

The weighted average estimated fair value of restricted stock issued for services in the three months ended March 31, 2026 and 2025 was $1.97 and $3.80 per share, respectively. The fair value of the restricted stock was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock issuances are generally between one and four years.

The following is a summary of the changes in non-vested restricted stock for the three months ended March 31, 2026:
Restricted Stock SharesWeighted Average Grant-Date Fair Value
Non-vested at December 31, 2025265,036 $3.46 
Changes during the Year:
Granted199,900 $1.97 
Vested(172,848)$2.95 
Forfeited— $— 
Non-vested at March 31, 2026292,088 $2.75 
Restricted Stock Units
During the three months ended March 31, 2026 and 2025, the Company issued restricted stock units for services as follows (in thousands, except share data):
Three Months Ended March 31,
20262025
Number of restricted stock units issued152,280 78,945 
Value of restricted stock units issued $300 $300 

The weighted average estimated fair value of restricted stock units issued for services in the three months ended March 31, 2026 and 2025 was $1.97 and $3.80 per share, respectively. The fair value of the restricted stock units was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock unit issuances are generally one year, or upon the achievement of performance-based milestones.
The following is a summary of the changes in non-vested restricted stock units for the three months ended March 31, 2026:
Restricted Stock UnitsWeighted Average Grant-Date Fair Value
Non-vested at December 31, 202578,945 $3.80 
Changes during the Year:
Granted152,280 $1.97 
Vested(78,945)$3.80 
Forfeited— $— 
Non-vested at March 31, 2026152,280 $1.97