v3.26.1
Capital Stock
 3 Months Ended
Mar. 31, 2026
Capital Stock [Abstract]  
Capital Stock

Note 11. Capital Stock

 

Authorized Classes of Stock

 

As of March 31, 2026, the Company is authorized to issue common stock, par value $0.0001 per share, and two classes of preferred stock, par value $0.0001 per share, including 1,550,000 shares designated as Series A and 3,079,864 shares designated as Series B. No shares of Series A or Series B preferred stock were outstanding as of March 31, 2026 and December 31, 2025.

 

At-the-market facility

 

The Company did not sell any shares through its at-the-market facility during the three months ended March 31, 2026 and 2025.

 

Equity Activity

 

Net proceeds during the three months ended March 31, 2026 were $3.5 million from stock option exercises.

 

Warrants

 

The table below summarizes the warrants outstanding at March 31, 2026 (in thousands, except exercise price data):

 

Issuance Date  Expiration Date  Exercise Price   Issued   Exercised   Forfeited / Canceled   Warrants Outstanding 
June 16, 2022  May 9, 2027  $0.0001    6,325    (1,187)   (4,467)   671 
November 18, 2024  November 18, 2029  $2.875    800    (304)   
-
    496 
December 12, 2024  December 12, 2029  $5.75    500    (100)   
-
    400 
January 9, 2025  January 9, 2030  $14.0875    327    (65)   
-
    262 
                           1,829 

On June 16, 2022, the Company issued 6.3 million QPhoton warrants to purchase common stock at an exercise price of $0.0001 per share, exercisable upon exercise of certain underlying Company options and warrants outstanding as of June 15, 2022. As of March 31, 2026, approximately 71% of the QPhoton warrants have been forfeited because the corresponding underlying instruments expired or were forfeited. The QPhoton warrants are classified as liabilities and measured at fair value, with changes recognized in earnings. The liability was $4.6 million as of March 31, 2026. See Note 2 - Significant Accounting Policies – Fair Value of Financial Instruments - for valuation methodology and inputs. During the three months ended March 31, 2026 and 2025, the Company recognized mark-to-market gains of $3.2 million and $23.6 million, respectively. During the year ended December 31, 2025, $21.0 million was reclassified from warrant liability to additional paid-in capital upon exercise of QPhoton warrants.