| Summary of Common Stock Shares Activity |
The following table summarizes common stock share activity for the three months ended March 31, 2026 and 2025 (dollars in thousands):
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Three Months Ended March 31, 2026 |
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Shares of
Common Stock |
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Common
Stock |
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Additional
Paid-in
Capital |
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Accumulated
Deficit |
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Total
Stockholders’ Equity |
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Balance, December 31, 2025 |
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43,541,510 |
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$ |
46 |
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$ |
434,474 |
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$ |
(385,144 |
) |
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$ |
49,376 |
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Net loss |
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— |
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— |
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— |
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(21,299 |
) |
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(21,299 |
) |
Stock-based compensation expense |
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— |
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— |
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580 |
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— |
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|
580 |
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Common stock issued through employee stock purchase plan |
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28,801 |
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— |
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17 |
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— |
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17 |
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Common stock issued for restricted stock units |
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1,122,322 |
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1 |
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— |
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— |
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1 |
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Common stock issued for Shares |
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17,358,697 |
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17 |
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11,410 |
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— |
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11,427 |
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Proceeds allocated for Pre-Funded Warrants |
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— |
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— |
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5,758 |
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— |
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5,758 |
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Proceeds allocated for Shares issued in April 2026 |
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— |
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— |
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11,446 |
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— |
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11,446 |
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Receivable for March 2026 Private Placement proceeds |
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— |
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— |
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(15,999 |
) |
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— |
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(15,999 |
) |
Balance, March 31, 2026 |
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62,051,330 |
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$ |
64 |
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$ |
447,686 |
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$ |
(406,443 |
) |
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$ |
41,307 |
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Three Months Ended March 31, 2025 |
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Shares of
Common Stock |
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Common
Stock |
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Additional
Paid-in
Capital |
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Accumulated
Deficit |
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Total
Stockholders’ Equity |
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Balance, December 31, 2024 |
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37,973,991 |
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$ |
41 |
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$ |
431,571 |
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$ |
(376,535 |
) |
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$ |
55,077 |
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Net loss |
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— |
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— |
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— |
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(5,391 |
) |
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(5,391 |
) |
Stock-based compensation expense |
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— |
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— |
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819 |
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— |
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|
819 |
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Common stock issued through employee stock purchase plan |
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31,710 |
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— |
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26 |
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— |
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26 |
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Common stock issued for vested restricted stock units |
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1,014,573 |
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1 |
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— |
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— |
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1 |
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Balance, March 31, 2025 |
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39,020,274 |
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$ |
42 |
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$ |
432,416 |
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$ |
(381,926 |
) |
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$ |
50,532 |
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| Common Stock Reserved For Future Issuances |
The Company had reserved shares of common stock for future issuance as follows:
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March 31, 2026 |
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December 31, 2025 |
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Outstanding stock options |
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3,519,408 |
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3,549,612 |
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Outstanding restricted stock units |
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3,732,599 |
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2,663,923 |
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Pre-funded warrants to purchase common stock associated with the December 2020 public offering |
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3,200,000 |
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3,200,000 |
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Warrants to purchase common stock associated with the April 2022 public offering |
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15,000,000 |
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15,000,000 |
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Pre-funded warrants to purchase common stock associated with the April 2022 public offering |
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3,189,815 |
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3,189,815 |
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Warrants to purchase common stock associated with the March 2026 Private Placement |
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43,500,000 |
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— |
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Pre-funded warrants to purchase common stock associated with March 2026 Private Placement |
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8,750,000 |
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— |
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Warrants to purchase common stock associated with loan agreement |
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198,811 |
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198,811 |
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Warrant to purchase common stock associated with Danforth |
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50,000 |
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50,000 |
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For possible future issuance under 2024 Plan (Note 8) |
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2,308,196 |
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4,469,906 |
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For possible future issuance under employee stock purchase plan |
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1,339,099 |
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1,367,900 |
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For possible future issuance under 2015 Plan (Note 8) |
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666,550 |
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665,634 |
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Total common shares reserved for future issuance |
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85,454,478 |
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34,355,601 |
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