Note 8 - Stockholders' Equity |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | 8. Stockholders’ Equity The Company has 250,000,000 shares of common stock authorized, and 15,000,000 authorized shares of preferred stock. As of March 31, 2026, a total of 30,512,772 shares of common stock were outstanding, including 208,955 shares of unvested restricted stock. In addition, as of March 31, 2026, one share of Series A, special voting preferred stock was outstanding and a total of 1,597,301 exchangeable shares pursuant to the Arrangement Agreement (see Note 16 for details) were outstanding. No shares of preferred stock have been issued. The remaining restricted stock outstanding will vest between August 2026 and March 2027. ATM Program The Company may, from time to time, offer and sell shares of its common stock in an aggregate amount of up to $40,000,000 through its ATM Program. The Company pays the ATM Agent a commission of 2.75% of the gross proceeds of the Shares sold through it under the Sales Agreement. Pursuant to the Sales Agreement, the Company sold 176,666 shares of common stock during the three-month period ended March 31, 2026 and 76,703 shares during the three-month period ended March 31, 2025 for net proceeds of approximately $5.4 million and $0.8 million, respectively. As of March 31, 2026, a total of $17.4 million of the Company's common stock remains available for sale pursuant to the ATM Program. Underwritten Offering - February 2026 On February 12, 2026, the Company sold 1,678,206 shares of common stock and pre-funded warrants to purchase up to 325,000 shares of common stock at an offering price of $24.96 per share and $24.95 per pre-funded warrant and received gross proceeds of $50.0 million before deducting underwriting discounts and offering expenses of $3.0 million. The offering price of the pre-funded warrant equaled the public offering price per share of the common stock less the $0.01 per share exercise price of each pre-funded warrant. The February offering was made pursuant to the Company’s effective shelf registration statement on Form S-3. The issued pre-funded warrants were classified as a component of permanent equity in the Company’s Condensed Consolidated Balance Sheets as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate net income/loss per share, basic and diluted, attributable to common stockholders as the shares may be issued for little or no consideration, are fully vested, and are exercisable after the original issuance date of the pre-funded warrants. As of March 31, 2026, none of the pre-funded warrants had been exercised. |