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| Stockholders' Equity | (7) Stockholders’ Equity October 2023 Financing On October 3, 2023, the Company issued and sold in an underwritten public offering: • 3,921,928 shares of its common stock at a price of $2.84 per share, less underwriting discounts and commissions; • pre-funded warrants to purchase up to 3,472,435 shares of its common stock at a price of $2.839 exercisable immediately following the consummation of the offering; and • accompanying common stock warrants (the “purchase warrants”) to purchase up to 7,394,363 shares of its common stock at a price of $3.408 per share that are exercisable immediately after issuance and expire five years from the date of issuance. For a full description of the Company’s October 2023 Financing, refer to Note 8, Stockholders' Equity in the audited financial statements included in the 2025 Annual Report. At March 31, 2026, the fair value of the purchase warrants was $0.7 million. Accordingly, a gain on remeasurement of the purchase warrant liability of $1.9 million was recorded in the three months ended March 31, 2026. Subsequent to their issuance and as of March 31, 2026, 2,920,126 pre-funded warrants have been exercised. None of the purchase warrants have been exercised since their issuance. Ginkgo Warrants In June 2019, the Company issued to Ginkgo an aggregate of 422,718 shares of common stock at a purchase price per share of $135, and pre-funded warrants (the Ginkgo pre-funded warrants) to purchase up to an aggregate of 169,874 shares of common stock at an exercise price of $135 per share, with $134.85 of such exercise price paid at the closing of the offering. The net proceeds to the Company were approximately $79.9 million. None of the Ginkgo pre-funded warrants have been exercised as of March 31, 2026. For a full description of the Ginkgo warrants, refer to Note 8, Stockholders' Equity in the audited financial statements included in the 2025 Annual Report. The Company has reserved for future issuance the following shares of common stock related to the potential exercise of warrants and stock options:
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