11. Preferred Stock

Series C Convertible Preferred Stock

During the three months ended March 31, 2026, approximately 18,000 Series C Preferred Shares with a book value of $0.2 million were converted into 0.4 million common shares at a ratio of 1:25.

The Company determined that the Series C Shares contain contingent redemption provisions allowing redemption by the holder upon certain defined events (“deemed liquidation events”). As the event that may trigger the redemption of the Series C Shares is not solely within the Company’s control, the Series C Shares are classified as mezzanine equity (temporary equity) in the Company’s condensed consolidated balance sheets.