v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity

Note 8. Stockholders’ Equity

At the Market Program

On March 27, 2026, the Company entered into an at the market offering agreement (the “Sales Agreement”) with Maxim Group LLC (the “Agent”), pursuant to which the Company may, from time to time, at the Company’s discretion, offer and sell shares of the Company’s common stock, having an aggregate offering price of up to $75,000,000 (the “Shares”), through the Agent, acting as sales agent. The Shares to be sold under the Sales agreement, if any, will be issued and sold pursuant to the Company’s shelf registration statement which was filed with the Securities and Exchange Commission (“SEC”) on August 13, 2024 (the “Registration Statement”) and was declared effective on November 21, 2024. A prospectus supplement related to the Company’s at the market offering (“ATM”) program with the Agent under the Sales Agreement was filed with the SEC on March 27, 2026. The ATM program will remain in effect until the Sales Agreement is terminated by either the Company or Agent, with the Company having the right to terminate the agreement at any time upon 10 days’ notice and the Agent having the right to terminate at any time. As of March 31, 2026, an aggregate gross sales limit of $75,000,000 remains available for issuance under the ATM program. Approximately $120 thousand of legal and professional fees incurred related to the establishment of the ATM program as of March 31, 2026 were deferred and recorded within “Prepaid expenses and other assets” on the Consolidated Balance Sheets and will be amortized ratably as stock is issued under the program.

Stock Options

The following is a summary of the stock option plan activity during the three months ended March 31, 2026 and 2025:

 

 

2026

 

 

2025

 

 

 

Number of

 

 

Weighted Average

 

 

Number of

 

 

Weighted Average

 

 

 

Options

 

 

Exercise Price

 

 

Options

 

 

Exercise Price

 

Options outstanding at beginning of the year

 

 

1,780,198

 

 

$

3.83

 

 

 

593,378

 

 

$

9.06

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expired

 

 

(193

)

 

 

(3,265.54

)

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding at end of the period

 

 

1,780,005

 

 

$

3.48

 

 

 

593,378

 

 

$

9.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at end of the period

 

 

959,844

 

 

$

5.43

 

 

 

386,169

 

 

$

11.51

 

Stock compensation expense recognized for the three months ended March 31, 2026 and 2025 related to stock options was approximately $331 thousand and $111 thousand, respectively. As of March 31, 2026 there was $0.5 million of unrecognized compensation cost associated with unvested stock options remaining.

The aggregate intrinsic value of the outstanding common stock options as of March 31, 2026 and December 31, 2025 was nil. The remaining weighted average life of the options as of March 31, 2026 and December 31, 2025 was approximately 8.56 years and 8.83 years, respectively.

Warrants

The following is a summary of the warrant activity during the three months ended March 31, 2026 and 2025:

 

 

2026

 

 

2025

 

 

 

Number of Warrants

 

 

Weighted Average Exercise Price

 

 

Number of Warrants

 

 

Weighted Average Exercise Price

 

Warrants outstanding at beginning of the year

 

 

36,630,689

 

 

$

0.48

 

 

 

4,747,547

 

 

$

2.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

(2,034,395

)

 

 

(0.001

)

 

 

-

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants outstanding and exercisable at end of the year

 

 

34,596,294

 

 

$

0.48

 

 

 

4,747,547

 

 

$

2.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During January and February 2026, 2,034,395 pre-funded warrants were exercised for $0.001 per share.

The aggregate intrinsic value of the outstanding common stock warrants as of March 31, 2026 and December 31, 2025 was $1.3 million and $3.2 million. The remaining weighted average life of the warrants as of March 31, 2026 and December 31, 2025 was 3.44 years and 3.75 years, respectively.

As of March 31, 2026, there were no warrants that were unvested. All outstanding warrants contain provisions allowing a cashless exercise at their respective exercise prices.