Common Stock and Preferred Stock |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity [Abstract] | |
| Common Stock and Preferred Stock | 11. Common Stock and Preferred Stock
At-the-Market Offering
On October 23, 2024, the Company entered into the Sales Agreement with A.G.P. (the “Sales Agreement”) relating to the sale of shares of the Company’s Common Stock. In accordance with the terms of the Sales Agreement, the Company may offer and sell shares of our Common Stock having an aggregate offering price of up to $23.9 million from time to time through A.G.P., acting as our sales agent or principal.
The compensation to A.G.P. for sales of Common Stock sold pursuant to the Sales Agreement will be equal to 3.0% of the gross proceeds of any shares of Common Stock sold under the Sales Agreement.
During the three months ended March 31, 2026 and 2025, the Company sold and shares of the Company’s Common Stock through the Sales Agreement, respectively. For the three months ended March 31, 2025, the Company received proceeds of $8.2 million, net of commissions payable to A.G.P. of $0.2 million.
Investment in Sarborg
As discussed in Note 4, on February 19, 2026, the Company made an investment in Sarborg to acquire 20% of the outstanding shares of Sarborg from its investors. The Company issued Sarborg shares of the Company’s Common Stock at a closing share price of $ on February 18, 2026, totaling $0.6 million as a portion of the total consideration transferred for the investment.
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