v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity
22. Stockholders’ Equity
Share Issuances
At-the-Market Offering Program
In January 2024, the Company filed a registration statement on Form S-3, which included a base prospectus which covers the offer, issuance and sale of up to an aggregate of $750.0 million of the registrant’s common stock, preferred stock, debt securities, depositary shares, warrants, purchase contracts and units and an at-the-market offering prospectus supplement covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $500.0 million of common stock that may be issued and sold under an at-the-market-offering agreement.
As of June 30, 2026, the Company has remaining capacity to issue up to $500.0 million of common stock under the at-the-market offering program.
Stock Repurchase Program
On May 30, 2023, the Company authorized a stock repurchase program, under which it may repurchase up to $25 million of its common stock. The primary goal of the repurchase program is to allow the Company to opportunistically
repurchase shares, while maintaining the Company’s ability to fund its development projects. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of stock repurchases, if any, will be at the Company’s sole discretion and will be dependent on market conditions, applicable securities laws, and other factors. The stock repurchase program may be suspended or discontinued at any time by the Company and does not have an expiration date.
We did not repurchase shares of common stock under the stock repurchase program during the three and six months ended June 30, 2026 or 2025. As of June 30, 2026, approximately $20.3 million remained available under the stock repurchase program.
Warrants
In June 2022, the Company completed a registered direct offering (“the June 2022 Offering”) of an aggregate of 33,333,336 shares of the Company’s common stock at a price of $4.50 per share, accompanied by Series 2022-A warrants to purchase an aggregate of 33,333,336 shares of the Company’s common stock (each, a “Series 2022-A Warrant”) pursuant to a securities purchase agreement with certain institutional and accredited investors. The Series 2022-A Warrants are exercisable for a term of five years from the date of issuance at an exercise price of $4.37 per share. As of June 30, 2026, none of the Series 2022-A Warrants had been exercised.
In addition to the Series 2022-A Warrants, the Company had warrants that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The remaining 4,133 unexercised Series 2020-A Warrants expired on July 6, 2025.
The Series 2022-A Warrants are classified as a component of equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and will expire five years from the date of issuance, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Series 2022-A Warrants do not provide any guarantee of value or return.
The following table sets forth information regarding unexercised warrants outstanding as of June 30, 2026:
Issuance
Date		Expiration
Date		Exercise Price as of June 30, 2026Shares Underlying Warrants on Issuance DateShares Issued upon Warrant Exercises as of June 30, 2026Shares Underlying Warrants Outstanding as of June 30, 2026
Series 2022-A Warrants (1)
6/8/20226/7/2027$4.37 33,333,336 — 33,333,336 
Total Warrants33,333,336 — 33,333,336 
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(1)Equity-classified warrants.
During the three and six months ended June 30, 2026 and 2025, no warrants were exercised.