v3.26.1
Capital Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Capital Stock Capital Stock
Authorized Classes of Stock
As of June 30, 2026, the Company is authorized to issue common stock, par value $0.0001 per share, and two classes of preferred stock, par value $0.0001 per share, including 1,550,000 shares designated as Series A and 3,079,864 shares designated as Series B. No shares of Series A or Series B preferred stock were outstanding as of June 30, 2026 and December 31, 2025.
At-the-market facility
The Company did not sell any shares through its at-the-market facility during the three and six months ended June 30, 2026 and 2025.
Equity Activity
Net proceeds during the three and six months ended June 30, 2026 were $0.8 million and $4.3 million, respectively, from stock option exercises.
Warrants
The table below summarizes the warrants outstanding at June 30, 2026 (in thousands, except exercise price data):
Issuance DateExpiration DateExercise PriceIssuedExercised Forfeited / CanceledWarrants Outstanding
June 16, 2022May 9, 2027$0.0001 6,325 (1,187)(4,491)647 
November 18, 2024November 18, 2029$2.875 800 (304)- 496 
December 12, 2024December 12, 2029$5.75 500 (100)- 400 
January 9, 2025January 9, 2030$14.0875 327 (65)- 262 
1,805 
On June 16, 2022, the Company issued 6.3 million QPhoton warrants to purchase common stock at an exercise price of $0.0001 per share, exercisable upon exercise of certain underlying Company options and warrants outstanding as of June 15, 2022. As of June 30, 2026, approximately 71% of the QPhoton warrants have been forfeited because the corresponding underlying instruments expired or were forfeited. The QPhoton warrants are classified as liabilities and measured at fair value, with changes recognized in earnings. The liability was $6.3 million as of June 30, 2026. See Note 2 - Significant Accounting Policies – Fair Value of Financial Instruments - for valuation methodology and inputs. During the three and six months ended June 30, 2026, the Company recognized mark-to-market losses of $1.7 million and mark-to-market gains of $1.5 million, respectively. During the three and six months ended June 30, 2025, the Company recognized mark-to-market losses of $28.1 million and $4.5 million, respectively. During the year ended December 31, 2025, $20.4 million was reclassified from warrant liability to additional paid-in capital upon exercise of QPhoton warrants.