The Company’s authorized common stock has a par value of $0.001 per share and consists of 60,000,000 shares as of June 30, 2026, and December 31, 2025; 9,949,609 and 5,442,688 shares were issued and outstanding at June 30, 2026 and December 31, 2025, respectively. See Note 12 for further details on the March 2026 Private Placement.

On May 28, 2026, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation, to effect a one-for-eight (1:8) reverse stock split of its outstanding common stock and a reduction in the total number of authorized shares of its common stock from 150,000,000 to 18,750,000, effective as of May 29, 2026.

On June 26, 2026, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to increase the number of authorized shares of the Company’s stock from 23,750,000 shares to 65,000,000 shares, which reflects the increase in the number of authorized shares of the Company’s common stock, par value $0.001 per share, from 18,750,000 shares to 60,000,000 shares. The amendment was approved by the Company’s stockholders at the 2026 Annual Meeting of Stockholders held on June 25, 2026.


	Three Months Ended June 30, 2026
	Shares of Common Stock		Common Stock		Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity
Balance, March 31, 2026		7,756,416	$	8	$	447,742		$	(406,443	)	$	41,307
Net income		—		—		—			7,397			7,397
Stock-based compensation expense		—		—		568			—			568
Common stock issued for vested restricted stock units		19,281		—		—			—			—
Common stock issued for Shares, net of offering costs		2,173,912		2		14,195			—			14,197
Offering costs allocated to Pre-Funded Warrants		—		—		(453	)		—			(453	)
Reclass of warrant liability for March 2026 Private Placement		—		—		3,914			—			3,914
Balance, June 30, 2026		9,949,609	$	10	$	465,966		$	(399,046	)	$	66,930

	Three Months Ended June 30, 2025
	Shares of Common Stock		Common Stock		Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity
Balance, March 31, 2025		4,877,534	$	5	$	432,453		$	(381,926	)	$	50,532
Net loss		—		—		—			(6,885	)		(6,885	)
Stock-based compensation expense		—		—		820			—			820
Common stock issued for vested restricted stock units		19,333		—		—			—			—
Balance, June 30, 2025		4,896,867	$	5	$	433,273		$	(388,811	)	$	44,467

	Six Months Ended June 30, 2026
	Shares of Common Stock		Common Stock		Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity
Balance, December 31, 2025		5,442,688	$	5	$	434,515		$	(385,144	)	$	49,376
Net loss		—		—		—			(13,902	)		(13,902	)
Stock-based compensation expense		—		—		1,148			—			1,148
Common stock issued through employee stock purchase plan		3,600		—		17			—			17
Common stock issued for vested restricted stock units		159,571		—		—			—			—
Common stock issued for Shares, net of offering costs		4,343,750		5		21,067			—			21,072
Proceeds allocated for Pre-Funded Warrants, net of offering costs		—		—		5,305			—			5,305
Reclass of warrant liability for March 2026 Private Placement		—		—		3,914			—			3,914
Balance, June 30, 2026		9,949,609	$	10	$	465,966		$	(399,046	)	$	66,930

	Six Months Ended June 30, 2025
	Shares of Common Stock		Common Stock		Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity
Balance, December 31, 2024		4,746,748	$	5	$	431,607		$	(376,535	)	$	55,077
Net loss		—		—		—			(12,276	)		(12,276	)
Stock-based compensation expense		—		—		1,639			—			1,639
Common stock issued through employee stock purchase plan		3,963		—		26			—			26
Common stock issued for vested restricted stock units		146,156		—		1			—			1
Balance, June 30, 2025		4,896,867	$	5	$	433,273		$	(388,811	)	$	44,467

The Company had reserved shares of common stock for future issuance as follows:


	June 30, 2026		December 31, 2025
Outstanding stock options		474,255		443,651
Outstanding restricted stock units		439,104		332,974
Pre-funded warrants to purchase common stock associated with the December 2020 public offering		400,000		400,000
Warrants to purchase common stock associated with the April 2022 public offering		1,875,003		1,875,003
Pre-funded warrants to purchase common stock associated with the April 2022 public offering		398,727		398,727
Warrants to purchase common stock associated with the March 2026 Private Placement		5,437,464		—
Pre-funded warrants to purchase common stock associated with March 2026 Private Placement		1,093,744		—
Warrants to purchase common stock associated with loan agreement		24,851		24,851
Warrant to purchase common stock associated with Danforth		6,250		6,250
For possible future issuance under 2024 Plan (Note 8)		1,480,400		558,739
For possible future issuance under employee stock purchase plan		167,604		171,203
For possible future issuance under 2015 Plan (Note 8)		65,195		83,207
Total common shares reserved for future issuance		11,862,597		4,294,605

Common Warrants Associated with the March 2026 Private Placement and April 2022 Public Offering

The Company concluded that the March 2026 Private Placement common warrants initially did not meet the criteria for equity classification under the guidance of ASC 815 as the Company did not have sufficient authorized and unissued shares to satisfy the warrants if exercised. The Company initially recognized the March 2026 Private Placement common warrants as a liability at their fair value using the Black-Scholes valuation model with the changes in the fair value being recognized in the accompanying unaudited condensed consolidated statements of operations. The March 2026 Private Placement common warrants were only exercisable upon the receipt of Stockholder Approval to increase the Company's authorized shares (see Note 12) which occurred on June 25, 2026. Upon receipt of the Stockholder Approval on June 25, 2026, the warrant liability was remeasured and reclassified to additional paid-in capital. For the three and six months ended June 30, 2026, the Company recognized gains of $11.1 million and $7.5 million, respectively, on the warrant liability fair value adjustment for the March 2026 Private Placement common warrants.

The fair value of the April 2022 public offering outstanding common warrants has been determined using the Black-Scholes valuation model, and the changes in the fair value are recorded in the accompanying unaudited condensed consolidated statements of operations. The outstanding common warrants associated with the April 2022 public offering meet the definition of a derivative pursuant to ASC 815 and do not meet the derivative scope exception given the common warrants do not qualify under the indexation guidance. As a result, the April 2022 public offering common warrants were initially recognized as liabilities and measured at fair value using the Black-Scholes valuation model.

For the three months ended June 30, 2026 and 2025, the Company recognized gains of $3.1 million and $2.2 million, respectively, on the warrant liability fair value adjustment for the April 2022 public offering common warrants. For the six months ended June 30, 2026 and 2025, the Company recognized gains of $1.4 million and $5.1 million, respectively, on the warrant liability fair value adjustment for the April 2022 public offering common warrants. As of June 30, 2026 and December 31, 2025, the fair value of the warrant liabilities was $0.8 million and $2.2 million, respectively.