| Summary of Common Stock Shares Activity |
The following table summarizes common stock share activity for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Common Stock Reserved For Future Issuances |
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 |
|
|