Common Stock |
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| Common Stock | Note 8. Common Stock In February 2025, the Company held a special stockholder meeting, at which stockholders voted, among other matters, to amend the Company’s Certificate of Incorporation, as amended and restated, to increase the number of authorized common stock from 500,000,000 to 1,040,000,000 shares of common stock at par value of $0.0001 per share. The holders of common stock are entitled to receive dividends whenever funds are legally available, when and if declared by the Company’s Board of Directors. No cash dividends have been declared through June 30, 2026. Each share of common stock is entitled to one vote. All share and per-share amounts presented in these condensed consolidated financial statements and the accompanying notes have been retroactively adjusted for all periods presented to reflect the Company’s -for-72 reverse stock split effected on February 26, 2025, including outstanding shares, weighted-average shares, earnings per share, stock options, restricted stock units, warrants and applicable exercise prices. Common Stock Reserved The table below summarizes the Company’s reserved common stock for further issuance as of June 30, 2026 and December 31, 2025:
2023 Employee Stock Purchase Plan (“ESPP”) The 2023 Employee Stock Purchase Plan assists eligible employees in acquiring a stock ownership interest of the Company’s common stock in consideration of the participating employees’ continued services. Eligible employees will be entitled to purchase, by means of payroll deductions, limited amounts of the Company’s common stock at a discount during periodic offering periods. There were 6,780 shares initially reserved for issuance under the 2023 ESPP, which shall automatically increase on January 1 of each calendar year beginning and including January 1, 2024 and ending on and including January 1, 2033, by an amount equal to the lesser of (i) 1.0% of the total number of shares of common stock issued and outstanding on January 1 of the year in which such increase is to occur, or (ii) such smaller number of shares of common stock as may be established by the Board of Directors. As of June 30, 2026, there were 149,036 shares available for issuance. There have been no shares issued under the 2023 ESPP. |