v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Increase in Authorized Shares
On July 7, 2026, at the Company’s annual meeting of stockholders, the Company’s stockholders approved an amendment to the Company’s Fourth Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock from 150,000,000 shares to 225,000,000 shares.
Second Amended and Restated 2023 Equity Incentive Plan and Related CEO Strategic Awards
On July 7, 2026, at the Company’s annual meeting of stockholders, the Company’s stockholders approved the Second Amended and Restated 2023 Equity Incentive Plan, which increased the number of shares of common stock authorized for issuance thereunder by 3,000,000 shares. At the same meeting, the Company’s stockholders also approved the grant of time-based and performance-based restricted stock unit awards to Ryan Steelberg, the Company’s President, Chief Executive Officer and Chairman of the Board. The Company is evaluating the grant-date fair value and related stock-based compensation expense associated with these awards.
Chief Executive Officer Salary Reduction
In July 2026, Ryan Steelberg, the Company’s Chief Executive Officer, voluntarily reduced his annual base salary by 50%, from $665,000 to $332,500, in support of the Company’s ongoing cost reduction initiatives.
May 2026 Sales Agreement
Subsequent to June 30, 2026, the Company continued to offer and sell shares of its common stock under the May 2026 Sales Agreement. From July 1, 2026 through the date of this report, the Company sold 1,297,485 shares of its common stock for aggregate net proceeds of approximately $1.8 million.