Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders' Equity | Note 11. Stockholders' Equity Series B Preferred Stock As of June 30, 2026, 3,000,000 shares of the authorized preferred stock are designated as Series B preferred stock, $0.0001 par value per share (“Series B Preferred Stock”). Series B Preferred Stock is entitled to an 8% annual rate dividend. On January 16, 2026, the Company distributed 2,648 shares of Series B Preferred Stock to represent cumulative dividends for Series B Preferred Stock, covering the year ended December 31, 2025, as a payment in kind at the specified rate. During the six months ended June 30, 2026, the holders of Series B Preferred Stock converted 11,013 shares of Series B Preferred Stock to 16,524 shares of Common Stock. The Company had a total of 24,779 shares of Series B Preferred Stock issued and outstanding as of June 30, 2026. As of June 30, 2026, the Company accrued an immaterial amount for the 8% dividend in accrued expenses on the condensed consolidated balance sheets. Series C Preferred Stock As of June 30, 2026, 5,000,000 shares of the authorized preferred stock are designated as Series C preferred stock, $0.0001 par value per share (the “Series C Preferred Stock”). Series C Preferred Stock is entitled to an 8% annual rate dividend. On January 16, 2026, the Company distributed 9,270 shares of Series C Preferred Stock to represent cumulative dividends for Series C Preferred Stock, covering the year ended December 31, 2025, as payment in kind at the specified rate. During the six months ended June 30, 2026, the holders of Series C Preferred Stock made no conversions of Series C Preferred Stock. The Series C Preferred Stock is subject to similar terms and conditions as the Series B Preferred Stock. The Company had a total of 159,270 shares of Series C Preferred Stock issued and outstanding as of June 30, 2026. As of June 30, 2026, the Company accrued $0.1 million for the 8% dividend in accrued expenses on the condensed consolidated balance sheets. On March 20, 2025, in connection with the issuance of Series C Preferred Stock, the Company extinguished the outstanding amount of related party notes totaling $14.0 million. The Company recognized a loss of $3.5 million in Loss on extinguishment of related party debt on the condensed consolidated statements of operations and comprehensive income (loss) for the six months ended June 30, 2025. Standby Equity Purchase Agreement (“SEPA”) In October 2023, we entered into the SEPA with Yorkville. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75.0 million of Common Stock at the Company’s request any time during the commitment period commencing on October 2, 2024, and continuing for a term of 3 years. The SEPA will automatically terminate on the earlier to occur of (i) November 01, 2027 and (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA for Common Stock equal to the commitment amount of $75.0 million. The Company’s ability to access the SEPA is subject to certain conditions and limitations described therein. During the six months ended June 30, 2026 and 2025, the Company sold 2,164,552 and 73,993 shares of Common Stock under the SEPA, respectively, raising $13.3 million and $0.9 million in cash proceeds, respectively, which is classified within Issuance of common shares, net of issuance costs in the condensed consolidated statements of changes in mezzanine and stockholders' equity. As of June 30, 2026, the maximum remaining availability under the SEPA is approximately $53.9 million. Registered Issuances On January 12, 2026, the Company entered into securities purchase agreements with four institutional investors for the purchase and sale of 11,428,572 shares of Common Stock for gross proceeds of approximately $40.0 million, before deducting placement agent fees and offering expenses.
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