v3.26.1
COMMON STOCK
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
COMMON STOCK
9. COMMON STOCK
On March 16, 2026, the Company closed the Private Placement as described in Note 1. DESCRIPTION OF BUSINESS AND ORGANIZATIONAL STRUCTURE and issued and sold 2,867,089 shares of common stock at $4.883 per share.
On July 3, 2025, the Company completed its initial public offering ("IPO") of 5,500,000 shares of its common stock at a price to the public of $5.00 per share.
The Company granted to the IPO underwriters an overallotment option (the “Over-Allotment Option”) to purchase up to an additional 825,000 shares of Common Stock, which is equal to 15% of the number of shares of Common Stock sold in the IPO. Under the Over-Allotment Option the underwriters had the right to exercise this option, in whole or in part, for our common stock, any time during the 30-day period from the date of the closing of the IPO. On July 18, 2025, a total of 129,978 shares of common stock were issued in connection with the partial exercise by the IPO underwriters of their Over-Allotment Option at a price to the public of $5.00 per share (the "Over-allotment Exercise").
Common Stock Warrants
In connection with the IPO share issuances, the Company issued to the IPO underwriters warrants to purchase an aggregate of 168,898 shares of Common Stock (including 3,898 shares of Common Stock issued in connection with the Over-allotment Exercise (the "Over-allotment Exercise Underwriters' Warrants"), collectively referred to as the “Underwriters' Warrants”). The Underwriters' Warrants are exercisable at a per share exercise price equal to
$6.25 and are exercisable at any time and from time to time, in whole or in part, for a term of five years commencing from the first day of the seventh month after July 3, 2025 (the “Original Closing Date”), and terminating on July 1, 2030.
All of the Underwriters’ Warrants were outstanding as of June 30, 2026. The warrants were classified as equity and the fair value of $519 is reflected as additional paid-in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following assumptions:
Initial Placement Underwriters' WarrantsOver-allotment Exercise Underwriters' Warrants
Risk-free interest rate3.94 %3.96 %
Expected term5 years4.96 years
Volatility of common stock78.83 %78.94 %
Expected dividend rate— %— %
The fair value of the underlying common stock for the valuation of the Initial Placement Underwriters' Warrants was equal to the IPO price of $5.00 per share as of July 1, 2025, when the Company’s registration statement related to the IPO was declared effective. The fair value of the underlying common stock for the valuation of the Over-allotment Exercise Underwriters' Warrants is based on the Company’s closing stock price on July 18, 2025.
Common Stock
Pursuant to the Company’s certificate of incorporation, as amended and restated, for its $0.001 par value common stock, the Company had 300,000,000 authorized shares at June 30, 2026 and December 31, 2025, and had 50,032,148 and 46,865,051 issued and outstanding shares, as of June 30, 2026 and December 31, 2025, respectively.
Authorized common stock was reserved for future issuance as follows, including pursuant to outstanding equity awards and future equity awards under the 2005 Plan and the 2025 Plan.
June 30, 2026
December 31, 2025
Exercises of stock options under 2005 Plan1,335,559 1,627,097 
Exercises of stock options under 2025 Plan2,398,709 348,551 
Restricted Stock Units under 2025 Plan12,138 — 
Exercises of warrants168,898 168,898 
Reserved for future grants under 2025 Plan3,638,505 3,838,331 
Total reserved shares of common stock7,553,809 5,982,877