v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 1, 2026, the Company effected a one-for-ten (1-for-10) reverse stock split of its common stock. The reverse stock split was approved by the Company's stockholders at the annual meeting held on June 12, 2026, and became effective at 12:01 a.m. Eastern Time on July 1, 2026. At the effective time, every ten shares of the Company's issued and outstanding common stock were combined into one issued and outstanding share of common stock. The par value of the common stock remained $0.0001 per share, and the number of authorized shares of common stock was unchanged.
No fractional shares were issued in connection with the reverse stock split. In lieu of any fractional share, each stockholder who would otherwise have been entitled to a fractional share received a cash payment (without interest) equal to the fraction of a share to which the stockholder would otherwise have been entitled multiplied by the closing price of the common stock on June 30, 2026, as adjusted for the reverse stock split ratio.
In accordance with the terms of the respective instruments, proportionate adjustments were made to (i) the number of shares subject to, and the exercise or grant prices of, outstanding equity awards and the shares reserved for issuance under the Company's equity incentive plans, (ii) the conversion price of, and the number of shares of common stock issuable upon conversion of, the Company's Series X Convertible Preferred Stock, and (iii) the exercise prices of, and the number of shares of common stock issuable upon exercise of, the Company's outstanding warrants.
The common stock began trading on a split-adjusted basis on the Nasdaq Capital Market at the open of trading on July 1, 2026, under the existing symbol "RMTI" and a new CUSIP number (774374409). Unless otherwise noted, all share and per-share amounts in these condensed consolidated financial statements have been retrospectively adjusted to reflect the reverse stock split for all periods presented.
The Company effected the reverse stock split to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). On May 8, 2026, the Company received notice from Nasdaq that it did not meet the minimum bid price requirement and was provided a compliance period through November 4, 2026. On July 16, 2026 the Company received notice that it has regained compliance with the minimum bid price requirement and as a result, Nasdaq has closed the matter.