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STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

 

The following table summarizes the Company’s shares of preferred stock and common stock:

 

       Shares 
   Par Value   Authorized   Issued   Outstanding 
As of June 30, 2026                
Preferred Stock   0.001    10,000,000    -    - 
Common Stock   0.001    200,000,000    45,103,461    45,103,461 
                     
As of December 31, 2025                    
Preferred Stock   0.001    10,000,000    -    - 
Common Stock   0.001    200,000,000    38,139,144    38,139,144 

 

The Company’s Amended and Restated Certificate of Incorporation authorizes the Company to issue up to 200,000,000 shares of its common stock. Holders of shares of common stock have full voting rights, one vote for each share held of record. Stockholders are entitled to receive dividends as may be declared by the Company’s board of directors (the Board) out of funds legally available therefore and share pro rata in any distributions to stockholders upon liquidation. Shares of common stock do not include conversion, pre-emptive or subscription rights. All outstanding shares of common stock are fully paid and non-assessable. As of June 30, 2026, and December 31, 2025, there were 45,103,461 and 38,139,144 shares of common stock issued and outstanding, respectively.

 

In January 2026, the Company completed an underwritten offering of 6,666,667 shares of its common stock at an offering price of $3.00 per share. The net proceeds received from the offering were $18.5 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.

 

In the second quarter of 2026, 120,087 shares of common stock were sold to an existing stockholder under an “at-the-market” offering program pursuant to the Company’s sales agreement (ATM Agreement) with TD Securities (USA) LLC, and the Company received net proceeds of $0.3 million, after deducting discounts and commissions and other offering expenses.