Note 10 — Shareholders’ Equity

Total authorized capital stock of the Company as of June 30, 2026, is 300,000,000 shares of Common Stock and 10,000,000 shares of preferred stock, par value of $0.0001 per share. As of June 30, 2026 and December 31, 2025, there were 2,205,648 and 2,007,613 shares of Common Stock issued and outstanding and no shares of preferred stock issued or outstanding, respectively.

Equity Line of Credit (“ELOC”)

On April 16, 2024, we entered into that certain common stock purchase agreement (the “Purchase Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley”). Pursuant to the Purchase Agreement, we had the right, but not the obligation, to sell to B. Riley up to $25,000 worth of Common Stock (the “Purchase Shares”) over the term of the Purchase Agreement. In accordance with the Purchase Agreement, on April 16, 2024, we issued 4,296 shares of our Common Stock to B. Riley as consideration for its commitment to purchase the Purchase Shares under the Purchase Agreement (the “Commitment Shares”). Under the terms of the Purchase Agreement, if the aggregate amount of cash proceeds received by B. Riley from the resale of the Commitment Shares was less than $500, then, upon notice by B. Riley, the Company was required to pay the difference between $500 and the aggregate cash proceeds received by B. Riley from its resale. On January 8, 2025, B. Riley notified the Company that it had sold the Commitment Shares, which resolved the liability. Accordingly, $185 was recorded in “Other expense (income), net” in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2025. Effective February 2, 2026, the Company terminated the Purchase Agreement.

During the three and six months ended June 30, 2026, the Company did not utilize the ELOC. During the three months ended June 30, 2025, the Company did not utilize the ELOC. During the six months ended June 30, 2025, the Company sold 44,793 shares of Common Stock under the facility for cash proceeds of $4,657.

At the Market Sales Agreements

On March 13, 2026, the Company entered into an at market issuance sales agreement (the “2026 Sales Agreement”) with Roth Capital Partners, LLC and H.C. Wainwright & Co., LLC, as sales agents or principals (the “Agents”), under which the Company may offer and sell shares of the Company’s Common Stock having an aggregate market value of up to $60,000 from time to time through the Agents. The Agents are entitled to compensation at a fixed commission rate based on the gross sales price of shares sold pursuant to the 2026 Sales Agreement. During the three and six months ended June 30, 2026, the Company did not sell any shares under the 2026 Sales Agreement.

On March 28, 2025, the Company entered into an at market issuance sales agreement (the “2025 Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”), as sales agent or principal, pursuant to which the Company could offer and sell shares of its Common Stock having an aggregate offering price of up to $8,625 from time to time through B. Riley Securities. B. Riley Securities was entitled to compensation at a fixed commission rate based on the gross sales price of shares sold pursuant to the 2025 Sales Agreement. The Company terminated the 2025 Sales Agreement effective February 2, 2026. During the three and six months ended June 30, 2026, the Company did not sell any shares under the 2025 Sales Agreement. During the three and six months ended June 30, 2025, the Company sold 2,735 shares of Common Stock under the 2025 Sales Agreement for cash proceeds totaling $82.

2025 Warrants

In October 2025, the Company completed the 2025 Private Placement pursuant to which it issued shares of Common Stock and the 2025 Warrants to the Investors. The 2025 Warrants have an exercise price of $5.98 per share (as adjusted for the Reverse Stock Split) and expire seven years from issuance. For a complete description of the 2025 Private Placement, see Note 11 to the consolidated financial statements in the 2025 Annual Report.

During the three and six months ended June 30, 2026, certain Investors exercised 2025 Warrants for 175,000 shares of Common Stock at an exercise price of $5.98 per share, resulting in proceeds to the Company of $1,046. The proceeds were recorded as an increase to Common Stock and additional paid-in capital. As of June 30, 2026, 2025 Warrants to purchase up to 4,507,273.85 shares of Common Stock (as adjusted for the Reverse Stock Split) remained outstanding.