Shareholders' equity |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Equity [Abstract] | |
| Shareholders' equity | 8. Shareholders' equity Common stock and treasury stock As of September 30, 2026 and December 31, 2025, the number of issued shares of common stock was 16,050,406 and 14,151,350, respectively. The Company held no shares of treasury stock as of either date. The changes in the number of issued shares of common stock and treasury stock were due to the following factors: • During the nine months ended September 30, 2026, an aggregate of 80,669 shares of common stock were issued as a result of the vesting of RSUs, of which 23,780 shares of common stock were withheld to pay withholding taxes upon such vesting, which were reflected in treasury stock, with a cost of $1,219. All 23,780 shares of treasury stock were retired during the nine months ended September 30, 2026. • During the nine months ended September 30, 2026, the Company repurchased 74,500 shares of common stock under the Stock Repurchase Program, as defined below, which were reflected in treasury stock, with a cost of $3,122. All 74,500 shares of treasury stock were retired during the nine months ended September 30, 2026. • On August 7, 2026, the Company closed an underwritten public offering of 1,916,667 shares of common stock at a public offering price of $60.00 per share, which included the exercise in full by the underwriters of their option to purchase 250,000 additional shares. The gross proceeds were $115,000, and the net proceeds were $108,705, after deducting underwriting discounts and commissions of $5,750 and offering expenses of $545. Stock Repurchase Program On May 2, 2022, the Company's Board of Directors authorized a stock repurchase program to repurchase the Company's common stock from time to time through open market purchases, privately negotiated transactions or other means, including pursuant to Rule 10b5-1 trading plans, which was subsequently amended on each of December 19, 2023, March 28, 2024, and November 3, 2025, bringing the total authorization to $30.0 million (the "Stock Repurchase Program"). The Stock Repurchase Program does not obligate the Company to repurchase any shares and may be modified, suspended, or terminated at any time at the discretion of the Board of Directors. During the three months ended September 30, 2026, the Company did not repurchase any common stock pursuant to the Stock Repurchase Program. As of September 30, 2026, $15.5 million remained available for future repurchases under the Stock Repurchase Program. Accumulated other comprehensive loss
As of September 30, 2026, accumulated other comprehensive loss was $352. The Company had no accumulated other comprehensive income or loss as of December 31, 2025.
During the three and nine months ended September 30, 2026, the Company recorded other comprehensive loss of $352, consisting of unrealized losses on investments in U.S. Treasury securities of $476, net of a tax benefit of $124. There were no reclassifications out of accumulated other comprehensive loss during the periods. |