| Summary of Common Stock Shares Activity |
The following table summarizes common stock share activity for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):
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Three Months Ended September 30, 2026 |
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Shares of
Common Stock |
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|
Common
Stock |
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|
Additional
Paid-in
Capital |
|
|
Accumulated
Deficit |
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Total
Stockholders’ Equity |
|
Balance, June 30, 2026 |
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9,949,609 |
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|
$ |
10 |
|
|
$ |
465,966 |
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|
$ |
(399,046 |
) |
|
$ |
66,930 |
|
Net loss |
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— |
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— |
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|
|
— |
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(8,458 |
) |
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|
(8,458 |
) |
Stock-based compensation expense |
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— |
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|
|
— |
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|
|
562 |
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|
|
— |
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|
562 |
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Common stock issued through employee stock purchase plan |
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3,129 |
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|
— |
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|
13 |
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— |
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|
13 |
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Balance, September 30, 2026 |
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9,952,738 |
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$ |
10 |
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|
$ |
466,541 |
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|
$ |
(407,504 |
) |
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$ |
59,047 |
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Three Months Ended September 30, 2025 |
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Shares of
Common Stock |
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|
Common
Stock |
|
|
Additional
Paid-in
Capital |
|
|
Accumulated
Deficit |
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|
Total
Stockholders’ Equity |
|
Balance, June 30, 2025 |
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4,896,867 |
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|
$ |
5 |
|
|
$ |
433,273 |
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|
$ |
(388,811 |
) |
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$ |
44,467 |
|
Net loss |
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— |
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— |
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— |
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(8,591 |
) |
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|
(8,591 |
) |
Stock-based compensation expense |
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— |
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— |
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|
526 |
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|
— |
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|
526 |
|
Common stock issued through employee stock purchase plan |
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3,972 |
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— |
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25 |
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— |
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25 |
|
Common stock issued, net of expenses |
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343,750 |
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— |
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3 |
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— |
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3 |
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Balance, September 30, 2025 |
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5,244,589 |
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$ |
5 |
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$ |
433,827 |
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$ |
(397,402 |
) |
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$ |
36,430 |
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Nine Months Ended September 30, 2026 |
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Shares of
Common Stock |
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Common
Stock |
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|
Additional
Paid-in
Capital |
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Accumulated
Deficit |
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Total
Stockholders’
Equity |
|
Balance, December 31, 2025 |
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5,442,688 |
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$ |
5 |
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$ |
434,515 |
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$ |
(385,144 |
) |
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$ |
49,376 |
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Net loss |
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— |
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— |
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— |
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(22,360 |
) |
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(22,360 |
) |
Stock-based compensation expense |
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— |
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— |
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1,710 |
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— |
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|
1,710 |
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Common stock issued through employee stock purchase plan |
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6,729 |
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|
— |
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30 |
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— |
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30 |
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Common stock issued for vested restricted stock units |
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159,571 |
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— |
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— |
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— |
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— |
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Common stock issued for Shares, net of offering costs |
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4,343,750 |
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5 |
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21,067 |
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— |
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21,072 |
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Proceeds allocated for Pre-Funded Warrants, net of offering costs |
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— |
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— |
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5,305 |
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— |
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5,305 |
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Reclass of warrant liability for March 2026 Private Placement |
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— |
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— |
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3,914 |
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— |
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|
3,914 |
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Balance, September 30, 2026 |
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9,952,738 |
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$ |
10 |
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$ |
466,541 |
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$ |
(407,504 |
) |
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$ |
59,047 |
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Nine Months Ended September 30, 2025 |
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Shares of
Common Stock |
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Common
Stock |
|
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Additional
Paid-in
Capital |
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Accumulated
Deficit |
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Total
Stockholders’
Equity |
|
Balance, December 31, 2024 |
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4,746,748 |
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$ |
5 |
|
|
$ |
431,607 |
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$ |
(376,535 |
) |
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$ |
55,077 |
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Net loss |
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— |
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— |
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— |
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(20,867 |
) |
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(20,867 |
) |
Stock-based compensation expense |
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— |
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— |
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2,165 |
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— |
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2,165 |
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Common stock issued through employee stock purchase plan |
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7,936 |
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— |
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|
51 |
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— |
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51 |
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Common stock issued for vested restricted stock units |
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146,155 |
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— |
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— |
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— |
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— |
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Common stock issued, net of expenses |
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343,750 |
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— |
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4 |
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— |
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4 |
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Balance, September 30, 2025 |
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5,244,589 |
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$ |
5 |
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$ |
433,827 |
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$ |
(397,402 |
) |
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$ |
36,430 |
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| Common Stock Reserved For Future Issuances |
The Company had reserved shares of common stock for future issuance as follows:
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September 30, 2026 |
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December 31, 2025 |
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Outstanding stock options |
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639,693 |
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443,651 |
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Outstanding restricted stock units |
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449,854 |
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332,974 |
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Pre-funded warrants to purchase common stock associated with the December 2020 public offering |
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400,000 |
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400,000 |
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Warrants to purchase common stock associated with the April 2022 public offering |
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1,875,003 |
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1,875,003 |
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Pre-funded warrants to purchase common stock associated with the April 2022 public offering |
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398,727 |
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398,727 |
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Warrants to purchase common stock associated with the March 2026 Private Placement |
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5,437,464 |
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— |
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Pre-funded warrants to purchase common stock associated with March 2026 Private Placement |
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1,093,744 |
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|
— |
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Warrants to purchase common stock associated with loan agreement |
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24,851 |
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24,851 |
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Warrant to purchase common stock associated with Danforth |
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6,250 |
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6,250 |
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For possible future issuance under 2024 Plan (Note 8) |
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1,480,712 |
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|
558,739 |
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For possible future issuance under employee stock purchase plan |
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164,475 |
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171,203 |
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For possible future issuance under 2015 Plan (Note 8) |
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288,695 |
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83,207 |
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Total common shares reserved for future issuance |
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12,259,468 |
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4,294,605 |
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