Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Stockholders’ Equity [Abstract] | |
| Stockholders' Equity | 12. Stockholders’ Equity
Preferred Stock
The Company is authorized to issue preferred stock with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. Other than the limitations on conversions to keep each such holder’s beneficial ownership below 9.99%, the terms of the Series C convertible preferred stock generally bestow the same rights to each holder as such holder would receive if they were common stock shareholders and are not redeemable by the holders, except that the Series C convertible preferred stock shares do not have voting rights. Each share of Series C convertible preferred stock has a stated value of $1.0 thousand and is convertible into shares of common stock at a conversion price equal to $26.90. No preferred shares were outstanding as of December 31, 2025 and 2024.
Common Stock
No shares were issued upon the vesting of restricted stock during the years ended December 31, 2025 and 2024.
In October 2021, the Company entered into an equity distribution agreement under which the Company could sell up to $11.0 million of its shares of common stock in registered “at-the-market” offerings. The shares were offered at prevailing market prices, and the Company paid commissions of up to 3.0% of the gross proceeds from the sale of shares sold through the Company’s agent, which may act as an agent and/or principal. In July 2024, the Company sold 665,136 shares of its common stock under the equity distribution agreement at an average purchase price of $3.16 per share for total gross and net proceeds of $2.1 million and $1.9 million, respectively. In September 2025, the Company sold 1,097,547 shares of its common stock under the equity distribution agreement at an average price of $2.20 per share for total gross and net proceeds of $2.4 million and $2.2 million, respectively. In October 2025, the Company sold an aggregate of 619,491 shares of its common stock under the equity distribution agreement at an average price of $2.30 per share for total gross and net proceeds of $1.4 million. As of December 31, 2025, the Company could sell up to an additional $5.1 million of its shares of common stock under the equity distribution agreement, subject to certain limitations. As of the date that the consolidated financial statements were issued, the Company may not sell any of its shares of common stock under the equity distribution agreement because it deregistered the unsold shares following the delisting of its common stock. Common Stock Warrants
In September 2021 and in connection with entering into the Company’s Senior Term Facility (Note 10), the Company issued a warrant to purchase 37,362 shares of the Company’s common stock at an initial exercise price of $18.20 per share. The warrant was amended in June 2023 in connection with the execution of the Third Amendment to the Senior Term Facility. The amended warrant is to purchase 80,000 shares of the Company’s common stock at an exercise price equal to $8.80 per share. The warrant is equity classified and is exercisable at any time on or prior to the tenth anniversary of its amendment date. As of December 31, 2025, the warrant remains outstanding in its entirety.
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