SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

2026 Underwritten Offering and Warrant Amendment

On February 3, 2026, the Company entered into an underwriting agreement (the “2026 Underwriting Agreement”) with Cantor Fitzgerald & Co. and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale (the “2026 Offering”) of 35.2 million shares of common stock, and pre-funded warrants to purchase 17.8 million shares of common stock (the “2026 Pre-Funded Warrants”), together with accompanying warrants to purchase 53.0 million shares of common stock (the “2026 Purchase Warrants” and together with the 2026 Pre-Funded Warrants, the “2026 Warrants”). The combined offering price of each share of common stock and accompanying 2026 Purchase Warrant was $0.47. The combined offering price of each 2026 Pre-Funded Warrant and accompanying 2026 Purchase Warrant was $0.46. The common stock and 2026 Pre-Funded Warrants were sold in combination with an accompanying 2026 Purchase Warrant to purchase one share of common stock issued for each share of common stock or 2026 Pre-Funded Warrant sold. The net proceeds to the Company from the 2026 Offering were approximately $23.1 million, after deducting underwriting discounts and other offering costs.

In connection with the 2026 Offering, the Company entered into a warrant amendment (the “Warrant Amendment”), pursuant to which the Company agreed to reduce the exercise price of outstanding common stock warrants issued on March 26, 2024 and held by the investor to purchase 23.8 million shares of common stock from $1.00 to $0.4719 (the “Repriced Warrants”). The Repriced Warrants will become exercisable six months from the closing date of the 2026 Offering. In connection with the reduction in exercise price, the Company also agreed to extend the expiration date of the Repriced Warrants to be five and a half years from the closing of the 2026 Offering. Other than as described herein, the terms of the Repriced Warrants remain the same and unchanged.

At-the-Market Offering Program

Subsequent to December 31, 2025, the Company sold 9.3 million shares of its common stock under the Open Market Sale Agreement℠ with Jefferies, for net proceeds of approximately $3.7 million.

Exercise of Pre-Funded Warrants

In February and March 2026, the Company issued an aggregate of 17.8 million shares of common stock upon exercise of the 2026 Pre-Funded Warrants. Following this issuance, none of the 2026 Pre-Funded Warrants remain outstanding.

Vendor Payment Arrangement

In March 2026, the Company has agreed with a vendor to pay amounts related to manufacturing services, in equal installments over a period of 12 months beginning March 2026.