Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity [Abstract]

Stockholders' Equity

11. 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, 2024 and 2023.

Common Stock

The Company issued 33,779 shares upon the vesting of restricted stock during the year ended December 31, 2023. No shares were issued upon the vesting of restricted stock during the year ended December 31, 2024.

In October 2021, the Company entered into an equity distribution agreement under which the Company may sell up to $11.0 million of its shares of common stock in registered “at-the-market” offerings. The shares will be offered at prevailing market prices, and the Company will pay 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. The Company has no obligation to sell any shares under this agreement and may, at any time, suspend solicitations under this agreement. 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. No shares of the Company’s common stock were sold under this distribution agreement during the year ended December 31, 2023. As of December 31, 2024, the Company may sell up to an additional $8.9 million of its shares of common stock under the equity distribution agreement.

Common Stock Warrants

In September 2021 and in connection with entering into the Company’s Senior Term Facility (Note 9), 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, 2024, the warrant remains outstanding in its entirety.