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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

25. SUBSEQUENT EVENTS

 

Stockholders’ Equity

 

Common Stock

 

During 2026, the Company issued 163,112 shares of common stock for gross proceeds of $0.5 million in at-the-market public placements pursuant to the ATM Agreement.

 

During 2026, investors converted Preferred Stock, see below, into 1,581,030 shares of common stock.

 

During 2026, the Company issued 482,801 shares of common stock upon the exercise of Warrants related to the Company’s Series G Preferred Stock offering for proceeds of $0.2 million.

 

During 2026, the Company issued 1,875 shares of common stock upon the exercise of stock options issued under its 2025 Plan for proceeds of $1,725.

 

In January 2026, the Company issued 100,000 shares of restricted common stock valued at $3.77 per share based on the 2025 grant date fair value to an employee under its 2025 Plan.

 

ELOC Agreement

 

During 2026, the Company sold and issued a total of 444,444 shares of common stock for an aggregate purchase price of $1.0 million to the Purchaser.

 

2025 Equity Incentive Plan

 

During 2026, the Company granted 293,000 stock options to employees with a fair market value of $0.7 million vesting over 10 months.

 

Series A Preferred Stock

 

During 2026, the remaining 6,425,102 shares of Series A Preferred Stock were converted or exchanged into a total of 1,483,356 shares of common stock. In March 2026, the Certificate of Designation was withdrawn for the Series A Preferred Stock.

 

Series D Preferred Stock

 

In January 2026, the Certificate of Designation was withdrawn for the Series D Preferred Stock.

 

Series F and F-1 Preferred Stock

 

During 2026, investors converted 258,152 shares of Series F and F-1 Preferred Stock into 25,815 shares of common stock.

 

Series G Preferred Stock

 

During 2026, investors converted 235,293 shares of Series G Preferred Stock into 71,859 shares of common stock.

 

Warrants

 

During 2026, investors exercised 482,801 Warrants for proceeds of $0.2 million related to the Company’s Series G Preferred Stock offering and the Company issued 452,475 shares of common stock, including 99,802 shares of common stock issued under the cashless exercise provision upon the exercise of 130,128 Warrants.

 

Related Party Transactions

 

As of March 31, 2026, the Company further advanced $0.1 million to TYTL and received payment of $0.3 million related to its advance of $0.4 million as of December 31, 2025. In addition, in January 2026, the Company entered into a Master Services Agreement with TYTL to provide certain services during the year 2026 for an annual fee of $0.2 million.