Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity

Stockholders' Equity

(7) Stockholders’ Equity

In November 2023, the Company entered into an Equity Distribution Agreement (the “Equity Agreement”) with Piper Sandler & Co, (“Piper”) in connection with the establishment of an at-the-market offering program under which the Company may sell shares of its common stock, from time to time through Piper as sales agent, in an initial amount of up to $50.0 million. No sales have been made under the Equity Agreement since its inception.

Warrants

The Company had the following warrants outstanding to purchase common stock at June 30, 2026:

			Exercise	Expiration
	Outstanding		price	dates
Common stock warrants	8,379	$	28.65	2028
Common stock warrants	80,177		28.65	2027
Common stock warrants issued with credit agreement	2,000,000		1.11	2035
Pre-funded common stock warrants	12,623,000		0.0001	NA
	14,711,556

The following table summarizes warrant activity:

	Number of
	warrants
Outstanding at January 1, 2026	14,711,556
Granted	—
Exercised	—
Canceled/forfeited	—
Outstanding at June 30, 2026	14,711,556