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COMMON STOCK WARRANTS
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
COMMON STOCK WARRANTS STOCKHOLDERS’ EQUITY
Activity in equity during the three month periods ended March 31, 2026 and 2025 was as follows (dollars in thousands):
Common StockAdditional
Paid-In
Capital 		Accumulated
Deficit 		Total
SharesAmount
2026
Balances as of December 31, 20255,223,015 $5 $152,043 $(142,480)$9,568 
Stock-based compensation— — 23 — 23 
Issuance of common stock, net of transaction costs80,411 — 173 — 173 
Net loss— — — (2,063)(2,063)
Balances as of March 31, 20265,303,426 $5 $152,239 $(144,543)$7,701 
2025
Balances as of December 31, 20241,035,893 $1 $138,607 $(136,097)$2,511 
Stock-based compensation— — 91 — 91 
Issuance of common stock, net of transaction costs365,319— 1,066 — 1,066 
Issuance of common stock upon exercise of warrants, net of transaction costs374,718 1 888 — 889 
Net loss— — — (1,665)(1,665)
Balances as of March 31, 20251,775,930 $2 $140,652 $(137,762)$2,892 
In June 2024, we entered into an at-the-market offering arrangement with a sales agent, pursuant to which we may offer and sell, from time to time at our sole discretion, in transactions that are deemed to be “at-the-market” offerings under the Securities Act of 1933, as amended (the “Securities Act”), shares of our common stock (“ATM Facility”). During the three months ended March 31, 2026, we sold 80,411 shares of common stock under this ATM Facility for gross proceeds of $182,000, before deducting offering expenses of $9,000. As of March 31, 2026, there is capacity under the ATM Facility of approximately $7.3 million.
COMMON STOCK WARRANTS
The following table presents the common stock warrant activity:
Issue DateWarrant TypeTerm
Date		Exercise
Price		Balance December 31, 2025IssuedExercisedExpiredBalance March 31, 2026
October 2020Dealer ManagerApril 2026$5,174.40 34———34
February 2021Private Placement AgreementAugust 2026$5,318.40 540———540
February 2021Dealer ManagerAugust 2026$6,835.40 136———136
March 2021Dealer ManagerMarch 2026$6,000.00 60——(60)—
November 2022Dealer ManagerNovember 2027$525.00 892———892
April 2023Series COctober 2028$194.40 7,142———7,142
April 2023Dealer ManagerApril 2028$262.50 534———534
August 2023Dealer ManagerAugust 2028$108.04 1,222———1,222
November 2023Series DNovember 2028$13.00 151,026———151,026
November 2023Dealer ManagerNovember 2028$16.25 28,844———28,844
August 2024Series F-1August 2029$4.35 319,434———319,434
August 2024Series F-2February 2026$4.35 316,852——(316,852)—
August 2024Dealer ManagerAugust 2029$5.75 25,275———25,275
March 2025Dealer ManagerSeptember 2026$3.625 18,736———18,736
July 2025Series HOctober 2026$4.15 —————
July 2025Dealer ManagerOctober 2026$3.781 72,944———72,944
August 2025Series INovember 2026$5.25 2,188,308———2,188,308
August 2025Dealer ManagerNovember 2026$5.4219 72,944———72,944
3,204,923——(316,912)2,888,011
SharesWeighted
Average
Exercise
Price Per
Share		Weighted
Average
Remaining
Contractual
Term
(years)
Outstanding as of December 31, 20253,204,923 $7.50 1.2
Issued— — — 
Exercised— — — 
Expired(316,912)5.49 — 
Outstanding as of March 31, 20262,888,011 7.72 1.1