Stockholders' equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

At-the-market-offering

During the three months ended March 31, 2026, the Company did not sell any shares of common stock pursuant to its at-the-market equity offering program (the “New ATM Program”).

As of March 31, 2026 and December 31, 2025, $92.1 million gross sales price of common stock was available for issuance under the New ATM Program.

Equity Classified Warrants

During the three months ended March 31, 2026, 6,779,910 of the 2025 2-Year Warrants issued as part of the 2025 Private Placement were exercised at the warrant exercise price of $6.00 per warrant for net proceeds of $40.7 million. For the three months ended March 31, 2025, there was no activity on the 2025 2-Year Warrants.

During the three months ended March 31, 2026, 661,483 of the 3-Year Warrants issued as part of the 2025 Public Offering were exercised at the warrant exercise price of $4.20 per warrant for net proceeds of $2.8 million. For the three months ended March 31, 2025, there was no activity on the 2025 3-Year Warrants.

On February 11, 2026, AMC exercised, on a cashless basis, 10,008,240 Private Placement Offering Warrants (exercise price of $1.0680 per warrant). After giving effect to the 1-for-10 reverse stock split effective November 14, 2023, the warrants were exercisable for an aggregate of 1,000,824 shares of common stock (at a ratio of 10 warrants per one share of common stock). Using the 10-day average market price, as defined in the warrant agreement, of $45.41 per share, the cashless warrant exercise resulted in the issuance of 765,440 shares of common stock. For the three months ended March 31, 2025, there was no activity on the Private Placement Offering Warrants.

The following tables summarize additional information on the Company’s outstanding warrants:

As of March 31, 2026	Exercise price		Exercise period	Expiration date	Warrants outstanding
Private Placement Offering Warrants(1)	$	1.068	5 years	March 15, 2027	36,808,240
2025 3-Year Warrants	$	4.200	3 years	June 13, 2028	4,162,417
2025 2-Year Warrants	$	6.000	2 years	September 10, 2027	—
Total Warrants Outstanding					40,970,657

As of December 31, 2025	Exercise price		Exercise period	Expiration date	Warrants outstanding
Private Placement Offering Warrants(1)	$	1.068	5 years	March 15, 2027	46,816,480
2025 3-Year Warrants	$	4.200	3 years	June 13, 2028	4,823,900
2025 2-Year Warrants	$	6.000	2 years	September 10, 2027	6,779,910
Total Warrants Outstanding					58,420,290

(1)After giving effect to the 1-for-10 reverse stock split (effective November 14, 2023), the Private Placement Offering Warrants are issuable into common stock at the rate of 10 warrants per share