Stockholders' equity

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

At-the-market-offering

During the three and nine months ended September 30, 2026, the Company issued nil and 1,476,538 shares of common stock pursuant to its at-the-market equity offering program (the “New ATM Program”) for net proceeds of nil and $35.8 million. During the three and nine months ended September 30, 2025, the Company issued 871,236 and 979,308 shares, respectively, of common stock under the New ATM Program for net proceeds of $5.2 million and $5.5 million, respectively.

As of September 30, 2026, $55.3 million gross sales price of common stock was available for issuance under the New ATM Program.

Equity Classified Warrants

During the nine months ended September 30, 2026, 6,779,910 of the 2025 2-Year Warrants issued in connection with the September 2025 Private Placement were exercised at the warrant exercise price of $6.00 per warrant for net proceeds of $40.7 million. There was no activity during the three months ended September 30, 2026.

During the nine months ended September 30, 2026, 664,356 of the 3-Year Warrants issued in connection with the June 2025 Public Offering were exercised at the warrant exercise price of $4.20 per warrant for net proceeds of $2.8 million, including 1,873 warrants exercised during the three months ended September 30, 2026. There was no activity during the three and nine months ended September 30, 2025.

During the nine months ended September 30, 2026, 10,008,240 Private Placement Offering Warrants were exercised on a cashless basis (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. Using the 10-day average market price of $45.41 per share as of February 11, 2026, as defined in the warrant agreement, the cashless exercise resulted in the issuance of 765,440 shares of common stock. There was no activity during the three months ended September 30, 2026, and no activity during the three and nine months ended September 30, 2025.

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

As of September 30, 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	4,159,544
2025 2-Year Warrants	$	6.000	2 years	September 10, 2027	—
Total Warrants Outstanding					40,967,784

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