Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Exchange Warrants

On October 10, 2025 the Company consummated the Exchange Agreement and the issuance of the Exchange Shares (see Note 7). Upon completing the Exchange, the Company recorded a common stock warrant liability adjustment expense of $922 related to the warrants exchanged, a decrease in the common stock warrant liabilities of $46,884, an increase in common stock, par value $0.0001 of $1, and an increase in additional paid-in capital of $46,883.

As of October 10, 2025, after giving effect to the Exchanges, the Company had 22,788,420 shares of common stock outstanding.

Underwriting Agreement

On October 21, 2025, the Company entered into an underwriting agreement and on October 23, 2025, the Company completed an offering for the sale of 4,196,000 shares of its common stock at an offering price to the public of $7.15 per share, less underwriting discounts and commissions. Subsequently, the underwriters exercised their over-allotment option for an additional 629,400 shares, which settled after the initial closing and increased the total shares issued in the offering to 4,825,400. From this offering, the Company received net proceeds of $32,109 after deducting underwriting discounts and commissions. The shares were issued pursuant to the Company's registration statement on Form S-3 (File No. 333-281556) filed by the Company with the SEC on August 14, 2024, which was declared effective on August 23, 2024. A final prospectus relating to the offering was filed with the SEC on October 22, 2025.

Legal Proceedings

In October 2025, the Company paid out the amounts required for resolution on both Section 14(a) Claims and Section 10(b) Claims in the Butala action as reported in Note 5. Commitments and Contingencies. The Company paid $591 in cash, while the Company's insurance provider contributed the other $1,159, in full settlement of the Section 14(a) Claims. The insurance portion of this settlement was recorded as an insurance loss recovery in the third quarter ended September 30, 2025 as reported above in Note 5. Commitments and Contingencies. The Company also paid $3,500 cash in full settlement of the Section 10(b) Claims.