Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Reverse Stock Split

At a special meeting of stockholders held on March 27, 2025, the Company’s stockholders approved a reverse stock split of the Company’s common stock at a ratio ranging from any whole number between 1-for-3 to 1-for-50, inclusive, as determined by the Company’s board of directors in its sole discretion, subject to the board's authority to abandon such amendment.

On March 28, 2025, the board of directors approved a 1-for-15 reverse stock split ratio. On April 14, 2025, the Company filed a certificate of amendment to its certificate of incorporation (the "Charter Amendment") to effect the reverse stock split, which became effective at 12:01 a.m. Eastern Time, on April 14, 2025. As a result of the reverse stock split, every fifteen (15) shares of the Company's common stock issued or outstanding were automatically reclassified into one (1) validly issued, fully paid, and non-assessable new share of common stock, subject to the treatment of fractional shares as described below, without any action on the part of the holders. Proportional adjustments were made to the number of shares of common stock award and available for issuance under the Company's equity incentive plans, as well as the exercise price and the number of shares issuable upon the exercise or conversion of the Company’s outstanding stock options and other equity securities under the Company’s equity incentive plans. Additionally, all outstanding warrants were also adjusted in accordance with their terms, which resulted, among other changes to the warrant terms, in proportionate adjustments being made to the number of shares issuable upon exercise of such warrants and to the exercise prices of such warrants. The shares of common stock outstanding following the reverse stock split remain fully paid and non-assessable. The reverse stock split decreased the number of authorized shares of common stock but did not affect the number of authorized shares of the Company’s preferred stock or the par value of the common stock.

No fractional shares were issued in connection with the reverse stock split, and stockholders who would have otherwise been entitled to a fractional share received cash equal to the fair market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company's common stock as reported on the NYSE on April 11, 2025 (as adjusted to give effect to the reverse stock split).

The impact of the reverse stock split was applied retroactively for all periods presented in accordance with applicable guidance. There was no change to the respective par value per share as a result of this change.