Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity

Stockholders' Equity

Note 8 – Stockholders’ Equity

Common Stock

Stock options exercised for common stock and shares of common stock issued upon vesting of restricted stock units (“RSUs”) for the three months ended March 31, 2026 and 2025 are summarized in the table below.

	Three Months Ended March 31,
	2026	2025
Stock options exercised	42,494	1,532,420
Shares of common stock issued for vested RSUs	488,734	551,828

The table below presents the cash received or paid associated with common stock related activities for the three months ended March 31, 2026 and 2025.

		Three Months Ended March 31,
		2026		2025
Cash received from stock options exercised	$	6	$	181

​
At-the-Market Offering

On September 5, 2025, the Company entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Oppenheimer & Co. Inc., serving as agent (“Oppenheimer”), with respect to an at-the-market offering program (the “ATM”) under which the Company may offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $150,000 through Oppenheimer. During the three months ended March 31, 2026, the Company did not sell any shares of common

stock under the Distribution Agreement. As of March 31, 2026, approximately $58,785 remained available for future sales under the Distribution Agreement.

Registered Direct Offering

On January 28, 2026, the Company entered into a securities purchase agreement with a single sector-focused institutional investor for the direct offering of 17,000,000 shares of its common stock, Pre-Funded Warrants to purchase an aggregate of 5,807,018 shares of common stock, and Common Warrants to purchase up to an aggregate of 45,614,036 shares of common stock. The common stock was purchased at a price of $5.70 per share of common stock and accompanying two Common Warrants and the Pre-Funded Warrants were purchased at a price of $5.6999 per Pre-Funded Warrant and accompanying two Common Warrants. The Common Warrants issued are immediately exercisable at an exercise price of $7.25 per share and will expire on January 31, 2033. Proceeds, net of fees and expenses, received by the Company totaled $121,336. Issuance costs totaled $8,664 and are recorded in additional paid-in capital. The Company intends to use the net proceeds from the registered direct offering for working capital and general corporate purposes. As of March 31, 2026, all Pre-Funded Warrants have been exercised and all proceeds to the Company are recorded in additional paid in capital.