Note 13 - Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

13.Stockholders’ Equity

Preferred Stock

The Company’s Certificate of Incorporation authorizes the issuance of up to 7,000,000 shares of Preferred Stock with such rights and preferences, including liquidation, dividend, conversion and voting rights as determined by the Board. As of December 31, 2025, the Company has 5,000,000 designated Series B shares authorized of which no shares are issued or outstanding.

Common Stock

The Company's Certificate of Incorporation authorizes the issuance of up to 750,000,000 shares of Common Stock, par value $0.001 per share. On June 14, 2024, the Company effected a Reverse Split of the Company’s issued and outstanding shares of Common Stock, and the Common Stock began trading on a split-adjusted basis on June 17, 2024. The Reverse Split did not reduce the total number of authorized shares of Common Stock or the Company’s Preferred Stock or change the par values of the Common Stock or Preferred Stock. For additional information regarding the Reverse Split, see Note 1, Description of Business.

As discussed in Note 3, Investments and Agreements, on February 2, 2026, the Company entered into an underwriting agreement with Piper Sandler & Co. and UBS Securities LLC, as representatives of the underwriters named therein, in connection with its 2026 Offering of 39,576,088 shares of the Company’s Common Stock, and, in lieu of 2026 Offering Shares to certain investors, 2026 Pre-funded Warrants to purchase 6,598,046 shares of Common Stock, resulting in gross proceeds of approximately $175.0 million.

On August 13, 2024, the Company entered into the 2024 ATM Agreement with Cantor Fitzgerald & Co. and RBC Capital Markets, LLC, pursuant to which the Company, from time to time, may offer and sell shares of its Common Stock. On February 18, 2025, the Company sold 3,379,377 shares of its Common Stock under the 2024 ATM Agreement at an average price of approximately $3.02 per common share, resulting in gross proceeds of approximately $10.2 million. For additional information regarding the 2024 ATM Agreement, see Note 3, Investments and Agreements.

During the year ended December 31, 2024, the Company entered into various agreements and raised approximately $306.7 million in gross proceeds. For additional information regarding these agreements, including the 2024 ATM Agreement, see Note 3, Investments and Agreements.

Warrants

The following table summarizes the activity of all common stock warrants and weighted-average exercise prices.

	Common Stock Warrants			Weighted-Average Exercise Price
Balance at December 31, 2023		576,063		$	4.40
Warrants issued		-			-
Warrants exercised		(22,787	)		5.70
Warrants expired		(137,500	)		7.50
Adjustment based on recalculation of warrants outstanding after Reverse Split (Note 1)		3			3.26
Balance at December 31, 2024		415,779		$	3.26
Warrants issued		-			-
Warrants exercised		-			-
Warrants expired		(77,064	)		5.70
Balance at December 31, 2025		338,715		$	2.70

As of December 31, 2025, the Company had 184,197 common warrants outstanding and exercisable on or before November 24, 2027, 89,804 common warrants outstanding and exercisable on or before December 18, 2027, and 64,714 common warrants outstanding and exercisable on or before December 31, 2027.

During the year ended December 31, 2024, the Company issued Pre-funded Warrants in connection with the January 2024 Public Offering and the May 2024 Registered Offering. In 2024, all of the Jan. 2024 Pre-funded Warrants were exercised on a cashless basis; therefore, 7,703 of the Jan. 2024 Pre-funded Warrants were not issued and expired as part of the cashless exercise. During the second quarter of 2025, all of the May 2024 Pre-funded Warrants were exercised on a cashless basis; therefore, 573 of the May 2024 Pre-funded Warrants were not issued and expired as part of the cashless exercise. For additional information related to these transactions, see Note 3, Investments and Agreements. The following table summarizes the activity of all Pre-funded Warrants, which automatically expire upon exercise, and weighted-average exercise prices.

	Pre-funded Warrants			Weighted-Average Exercise Price
Balance at December 31, 2024		146,425		$	0.01
Issuance of Pre-funded Warrants		-			0
Exercise of Pre-funded Warrants		(146,425	)		0.01
Balance at December 31, 2025		-		$	-