Common and Preferred Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Common and Preferred Stock

13. Common and Preferred Stock

The Company is authorized to issue 800,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of undesignated preferred stock, par value $0.01 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. As of December 31, 2024 and 2023, 302,959,782 and 270,034,495 shares of common stock, respectively, were issued and outstanding and no shares of preferred stock were outstanding.

In February 2018, the Company entered into a controlled equity offering sales agreement (the “CF Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Cantor Fitzgerald, shares of the Company’s common stock. Under the Sales Agreement, Cantor Fitzgerald may sell shares by any method deemed to be an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933, as amended. In February 2022, the Company filed a sales agreement prospectus under a registration statement on Form S-3 (File No. 333-262981) covering the sale of up to $50.0 million of common stock through Cantor Fitzgerald under the CF Sales Agreement. There were no sales under the CF Agreement during the year ended December 31, 2024. During the year ended December 31, 2023, the Company sold 1,478,090 shares of common stock at a weighted average purchase

price of $4.66 per share for gross proceeds of approximately $6.9 million pursuant to the CF Sales Agreement. During the year ended December 31, 2022, the Company sold 5,059,856 shares of common stock at a weighted average purchase price of $3.91 per share for gross proceeds of approximately $19.8 million pursuant to the CF Sales Agreement.

During the year ended December 31, 2022, Mann Group converted $10.0 million of principal and capitalized interest into 4,000,000 shares of common stock. In addition, the Company paid interest by issuing Mann Group 75,487 shares of common stock.

During the year ended December 31, 2023, the Company paid interest on the Mann Group convertible note by issuing 50,844 shares of common stock.

During the year ended December 31, 2024, Mann Group converted $3.8 million of principal into 1,500,000 shares of common stock. In addition, the Company paid interest by issuing Mann Group 15,285 shares of common stock.

During the year ended December 31, 2024, the Company exchanged an aggregate principal amount of approximately $116.4 million of the senior convertible notes for the issuance of 26,749,559 shares of common stock.

During the year ended December 31, 2022, the Company received $0.7 million from the MPSPP for 252,176 shares of common stock.

During the year ended December 31, 2023, the Company received $0.2 million from the MPSPP for 36,004 shares of common stock.

During the year ended December 31, 2024, the Company received $1.4 million from the MPSPP for 416,099 shares of common stock.

For shares of common stock issued pursuant to the Company's 2004 employee stock purchase plan ("ESPP"), see Note 15 – Stock Award Plans.