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Subsequent Event
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Event

14. Subsequent Event

 

In January 2025, the Board of Directors approved a repricing of certain outstanding stock options previously granted to employees. As of the repricing date, the exercise prices of these options were reduced to $11.92 per share, from their previous exercise prices ranging from $12.80 to $18.73 per share. This adjustment was made in response to the decline in the company’s stock price, with the intent of retaining and motivating key employees. As a result of this repricing, approximately 837,000 stock options held by 44 employees were affected. The repriced options will continue to vest according to their original schedule.

 

In March 2025, an investor exercised 695,650 warrants at an exercise price of $8.05, which generated approximately $5.6 million in cash. The warrants were issued pursuant to a private placement that closed and was funded on December 9, 2022.