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STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended
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Mar. 31, 2026
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME |
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 12. STOCKHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME December 2025 Underwritten Public Offering On December 5, 2025, the Company entered into an underwriting agreement with Piper Sandler & Co. and Oppenheimer & Co., Inc. as representatives of the underwriters (the “Underwriters”), pursuant to which the Company agreed to sell and issue, in a public offering an aggregate of 6,000,000 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 900,000 shares to cover over allotments, at a public offering price of $25.00 per share for total gross proceeds of approximately $172.5 million, before deducting underwriting commissions and other offering expenses payable by the Company. The Company paid cash commissions on the gross proceeds, plus reimbursement of expenses to the Underwriters, as well as legal and accounting fees in the aggregate amount of approximately $10.5 million. September 2025 ATM Program On September 10, 2025, the Company established an at-the-market offering under a prospectus supplement for aggregate sales proceeds of up to $150.0 million (the “September 2025 ATM Program”), pursuant to an Equity Distribution Agreement with Piper Sandler and Oppenheimer (collectively, the “Agents”), by which the Agents may sell our common stock at the market prices prevailing at the time of sale. The Agents are entitled to compensation for their services at a commission rate of 3.0% of the gross sales price per share of common stock sold plus reimbursement of certain expenses. Effective December 5, 2025, the Company reduced the maximum offering amount from $150.0 million to $125.0 million. Through March 31, 2026, the Company sold an aggregate of 2,682,307 shares of common stock under the September 2025 ATM Program at an average price of approximately $28.89 per share for gross proceeds of approximately $77.5 million. The Company paid approximately $2.4 million of aggregated fees related to this sale. From January 1, 2026 through the date of this filing, no additional shares have been sold under the September 2025 ATM Program. Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) generally represents all changes in stockholders’ equity during the period except those resulting from investments by, or distributions to, stockholders. The Company’s comprehensive loss was approximately $34.5 million and $23.6 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s other comprehensive income (loss) is related to a net unrealized gain (loss) on marketable securities. For the three months ended March 31, 2026 and 2025, the Company’s other comprehensive income (loss) was ($536,880) and $784,972, respectively. The following summarizes the changes in accumulated other comprehensive loss: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | Net Unrealized Gains/(Losses) | ​ | ​ | ​
​ | Available-For-Sale Securities | ​ | Accumulated Other Comprehensive Income/(Loss)
Outstanding at December 31, 2025 | $ | 283,154 | ​ | $ | 283,154
Other comprehensive loss |  | (536,881) | ​ |  | (536,881)
Outstanding at March 31, 2026 | $ | (253,727) | ​ | $ | (253,727)
​ Net Loss and Net Loss Per Share For the three months ended March 31, 2026 and 2025, warrants and options to purchase 17,249,737 and 17,428,769 shares of common stock, respectively, have been excluded from the computation of potentially dilutive securities. Potentially dilutive shares of common stock, which primarily consist of stock options issued to employees, consultants, and directors as well as warrants issued, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive. Because the impact of these items is anti-dilutive during periods of net loss, there was no difference between basic and diluted loss per share for the three months ended March 31, 2026 and 2025.

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