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Stockholders' equity | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Stockholders' equity | Stockholders’ equity At-the-market-offering During the three and six months ended June 30, 2026, the Company issued 1,476,538 shares of common stock pursuant to its at-the-market equity offering program (the “New ATM Program”) for net proceeds of $35.8 million. During the three and six months ended June 30, 2025, the Company issued nil and 108,072 shares of common stock under the New ATM Program for net proceeds of nil and $0.3 million. As of June 30, 2026, $55.3 million gross sales price of common stock was available for issuance under the New ATM Program. Equity Classified Warrants During the six months ended June 30, 2026, 6,779,910 of the 2025 2-Year Warrants issued in connection with the September 2025 Private Placement were exercised at the warrant exercise price of $6.00 per warrant for net proceeds of $40.7 million. There was no activity during the three months ended June 30, 2026. During the six months ended June 30, 2026, 662,483 of the 3-Year Warrants issued in connection with the June 2025 Public Offering were exercised at the warrant exercise price of $4.20 per warrant for net proceeds of $2.8 million, including 1,000 warrants exercised during the three months ended June 30, 2026. There was no activity during the three and six months ended June 30, 2025. During the six months ended June 30, 2026, 10,008,240 Private Placement Offering Warrants were exercised on a cashless basis (exercise price of $1.0680 per warrant). After giving effect to the 1-for-10 reverse stock split effective November 14, 2023, the warrants were exercisable for an aggregate of 1,000,824 shares of common stock. Using the 10-day average market price of $45.41 per share as of February 11, 2026, as defined in the warrant agreement, the cashless exercise resulted in the issuance of 765,440 shares of common stock. There was no activity during the three months ended June 30, 2026, and no activity during the three and six months ended June 30, 2025. The following tables summarize additional information on the Company’s outstanding warrants:
As of June 30, 2026 | Exercise price |  | Exercise period |  | Expiration date |  | Warrants outstanding
Private Placement Offering Warrants(1) | $ | 1.068 |  |  | 5 years |  | March 15, 2027 |  | 36,808,240
2025 3-Year Warrants | $ | 4.200 |  |  | 3 years |  | June 13, 2028 |  | 4,161,417
2025 2-Year Warrants | $ | 6.000 |  |  | 2 years |  | September 10, 2027 |  | —
Total Warrants Outstanding |  |  |  |  |  |  | 40,969,657 |
As of December 31, 2025 | Exercise price |  | Exercise period |  | Expiration date |  | Warrants outstanding
Private Placement Offering Warrants(1) | $ | 1.068 |  |  | 5 years |  | March 15, 2027 |  | 46,816,480 |
2025 3-Year Warrants | $ | 4.200 |  |  | 3 years |  | June 13, 2028 |  | 4,823,900 |
2025 2-Year Warrants | $ | 6.000 |  |  | 2 years |  | September 10, 2027 |  | 6,779,910 |
Total Warrants Outstanding |  |  |  |  |  |  | 58,420,290 |
(1)After giving effect to the 1-for-10 reverse stock split (effective November 14, 2023), the Private Placement Offering Warrants are issuable into common stock at the rate of 10 warrants per share

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