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Note 10 - Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Equity [Text Block] | Note 10—Stockholders’ Equity: Common Stock: The Company issued 55,882 and 64,118 shares of common stock upon exercise of stock options during the nine months ended September 30, 2025 and 2024, respectively. The Company issued 1,222,558 and 1,356,443 shares of common stock upon vesting of RSUs during the nine months ended September 30, 2025 and 2024, respectively. Authorized Shares: The Company has 100,000,000 shares of stock authorized for issuance, all of which are common stock, par value $0.0001 per share. Warrants: In October 2011, the Company issued an anti-dilutive warrant to Alan H. Auerbach, the Company’s founder and Chief Executive Officer. The warrant was issued to provide Mr. Auerbach with the right to maintain ownership of at least 20% of the Company’s common stock in the event that the Company raised capital through the sale of its securities in the future. In connection with the closing of a public offering in October 2012, the exercise price and number of shares underlying the warrant issued to Mr. Auerbach were established and, accordingly, the final value of the warrant became fixed. Pursuant to the terms of the warrant, as amended in June 2021, Mr. Auerbach may exercise the warrant to acquire 2,116,250 shares of the Company’s common stock at $16 per share until October 4, 2026. Stock Options and Restricted Stock Units: The Company’s 2011 Plan, as amended, was adopted by the Company’s Board of Directors on September 15, 2011. Pursuant to the 2011 Plan, the Company may grant incentive stock options and nonqualified stock options, as well as other forms of equity-based compensation. Incentive stock options may be granted only to employees, while consultants, employees, officers, and directors are eligible for the grant of nonqualified options under the 2011 Plan. The maximum term of stock options granted under the 2011 Plan is 10 years and the awards generally vest over a three-year period. The exercise price of incentive stock options granted under the 2011 Plan must be at least equal to the fair value of such shares on the date of grant. On June 18, 2024, the stockholders of the Company approved an amendment to the Company’s 2011 Plan, increasing the number of authorized shares of the Company’s common stock, par value $0.0001 per share, that may become issuable under the 2011 Plan by 3,000,000 shares and extending the period during which incentive stock options may be granted. As of September 30, 2025 a total of 17,529,412 shares of the Company’s common stock have been reserved for issuance under the 2011 Plan. All of the options awarded by the Company have been “plain vanilla options” as determined by the SEC Staff Accounting Bulletin 107 - Share Based Payment. As of September 30, 2025, 4,518,398 shares of the Company’s common stock are issuable upon the exercise of outstanding stock options and vesting of RSUs granted under the 2011 Plan and 3,310,878 shares of the Company’s common stock are available for future issuance under the 2011 Plan. The fair value of options granted to employees and nonemployees was estimated using the Black-Scholes Option Pricing Method (see Note 2—Significant Accounting Policies) with the following weighted-average assumptions used during the nine months ended September 30, 2025:
|  | 2025 |  |  | 2024 |
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected volatility |  |  | 81.5 | % |  |  | 85.8 | %
Risk-free interest rate |  |  | 4.4 | % |  |  | 4.1 | %
Expected life in years |  |  | 5.55 |  |  |  | 5.55 |
The Company’s 2017 Plan, as amended, was adopted by the Company’s Board of Directors on April 27, 2017. Pursuant to the 2017 Plan, the Company may grant stock options and RSUs, as well as other forms of equity-based compensation, to employees as an inducement to join the Company. The maximum term of stock options granted under the 2017 Plan is 10 years and the awards generally vest over a three-year period. The exercise price of stock options granted und er the 2017 Plan must be at least equal to the fair market value of such shares on the date of grant. On July 15, 2021, the Board of Directors adopted an amendment to the 2017 Plan to increase the number of shares of the Company’s common stock reserved for issuance thereunder by 1,000,000 share s. As of September 30, 2025 a total of 3,000,000 shares of the Company’s common stock have been reserved for issuance under the 2017 Plan. As of September 30, 2025, a total of 393,800 shares of the Company’s common stock are issuable upon the exercise of outstanding stock options and vesting of RSUs granted under the 2017 Plan and 1,328,505 shares of the Company’s common stock are available for future issuance under the 2017 Plan. Stock-based compensation expense was as follows (in thousands):
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Stock-based compensation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general, and administrative |  | $ | 236 |  |  | $ | 386 |  |  | $ | 781 |  |  | $ | 1,247 |
Research and development |  |  | 31 |  |  |  | 57 |  |  |  | 124 |  |  |  | 234 |
Restricted stock units: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general, and administrative |  |  | 815 |  |  |  | 1,056 |  |  |  | 2,497 |  |  |  | 3,081 |
Research and development |  |  | 591 |  |  |  | 555 |  |  |  | 1,925 |  |  |  | 1,931 |
Total stock-based compensation expense |  | $ | 1,673 |  |  | $ | 2,054 |  |  | $ | 5,327 |  |  | $ | 6,493 |
Activity with respect to options granted under the 2011 Plan and 2017 Plan is summarized as follows: Stock Option Roll Forward:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2024 |  |  | 4,051,928 |  |  | $ | 33.80 |  |  |  |  |  |  |  |  |
Granted |  |  | 492,514 |  |  |  | 2.78 |  |  |  |  |  |  |  |  |
(Forfeited) |  |  | (84,954 | ) |  |  | 3.57 |  |  |  |  |  |  |  |  |
(Exercised) |  |  | (55,882 | ) |  |  | 2.33 |  |  |  |  |  |  |  |  |
(Expired) |  |  | (850,176 | ) |  |  | 60.00 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 3,553,430 |  |  | $ | 21.73 |  |  |  | 5.1 |  |  | $ | 2,774 |
Vested and expected to vest at September 30, 2025 |  |  | 3,553,430 |  |  | $ | 21.73 |  |  |  | 5.1 |  |  | $ | 2,774 |
Exercisable |  |  | 3,147,703 |  |  | $ | 24.07 |  |  |  | 4.6 |  |  | $ | 1,964 |
At September 30, 2025, total estimated unrecognized employee compensation cost related to non-vested stock options granted prior to that date was approximately $0.7 million, which is expected to be recognized over a weighted-average period o f 1.1 years. At September 30, 2025, the total estimated unrecognized employee compensation cost related to non-vested RSUs was approximately $3.8 million, which is expected to be recognized over a weighted-average period of 1.3 years. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2025 and 2024 was $1.95 and $4.57 per share, respectively. The weighted average grant date fair value of RSUs awarded during the nine months ended September 30, 2025 and 2024 was $3.34 and $5.89 per share, respectively. Restricted Stock Unit Roll Forward:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Nonvested shares at December 31, 2024 |  |  | 1,289,449 |  |  | $ | 5.14 |
Granted |  |  | 1,406,086 |  |  | $ | 3.34 |
(Forfeited) |  |  | (114,209 | ) |  | $ | 4.02 |
(Vested) |  |  | (1,222,558 | ) |  | $ | 4.60 |
Nonvested shares at September 30, 2025 |  |  | 1,358,768 |  |  | $ | 3.86 |

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