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Stockholders' Equity (Deficit) | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Stockholders' Equity (Deficit) | Stockholders' Equity (Deficit) Preferred Stock The Company has a total of 2,000,000 shares of preferred stock authorized for issuance at a par value of $0.001 per share, 150,000 of which have been designated Series D Preferred Stock and 39,500 of which have been designated Series E Preferred Stock. As of December 31, 2025, the Company had 25,000 shares of Series E preferred stock issued and outstanding. Each share of Series E Preferred Stock entitles the holder thereof to receive, when and if declared by the Company out of assets legally available therefor, cumulative cash dividends at an annual rate of 9.00% payable quarterly in arrears on January 1 April 1, July 1 and October 1 of each year, beginning on March 1, 2020. If dividends are not declared and paid in any quarter, or if such dividends are declared but holders of the Series E Preferred Stock elect not to receive them in cash, the quarterly dividend will be deemed to accrue and will be added to the Series E Base Amount (as defined below). The Series E Preferred Stock has no voting rights unless otherwise required by law. The Series E Preferred Stock is perpetual and has no maturity date. However, the Company may, at its option, redeem shares of the Series E Preferred Stock, in whole or in part, on or after July 1, 2022, at a price equal to 110% of the Series E Base Amount plus (without duplication) any accrued and unpaid dividends. The “Series E Base Amount” means $1,000 per share, plus any accrued but unpaid dividends, whether or not declared by the Company’s Board of Directors, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series E Preferred Stock. In the event of a liquidation, dissolution or winding up of the Company, the holders of the Series E Preferred Stock will be entitled to receive, after satisfaction of liabilities to creditors and subject to the rights of holders of any senior securities, but before any distribution of assets is made to holders of common stock or any other junior securities, the Series E Base Amount plus (without duplication) any accrued and unpaid dividends. The aggregate liquidation preference of the issued and outstanding shares of Series E Preferred Stock as of December 31, 2025 was $42.0 million. Dividends declared, but not paid, related to the Series E Preferred Stock resulted in $17.0 million and $13.4 million of dividends accrued, approximating $678.66 and $535.71 per preferred share, as of December 31, 2025 and 2024, respectively. In January 2026, the Company executed an exchange agreement under which all 25,000 outstanding shares of Series E preferred stock were exchanged for a combination of cash, common stock, and debt. See Note 14 – Subsequent Events for further details. Common Stock As of December 31, 2025, the Company had 150,000,000 shares of $0.001 par value common stock authorized for issuance and 15,388,978 shares issued and outstanding. As noted in Note 6 – Debt, as part of the consideration exchanged in multiple repurchases of principal amounts of the Company’s 2025 Convertible Notes, the Company issued 2.9 million shares of its common stock during the year ended December 31, 2024. These shares were recorded at their grant date fair values at a cumulative amount of $44.9 million to additional paid-in capital within the consolidated balance sheet. As discussed in Note 5 – Fair Value Measurements above, the Company also incurred issuance costs related to the 2029 Senior Secured Notes and common stock issued, $0.6 million of which was allocated to the common stock issued and recorded within additional paid-in capital within the Company’s consolidated balance sheets. Warrants As noted in Note 6 – Debt, in connection with both the Short-Term Loan Agreement and the various exchange agreements entered into to repurchase principal amounts of the Company’s 2025 Convertible Notes, the Company issued warrants during the year ended December 31, 2024 to purchase an aggregate of 3.0 million shares of the Company’s common stock. The warrants expire four years from their date of issuance and are exercisable on a cash basis at any time before their expiration dates. The warrants are subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions and contain customary registration rights with respect to the shares of common stock issuable upon exercise of the warrants. The warrants issued during the year ended December 31, 2024 are the only outstanding warrants as of December 31, 2025. The number and exercise price of the warrants issued during the year ended December 31, 2024 are as follows:
Issuance Date |  | Number of Shares to Purchase with Warrants |  | Exercise price
June 28, 2024 |  | 550,000 |  |  | $ | 12.12 |
July 18, 2024 |  | 236,074 |  |  | $ | 13.37 |
August 2, 2024 |  | 88,534 |  |  | $ | 11.03 |
October 24, 2024 |  | 20,646 |  |  | $ | 12.34 |
November 6, 2024 |  | 180,000 |  |  | $ | 11.27 |
November 6, 2024 |  | 1,543,363 |  |  | $ | 12.12 |
November 6, 2024 |  | 29,687 |  |  | $ | 12.34 |
November 6, 2024 |  | 370,000 |  |  | $ | 15.77 |
Total |  | 3,018,304 |  |  |
The proceeds from the Short-Term Loan Agreement, along with the related Short-Term Loan Costs incurred, were allocated to the Short-Term Loan Warrants and Short-Term Loan based on their relative fair values. This allocation resulted in the Short-Term Loan Warrants having a net value of $3.2 million that the Company recorded within additional paid-in capital within the Company’s consolidated balance sheets. The warrants issued as part of the various repurchases and exchanges of principal balances of the 2025 Convertible Notes, during the year ended December 31, 2024 were recorded at a fair value of $27.6 million within additional paid-in capital within the Company’s consolidated balance sheets. As discussed in Note 5 – Fair Value Measurements above, the Company also incurred issuance costs related to the 2029 Senior Secured Notes and warrants, $0.4 million of which was allocated to the warrants issued and recorded within additional paid-in capital within the Company’s consolidated balance sheets. During the year ended December 31, 2025, holders exercised 88,534 warrants, resulting in the issuance of 88,534 shares of the Company’s common stock. The Company received aggregate cash proceeds of $1.0 million from these exercises. The weighted-average exercise price of warrants exercised during the period was $11.03 per share. The following table summarizes warrant activity for the years ended December 31, 2025 and 2024:
| Warrants |  | Weighted-Average Exercise Price
Outstanding — December 31, 2023 | — |  |  |
Issued during the period | 3,018,304 |  |  | $ | 12.59 |
Outstanding — December 31, 2024 | 3,018,304 |  |  | $ | 12.59 |
Exercised during the period | (88,534) |  |  | $ | 11.03 |
Outstanding — December 31, 2025 | 2,929,770 |  |  | $ | 12.63 |

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