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COMMON STOCK
 9 Months Ended
Sep. 30, 2025
COMMON STOCK  
COMMON STOCK

17.     COMMON STOCK

Common Stock Offering

On February 10, 2025, the Company completed a secondary public offering of its common stock in which the Company issued and sold 9,200,000 shares of its common stock, which included shares pursuant to an option granted to the underwriter to purchase additional shares, at a public offering price of $2.25 per share. The Company received net proceeds of approximately $18.9 million after deducting underwriting discounts, commissions and estimated offering expenses.

On July 3, 2025, the Company entered into the “Distribution Agreement, pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $50.0 million from time to time through the ATM Program. Sales under the Distribution Agreement, will be made pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-288526), and a related prospectus and prospectus supplement.

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During the three and nine months period ended September 30, 2025, the Company sold an aggregate of 2,261,835 shares of its common stock under the ATM Program at an average price of $3.68 per share, generating gross proceeds of approximately $8.3 million. The Company paid aggregate sales commissions of $0.3 million and incurred additional offering-related expenses of $0.2 million. As a result, net proceeds from the offering are expected to be $7.8 million.

As of September 30, 2025, the Company had approximately $41.7 million remaining available for future issuance under the ATM program.

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Common Stock

The following table summarizes the total number of shares of the Company’s common stock issued and reserved for issuance as of September 30, 2025 and December 31, 2024 (in thousands):

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​

​

​

​

​

​

​

    

September 30, 2025

    

December 31, 2024

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Shares of common stock issued

 

68,445

 

55,679

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Shares of common stock reserved for issuance for:

 

  

 

  

​

Common stock warrants outstanding

 

1,950

 

1,725

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Stock options outstanding

 

1,100

 

1,237

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Restricted stock units outstanding

 

4,798

 

5,253

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Shares available for grant under stock incentive plans

 

5,069

 

3,596

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Shares available for sale under employee stock purchase plan

 

2,181

 

1,624

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Total shares of common stock issued and reserved for issuance

 

83,543

 

69,114

​

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Common Stock Warrants

During the three and nine months ended September 30, 2024, the Company issued 225,000 warrants as stated within “Note 16. Debt”.

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The following table summarizes the Company’s outstanding common stock warrants as of September 30, 2025 and December 31, 2024:

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​

​

​

​

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September 30, 2025

    

    

​

    

    

Warrants

    

    

​

    

    

Outstanding

​

​

​

​

​

(in thousands)

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Exercise Price

​

Expiration Date

1,125

​

$

0.94

​

July-2034

600

​

$

0.94

​

Dec-2034

225

​

$

0.94

​

August-2035

1,950

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​

​

​

​

​

​

​

​

December 31, 2024

    

    

​

    

    

Warrants

    

    

​

    

    

Outstanding

​

​

​

​

​

(in thousands)

​

Exercise Price

​

Expiration Date

1,125

​

$

0.94

​

July-2034

600

​

$

0.94

​

Dec-2034

1,725

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