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Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2025

10. Stockholders’ Equity (Deficit)

ATM Offering

There were no shares sold under the at-the-market offering (“ATM Offering”) during the three months ended September 30, 2025 and 2024. The following table summarizes information regarding settlements under the ATM Offering for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30,
(in thousands, except share and per share data)	2025		2024
Number of common stock shares sold during the period		—		650,005
Weighted-average price per share	$	—	$	2.44
Gross proceeds	$	—	$	1,589
Less commissions and fees		—		(40)
Net proceeds after commissions and fees	$	—	$	1,549

As of September 30, 2025, the Company had approximately $64.9 million of its common stock remaining available for sales of common stock from time to time through or to Cowen and Company, LLC (“TD Cowen”) as the Company’s sales agent or principal in the ATM Offering.

Private Placement

On October 21, 2025, the Company sold to certain unaffiliated third-party investors (i) an aggregate of 4,634,995

shares of our common stock (the “Shares”) and (ii) warrants (the “Warrants”) to purchase an aggregate of 463,498 shares of common stock, each for an exercise price of $0.01 per share, for an aggregate purchase price of $8.0 million (collectively, the “Private Placement”). The Warrants may be exercised at any time on or before October 21, 2030. The Warrants are subject to appropriate adjustment in the event of share dividends, stock splits, reorganizations or similar events affecting our common stock.