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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 5. Stockholders’ Equity Warrants A summary of warrant activity and changes in warrants outstanding is presented below:
| Number of Warrants |  |  | Weighted-Average Exercise Price Per Share |  |  | Weighted-Average Remaining Contractual Term
Balance outstanding, December 31, 2023 |  | 2,807,948 |  |  | $ | 2.45 |  |  | 1.9 years
Expired |  | (595 | ) |  | $ | 252.72 |  |  |
Balance outstanding, December 31, 2024 |  | 2,807,353 |  |  | $ | 2.40 |  |  | 0.9 years
Exercised |  | (2,656,239 | ) |  | $ | 2.32 |  |  |
Expired |  | (150,682 | ) |  | $ | 2.78 |  |  |
Balance outstanding, December 31, 2025 |  | 432 |  |  | $ | 348.48 |  |  | 0.6 years
During the year ended December 31, 2025, warrant holders cashless exercised 1,711,668 warrants, resulting in the issuance of 553,318 shares of common stock. Series A Convertible Preferred Stock The material terms of the Series A Convertible Preferred Stock consist of: 1) Dividends. Holders of the Company’s Series A Convertible Preferred Stock are entitled to receive cumulative dividends at the rate per share of 4% per annum, payable quarterly on March 31, June 30, September 30 and December 31, beginning with September 30, 2005. Dividends are payable, at the Company’s sole election, in cash or shares of common stock. As of December 31, 2025 and 2024, the Company had $511,000 and $486,000, respectively in cumulative unpaid preferred stock dividends, included in the liquidation preference of the Series A Convertible Preferred Stock, and $25,000 and $24,000 of cumulative dividends were added to the liquidation preference of the Series A Convertible Preferred Stock during the years ended December 31, 2025 and 2024, respectively. 2) Voting Rights. Shares of the Series A Convertible Preferred Stock have no voting rights. However, so long as any shares of Series A Convertible Preferred Stock are outstanding, the Company may not, without the affirmative vote of the holders of the shares of Series A Convertible Preferred Stock then outstanding, (a) adversely change the powers, preferences or rights given to the Series A Convertible Preferred Stock, (b) authorize or create any class of stock senior or equal to the Series A Convertible Preferred Stock, (c) amend its certificate of incorporation or other charter documents, so as to affect adversely any rights of the holders of Series A Convertible Preferred Stock or (d) increase the authorized number of shares of Series A Convertible Preferred Stock. 3) Liquidation. Upon any liquidation, dissolution or winding-up of the Company, the holders of the Series A Convertible Preferred Stock are entitled to receive an amount equal to the Stated Value per share, which is currently $10 per share plus any accrued and unpaid dividends. 4) Conversion Rights. Each share of Series A Convertible Preferred Stock is convertible at the option of the holder into that number of shares of common stock determined by dividing the Stated Value, currently $10 per share, by the conversion price, which at the time of issuance was $928.80 per share, and subsequently adjusted to $691.20 per share. 5) Subsequent Equity Sales. The conversion price is subject to adjustment for dilutive issuances for a period of 12 months beginning March 17, 2006 and the conversion price was adjusted to $691.20 per share. 6) Automatic Conversion. If the price of the Company’s common stock equals $1,857.60 per share for 20 consecutive trading days, and an average of 116 shares of common stock per day are traded during the 20 trading days, the Company will have the right to deliver a notice to the holders of the Series A Convertible Preferred Stock, requesting the holders to convert any portion of the shares of Series A Convertible Preferred Stock into shares of common stock at the applicable conversion price. As of the date of these financial statements, such conditions have not been met. The components of the liquidation preference for the Series A Convertible Preferred Stock were as follows:
|  | As of December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Stated Value per share liquidation |  | $ | 606 |  |  | $ | 606 |
Cumulative unpaid preferred stock dividends |  |  | 511 |  |  |  | 486 |
Liquidation preference - Series A Convertible Preferred Stock |  | $ | 1,117 |  |  | $ | 1,092 |
Sale of Common Stock The shares of common stock sold by the Company during the year ended December 31, 2024, were pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333‑264148), which was declared effective by the Securities and Exchange Commission on April 25, 2022. During the year ended December 31, 2024, the Company received net proceeds of $16.0 million from the sale of 6.3 million shares of its common stock under the Sales Agreement with Jefferies LLC, and the Company received net proceeds of $37.4 million from the sale of 15.4 million shares of its common stock from an underwritten registered direct offering.

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