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Subsequent Event | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
Subsequent Event | 12. Subsequent Event On August 6, 2025, the Company entered into an underwriting agreement with Ladenburg in connection with the underwritten offering, issuance and sale by the Company of 19,047,619 shares of the Company’s common stock, warrants to purchase up to 19,047,619 shares of the Company’s common stock (the “Tranche A Warrants”) and warrants to purchase 19,047,619 shares of the Company’s common stock (the “Tranche B Warrants”). The combined offering price for each share of the Company’s common stock, accompanying Tranche A Warrant and accompanying Tranche B Warrant was $1.05. The securities were issued pursuant to the S-3 Registration Statement and a related prospectus supplement filed with the SEC. Each Tranche A Warrant has an exercise price per share of the Company’s common stock equal to $1.05, subject to certain adjustments. The Tranche A Warrants are exercisable at any time on or after August 7, 2025 and will expire on August 7, 2027. The Tranche A Warrants are callable at the Company’s option following the release of 3-month randomized midpoint clinical data from the ongoing REMAIN-1 study, subject to satisfaction of certain conditions including that the average trading price of the stock exceeds $1.37 per share for 15 consecutive trading days and a minimum daily trading volume threshold. Each Tranche B Warrant has an exercise price per share of the Company’s common stock equal to $1.05, subject to certain adjustments. The Tranche B Warrants are exercisable upon receipt of stockholder approval as may be required by the applicable rules and regulations of The Nasdaq Global Market (the “Tranche B Warrant Stockholder Approval”) and will expire on the date that is five years from the date of the Tranche B Warrant Stockholder Approval. In addition, the Company granted Ladenburg a 30-day option to purchase up to an additional 2,857,142 shares of the Company’s common stock, along with associated Tranche A Warrants and Tranche B Warrants, at the combined public offering price of $1.05 per share, less underwriting discounts and commissions. On August 6, 2025, Ladenburg exercised the option to purchase additional shares of the Company’s common stock, along with associated Tranche A and Tranche B Warrants, in full. The August 2025 Offering closed on August 7, 2025. The Company received approximately $20.7 million of net proceeds from the August 2025 Offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company and excluding any potential future proceeds from the exercise of the Tranche A Warrants and Tranche B Warrants.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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