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Stockholders' Equity (Deficit) | 3 Months Ended
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Mar. 31, 2026
Stockholders' Equity (Deficit) |
Stockholders' Equity (Deficit) | Note 11 – Stockholders’ Equity (Deficit) Authorized Capital The Company is authorized to issue 600,000,000 shares of common stock, par value of $0.0001 per share, and 60,000,000 shares of preferred stock, par value of $0.0001 per share. The holders of the Company’s common stock are entitled to one vote per share. The Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, redemption, voting or other rights. Common Stock Issuances On November 25, 2025, the Company entered into a Subscription Agreement with Merenti Management GmbH (“Merenti”), pursuant to the Advisor Agreement with Merenti dated September 22, 2025. Pursuant to the Advisor Agreement, the Company issues shares as compensation for advisory services. During the three months ended March 31, 2026, the Company issued 10,450 common shares to Merenti in connection with the Subscription Agreement. On January 5, 2026, pursuant to Section 3.1 of the Company’s Certificate of Designation of Preferences, Rights and Limitations of Series A Non-Voting Convertible Preferred Stock (as amended, the “Certificate of Designation”), dated June 17, 2025, the Company paid its quarterly dividend payable to the Series A Preferred Stock in 244,518 shares of the Company’s common stock. In the three months ended March 31, 2026, 200,000 shares of Series A Preferred Stock were converted into 600,000 of the Company’s common stock. As of March 31, 2026, 5,235,897 Series A Preferred Stock remain outstanding. At-The-Market Program During the three months ended March 31, 2026 and 2025, the Company received approximately $6.7 million and $5.7 million in proceeds, respectively, net of offering costs of $0.3 million and $0.2 million, respectively from the sale of 1,859,993 and 1,127,100 shares of its common stock, respectively. Series A Preferred Stock Securities Purchase Agreement On June 17, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with institutional accredited investors whereby the Company offered units consisting of a share of Series A Non-Voting Convertible Preferred Stock (“Series A Preferred Stock”) and a warrant to purchase six shares of common stock. On June 20, 2025, the closing date, the investors were issued an aggregate of 5,128,205 shares of Series A Preferred Stock at a price of $9.75 per share for aggregate consideration of $50,000,000. Each share of Series A Preferred Stock is convertible into three shares of common stock. The Series A Preferred Stock has a par value of $0.0001 per share. Additionally, the investors were issued five-year warrants exercisable into an aggregate of 30,769,230 shares of common stock at an exercise price of $3.25 per share exercisable beginning on December 21, 2025. On June 20, 2025, the Company filed the Certificate of Designation to provide for the designation of 5,435,898 shares of Series A Preferred Stock. The key features of the Series A Preferred Stock are that (a) each share of Series A Preferred Stock is convertible into three shares of common stock; (b) it accrues quarterly cumulative dividends at 6% per annum payable in cash or common stock at the Company’s option; (c) it participates in declared and paid cash common stock dividends; and (d) it is non-voting except for certain protective covenants. The Series A Preferred Stock has a liquidation preference of $50,768,000 as of March 31, 2026, equal to the original purchase price, plus any accrued and unpaid dividends. The Company incurred cash issuance costs of $634,250 in connection with the Purchase Agreement. In addition, the placement agent, as compensation for its services, received securities valued at $3.0 million, consisting of 307,692 shares of Series A Preferred Stock and five-year warrants to purchase 1,846,153 shares of common stock at an exercise price of $3.25 per share exercisable beginning on December 21, 2025. The Company has determined that the Series A Preferred Stock, plus the investor and placement agent warrants, are qualified to be equity classified. Stock-Based Compensation Expense The Company records stock-based compensation expense related to common stock, stock options and restricted stock units (“RSUs”). For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense allocated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ ​ ​ | March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Research and development | ​ | $ | 38,934 | ​ | $ | 64,677
Selling, general and administrative | ​ | ​ | 1,765,551 | ​ | ​ | 214,951
​ | ​ | $ | 1,804,485 | ​ | $ | 279,628
​ Warrants During the three months ended March 31, 2026, there were no new issuances, exercises or expirations of warrants. The following table presents information related to warrants as of March 31, 2026: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Warrants Outstanding | ​ | Warants Exercisable
​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​
​ | ​ | ​ | Outstanding | ​ | Average | ​ | Exercisable
​ | Exercise | ​ ​ ​ | Number of | ​ ​ ​ | Remaining Life | ​ ​ ​ | Number of
​ | Price | ​ | Warrants | ​ | In Years | ​ | Warrants
$ | 3.2500 | ​ | 32,615,381 | ​ | 4.2 | ​ | 32,615,381
$ | 4.0000 |  | 350,000 |  | 4.2 |  | 350,000
$ | 5.2720 |  | 394,234 |  | 4.4 |  | 394,234
$ | 8.6080 |  | 302,045 |  | 3.8 |  | 302,045
$ | 197.5680 |  | 108,696 |  | 3.8 |  | 108,696
$ | 217.9200 |  | 49,280 |  | 3.8 |  | 49,280
$ | 380.8000 |  | 1,149 |  | 5.1 |  | 1,149
​ | ​ |  | 33,820,785 |  | 4.2 |  | 33,820,785
​ Restricted Stock Units A summary of the restricted stock units activity during the three months ended March 31, 2026 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ | ​ ​ ​ | RSUs | ​ ​ ​ | Price
RSUs non-vested January 1, 2026 |  | 1,545,000 | ​ | $ | 6.63
Granted |  | 111,131 | ​ |  | 3.46
Vested |  | (147,804) | ​ |  | 2.45
Delivered | ​ | (55,277) | ​ | ​ | 9.58
RSUs non-vested March 31, 2026 |  | 1,453,050 | ​ | $ | 6.70
​ | ​ | ​ | ​ | ​ | ​
Vested RSUs undelivered March 31, 2026 |  | 432,355 | ​ | $ | 4.45
​ RSUs have been granted to directors, employees and contractors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan (the “2018 Omnibus Plan”). Some RSUs are subject to delayed delivery of the shares underlying the vested RSUs until the termination of grantee service. ​ As of March 31, 2026, there was $7.2 million of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 2.0 years. ​ Treasury Stock On December 29, 2025, 82,324 shares were withheld from a delivery of RSUs to the Company’s Chief Executive Officer to cover the Company’s tax obligations, reflected as treasury stock as of December 31, 2025. The Company records repurchases of its own common stock at cost. Repurchased common stock is presented as a reduction of equity in the condensed balance sheets. Gains resulting from differences between the cost of treasury stock and the re-issuance proceeds would be credited to additional paid-in capital. Losses resulting from differences between the cost of treasury stock and the re-issuance proceeds would be debited to additional paid-in capital. On March 20, 2026, the Company’s Board of Directors, pursuant to Section 243 of the Delaware General Corporation Law, approved a resolution whereby shares of the Company’s common stock that are withheld in the future upon vesting of the RSUs or exercise of options to satisfy tax withholding obligations or the exercise price of options, as the case may be, will automatically be retired and such shares will (1) resume the status of authorized but unissued shares of common stock and (2) again become available for issuance pursuant to inducement grants or the 2018 Omnibus Plan, as the case may be. As a result of the retirement, the Company derecognized the treasury shares to additional paid in capital during the three months ended March 31, 2026.

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