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Common Stock and Preferred Stock
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Common Stock and Preferred Stock
9.
Common and Preferred Stock

Common and Preferred Stock

The Company is authorized to issue 150,000,000 shares of Common Stock. Each share of Common Stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

The Company is authorized to issue 10,000,000 shares of Preferred Stock. As of September 30, 2025, there was no Preferred Stock outstanding.

Common Stock Reserved for Future Issuance

Shares of Common Stock reserved for future issuance were as follows:

 

 

 

As of September 30, 2025

 

Stock options issued and outstanding

 

 

4,771,142

 

Restricted stock units issued and outstanding

 

 

3,566,373

 

Performance stock units issued and outstanding

 

 

1,760,048

 

Shares available for potential conversion of L1 Convertible Note

 

 

5,305,861

 

Shares available for grant under 2023 Equity Incentive Plan

 

 

1,602,413

 

 

 

 

17,005,837

 

At-The-Market Offering Program

In November 2024, we entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with Craig-Hallum Capital Group LLC (the “Sales Agent”), allowing for the sale of common stock with an aggregate gross offering price of up to $14.2 million (the “2024 ATM Program”). Under the ATM Agreement, the Sales Agent may sell shares in an “at-the-market” offering under Rule 415(a)(4) of the Securities Act, including sales on Nasdaq or other trading markets, to or through market makers, directly to the Sales Agent as principal, or in negotiated transactions at prevailing market prices. The offering of Shares pursuant to the ATM Agreement will terminate upon (a) five business days’ advance notice from the Company to the Sales Agent or five business days’ advance notice from the Sales Agent to the Company or (b) otherwise by mutual agreement of the parties pursuant to the terms of the ATM Agreement. Sales under the 2024 ATM Program are subject to a maximum commission of up to 3.0% of the gross proceeds per share sold through the Sales Agent.

The following is a summary of the shares issued under our 2024 ATM Program during the nine months ended September 30, 2025 (in thousands except shares issued and average price per share):

Period Ended

 

Shares Issued

 

 

Average Net Price Per Share(1)

 

 

Gross Proceeds

 

 

Net Proceeds

 

September 30, 2025

 

 

7,472,428

 

 

$

1.56

 

 

$

12,018

 

 

$

11,657

 

 

(1)
Represents the average price per share after commission.