XML 41 R11.htm IDEA: XBRL DOCUMENT
v3.25.3

Equity | 9 Months Ended
--- | ---
Sep. 30, 2025
Equity [Abstract] |
Equity | Note 5 - Equity In August 2020, the Company entered into the Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, “JonesTrading”, pursuant to which the Company may sell, from time to time, through or to JonesTrading, up to an aggregate of $200 million of its common stock. On June 28, 2022, the Company entered into an Amended and Restated Capital on Demand™ Sales Agreement (the “A&R Sales Agreement”) with JonesTrading and B. Riley Securities, Inc. (“B. Riley”). The A&R Sales Agreement modifies the original Capital on Demand™ Sales Agreement to include B. Riley Securities as an additional sales agent thereunder. Shares of common stock are offered pursuant to a shelf registration statement on Form S-3 (File No. 333-242322) filed with the SEC on August 7, 2020 (the “Prior Shelf Registration Statement”). On August 11, 2023, the Company filed a new registration statement on Form S-3 (File No. 333-273911), which registration statement was amended on February 2, 2024, and declared effective on February 5, 2024, to replace the Prior Shelf Registration Statement, including a base prospectus which covers the offering, issuance and sale of up to $500 million of common stock, preferred stock, warrants, units and/or subscription rights; and a sales agreement prospectus covering the offering, issuance and sale of up to a maximum aggregate offering price of $200 million of common stock that may be issued and sold under the Amended Sales Agreement. The Company did not sell any shares of common stock during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, the Company sold 3.5 million shares of common stock, resulting in gross proceeds of $29.9 million and net proceeds of $29.3 million. Stock Options The following is a summary of stock option activity for the nine months ended September 30, 2025:
(in thousands, except for per-share amounts) |  | Number of Shares |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding, January 1, 2025 |  |  | 5,137 |  |  | $ | 6.48 |  |  |  | 7.04 |  |  | $ | - |
Granted |  |  | 36 |  |  |  | 1.46 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Cancelled |  |  | (5,012 | ) |  |  | 6.42 |  |  |  |  |  |  |  |  |
Outstanding, September 30, 2025 |  |  | 161 |  |  |  | 7.17 |  |  |  | 3.40 |  |  |  | 1 |
Exercisable, September 30, 2025 |  |  | 134 |  |  |  | 7.87 |  |  |  | 2.31 |  |  |  | - |
During the nine months ended September 30, 2025, the Company granted newly hired employees options to purchase 36 thousand shares of common stock with an exercise price ranging from $1.06 to $1.55 per share, a term of 10 years, and a vesting period of 4 years. The stock options had an aggregated fair value of $41 thousand that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate range from 4.0% to 4.5% (2) expected life of 6 years, (3) expected volatility range from 90.1% to 90.7%, and (4) zero expected dividends. During the nine months ended September 30, 2024, the Company granted options to purchase 104 thousand shares. On March 31, 2025, the Board of Directors approved of the cancellation of stock options to purchase an aggregate of 4.9 million shares of common stock held by certain current employees and directors that were initially granted under the Amended and Restated 2013 Stock Plan and the 2019 Amended and Restated Stock Plan. Such cancellations were subject to the consent of the applicable holders of the stock options, which the Company received. The cancellation of these stock options resulted in the recording of $8.8 million in stock option compensation expense for the nine months ended September 30, 2025. During the nine months ended September 30, 2024, the Company recorded stock option compensation expense of $3.6 million. The fair values of all options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at September 30, 2025 was $0.1 million related to unvested stock options, which is expected to be expensed over a weighted average of 2.4 years. Restricted Stock Units The following is a summary of restricted stock unit (“RSU”) activity for the nine months ended September 30, 2025:
(in thousands, except for per-share amount) |  | RSUs |  |  | Weighted Average Grant date Fair Value Per Share ($) |
Outstanding, January 1, 2025 |  |  | 300 |  |  |  | 5.85 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (300 | ) |  |  | - |
Cancelled |  |  | - |  |  |  | - |
Outstanding, September 30, 2025 |  |  | - |  |  |  | - |
The RSUs vested on August 18, 2025. The fair value of the RSUs, $1.8 million, was determined based on the stock price on the dates of the grant and was recognized over three years. During the nine months ended September 30, 2025 and 2024, the Company recorded compensation expense related to RSUs of $0.4 million and $0.4 million, respectively. Warrants Following is a summary of warrant activity for the nine months ended September 30, 2025:
(in thousands, except for per-share amounts) |  | Number of Shares |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding, January 1, 2025 |  |  | 7 |  |  | $ | 17.33 |  |  |  | 4.46 |  |  | $ | - |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding, September 30, 2025 |  |  | 7 |  |  | $ | 17.33 |  |  |  | 3.70 |  |  | $ | - |
Exercisable, September 30, 2025 |  |  | 7 |  |  | $ | 17.33 |  |  |  | 3.70 |  |  | $ | - |

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration