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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Class of Stock Disclosures [Abstract]  
Stockholders' Equity

Note 11. Stockholders’ Equity

In August 2016, the Company's Board adopted the 2016 Equity Incentive Plan (the 2016 Plan) for employees, directors and consultants. In February 2021, the Board adopted the 2021 Employment Inducement Incentive Award Plan (Inducement Plan), which provides for grants of equity-based awards.

The following table presents common stock reserved for future issuance(1) (in thousands):

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

Stock options issued and outstanding

 

 

2,376

 

 

 

2,104

 

Stock awards issued and outstanding

 

 

945

 

 

 

817

 

Authorized for grants under the 2016 Plan(2)

 

 

164

 

 

 

448

 

Authorized for grants under the Inducement Plan(3)

 

 

210

 

 

 

174

 

Authorized for grants under the 2016 Employee Stock Purchase Plan(4)

 

 

494

 

 

 

540

 

 

 

 

4,189

 

 

 

4,083

 
(1)
Treasury stock of 541,000 shares as of December 31, 2024 and 2023 are excluded from the table above.
(2)
On January 1 ,2024, the number of authorized shares in the 2016 Plan increased by 440,000 shares pursuant to the evergreen provisions of the 2016 Plan.
(3)
On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan.
(4)
On January 1, 2024, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 shares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan.

Issuance of Common Stock

In March 2024, we established an at-the-market (ATM) offering program to sell up to $5.0 million of the Company's common stock. As of December 31, 2024, we have $0.5 million available under the offering program for future sales of our common stock.

The Company recorded the ATM gross sales proceeds and offering costs in additional paid-in capital of the consolidated balance sheet. The following table summarizes the Company’s ATM sales activity during the period indicated (in thousands):

 

 

For the year ended December 31, 2024

 

Shares issued

 

 

760

 

Gross proceeds

 

$

4,493

 

Net proceeds after offering costs

 

$

4,116