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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
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):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Stock options issued and outstanding

 

 

2,553

 

 

 

2,376

 

Stock awards issued and outstanding

 

 

842

 

 

 

945

 

Authorized for grants under the 2016 Plan(2)

 

 

302

 

 

 

164

 

Authorized for grants under the Inducement Plan

 

 

65

 

 

 

210

 

Authorized for grants under the 2016 Employee Stock Purchase Plan(3)

 

 

569

 

 

 

494

 

 

 

 

4,331

 

 

 

4,189

 

 

(1) The table above excludes 541,000 treasury stock shares as of June 30, 2025 and December 31, 2024.

(2) On January 1, 2025, the number of authorized shares in the 2016 Plan increased by 461,000 shares pursuant to the evergreen provisions of the 2016 Plan.

(3) On January 1, 2025, 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.

At The Market Offering

In May 2025, the Company established the at-the-market (ATM) offering program (the 2025 ATM Program) to sell up to $5.0 million of the Company's common stock. As of June 30, 2025, we have $5.0 million available under the 2025 ATM Program for future sales of our common stock.

In March 2024, the Company established the ATM offering program (the 2024 ATM Program) to sell up to $5.0 million of the Company's common stock. Under the 2024 ATM Program, the Company issued 760,242 shares of common stock for gross proceeds of approximately $4.5 million. Net proceeds totaled approximately $4.1 million after deducting the underwriting commissions and other costs associated with the offering. On May 15, 2025, the Company terminated the 2024 ATM Program upon the expiration of the associated Form S-3 Registration Statement, in connection with the effectiveness of the Form S-3 Registration Statement related to the 2025 ATM Program.

During the six months ended June 30, 2025, the Company did not offer common stock for sale under the ATM offering program.