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TEMPORARY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2025
TEMPORARY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY |
Schedule of common stock reserved for issuance | The Company has reserved shares of common stock for issuance as follows as of the periods indicated:
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Warrants | ​ | 107,813 | ​ | 93,750
Awards outstanding under the 2017 and 2007 Equity Incentive Plans | ​ | 5,853,656 | ​ | 5,984,204
Awards outstanding under the 2024 Equity Plan | ​ | 895,434 | ​ | —
Shares available for future issuance under the convertible debt note | ​ | 5,308,221 | ​ | —
Shares available for future issuance under equity line-of-credit agreement | ​ | 17,859 | ​ | —
Shares available for future issuance under the 2024 Equity Incentive Plan | ​ | 1,481,815 | ​ | 2,708,175
Shares authorized and available for future issuance | ​ | 53,981,656 | ​ | 68,364,493
Total shares reserved and available for future issuance of common stock | ​ | 67,646,454 | ​ | 77,150,622
​
Schedule of temporary redeemable preferred stock | As of December 31, 2025 and 2024, the Company was authorized to issue 5,000,000 shares of preferred stock with no shares of preferred stock designated or outstanding. As of December 31, 2023, the Company was authorized to issue 4,014,946 shares of preferred stock with a par value of $0.00001 per share, of which 3,874,946 shares were designated as Series A preferred stock and 140,000 shares were designated as NCNV preferred shares. Activity for both the Series A and NCNV preferred stock for the year ended December 31, 2024 was as follows (in thousands, except share data):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Series A Preferred Stock | ​
​ | ​ ​ ​ | Shares | ​ ​ ​ | Amount | ​ ​ ​
Balance at December 31, 2023: |  | 3,874,946 | ​ | $ | 3,000 |
Conversion of Series A Temporary Preferred Stock into common stock | ​ | (3,874,946) | ​ | ​ | (3,000) | ​
Balance at December 31, 2024: |  | — | ​ | $ | — |
Balance at December 31, 2025: | ​ | — | ​ | $ | — | ​
​ As part of the Recapitalization and discussed below, shares of NCNV 1 and NCNV 3 preferred stock were issued in December 2023. No amounts of NCNV 1, NCNV 2, or NCNV 3 preferred stock were previously outstanding.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | NCNV Preferred | ​ | NCNV Preferred | ​ | NCNV Preferred
​ | ​ | Stock 1 | ​ | Stock 2 | ​ | Stock 3
​ | ​ ​ ​ | Shares | ​ ​ ​ | Amount | ​ ​ ​ | Shares | ​ ​ ​ | Amount | ​ ​ ​ | Shares | ​ ​ ​ | Amount
Balance at December 31, 2023 |  | 55,312 | ​ | $ | 55,312 |  | — | ​ | $ | — | ​ | 48,640 | ​ | $ | 48,640
Cancellation of NCNV 1 Preferred Stock | ​ | (562) | ​ | ​ | (562) | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | —
Issuance of NCNV 2 Preferred Stock in exchange for Debt Forgiveness | ​ | — | ​ | ​ | — | ​ | 5,752 | ​ | ​ | 5,752 | ​ | — | ​ | ​ | —
Reduction of the original issue price from $1,000 to $600 per share | ​ | — | ​ | ​ | (21,900) | ​ | — | ​ | ​ | (2,301) | ​ | — | ​ | ​ | (19,455)
Conversion of NCNV 1, 2 and 3 Preferred Stock into common stock | ​ | (54,750) | ​ | ​ | (32,850) | ​ | (5,752) | ​ | ​ | (3,451) | ​ | (48,640) | ​ | ​ | (29,185)
Balance at December 31, 2024: |  | — | ​ | $ | — |  | — | ​ | $ | — | ​ | — | ​ | $ | —
Balance at December 31, 2025: | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | —
​

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- Definition Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (01) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1 + Details
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