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TEMPORARY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

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:		—		$	—		—		$	—		—		$	—

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.

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