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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

The following table summarizes common stock share activity for the three and six months ended June 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended June 30, 2024
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
Balance, March 31, 2024		37,779,796	$	41	$	428,900	$	(354,836	)	$	74,105
Net loss		—		—		—		(14,458	)		(14,458	)
Stock-based compensation expense		—		—		759		—			759
Common stock issued for vested restricted stock units		76,667		—		—		—			—
Balance, June 30, 2024		37,856,463	$	41	$	429,659	$	(369,294	)	$	60,406

	Three Months Ended June 30, 2023
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ (Deficit) Equity
Balance, March 31, 2023		33,327,627	$	36	$	426,214	$	(456,164	)	$	(29,914	)
Net income		—		—		—		122,260			122,260
Stock-based compensation expense		—		—		728		—			728
Common stock issued, net of expenses		3,787,400		4		—		—			4
Common stock issued for vested restricted stock units		60,638		—		—		—			—
Balance, June 30, 2023		37,175,665	$	40	$	426,942	$	(333,904	)	$	93,078

	Six Months Ended June 30, 2024
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
Balance, December 31, 2023		37,207,799	$	40	$	428,169	$	(355,247	)	$	72,962
Net loss		—		—		—		(14,047	)		(14,047	)
Stock-based compensation expense		—		—		1,464		—			1,464
Common stock issued through employee stock purchase plan		18,815		—		26		—			26
Common stock issued for vested restricted stock units		629,849		1		—		—			1
Balance, June 30, 2024		37,856,463	$	41	$	429,659	$	(369,294	)	$	60,406

	Six Months Ended June 30, 2023
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
Balance, December 31, 2022		32,682,342	$	36	$	425,485	$	(422,288	)	$	3,233
Net income		—		—		—		88,384			88,384
Stock-based compensation expense		—		—		1,435		—			1,435
Common stock issued through employee stock purchase plan		2,662		—		4		—			4
Common stock issued, net of expenses		4,150,400		4		—		—			4
Common stock issued for vested restricted stock units		340,261		—		18		—			18
Balance, June 30, 2023		37,175,665	$	40	$	426,942	$	(333,904	)	$	93,078

Common Stock Reserved For Future Issuances

The Company had reserved shares of common stock for future issuance as follows:


	June 30, 2024		December 31, 2023
Outstanding stock options		2,842,808		1,867,795
Outstanding restricted stock units		3,263,345		1,886,374
Warrants to purchase common stock associated with December 2020 public offering - Series 2		—		6,800,000
Prefunded warrants to purchase common stock associated with December 2020 public offering		3,200,000		3,200,000
Warrants to purchase common stock associated with April 2022 public offering		15,000,000		15,000,000
Prefunded warrants to purchase common stock associated with April 2022 public offering		7,516,267		7,516,267
Warrants to purchase common stock associated with Loan Agreement		198,811		198,811
Warrant to purchase common stock associated with Danforth		50,000		50,000
For possible future issuance for the conversion of the March 2019 Notes		1,138,200		1,138,200
For possible future issuance under 2024 Plan (Note 9)		5,874,196		848,202
For possible future issuance under employee stock purchase plan		1,458,171		1,474,045
For possible future issuance under 2015 Plan (Note 9)		637,050		633,590
Total common shares reserved for future issuance		41,178,848		40,613,284