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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | 7. STOCKHOLDERS’ EQUITY Common Stock. Pursuant to our Third Amended and Restated Certificate of Incorporation, as amended, we currently have 150,000,000 shares of common stock authorized for issuance. On December 20, 2018, the Company’s shareholders approved the proposal to authorize the Company’s Board of Directors (the “Board”) to, in its discretion, amend the Company’s Third Amended and Restated Certificate of Incorporation to increase the total number of authorized shares of common stock from 150,000,000 shares to 250,000,000 shares. The Company has not yet implemented this increase. During the three and nine months ended September 30, 2025, the Company issued 3,288 and 25,945 shares of its common stock, respectively, in connection with Board fees of less than $0.1 million and $0.2 million, respectively. At The Market Offering Agreement ​ AGP 2023 Sales Agreement ​ On April 14, 2023, the Company entered into the AGP 2023 Sales Agreement with AGP, in an “at the market offering” (as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended) of the shares of common stock. AGP will be entitled to a commission at a fixed rate of 3.0% of the gross proceeds from each sale of shares of common stock pursuant to the AGP 2023 Sales Agreement. ​ The sales of our shares of common stock to or through AGP, pursuant to the AGP 2023 Sales Agreement, are made pursuant to the 2023 Registration Statement on Form S-3 (File No. 333-271277), filed by the Company with the SEC on April 14, 2023, as amended by Amendment No. 1 filed by the Company with the SEC on April 25, 2023, and declared effective on April 27, 2023, for an aggregate offering price of up to $5.8 million. ​ On April 8, 2024, we filed a prospectus supplement (the “April 2024 Prospectus Supplement”) to our prospectus dated April 25, 2023 registering the offer and sale of up to $1,061,478 of shares of our common stock. ​ During the three and nine months ended September 30, 2025, there were no sales of common stock pursuant to the AGP 2023 Sales Agreement. During the three and nine months ended September 30, 2024, we received net proceeds of zero and $0.1 million, respectively, from the sale of zero and 11,822 shares of common stock, respectively, pursuant to the AGP 2023 Sales Agreement. ​ The Company terminated the AGP 2023 Sales Agreement effective September 2, 2025. Following the termination of the AGP 2023 Sales Agreement, the Company may not offer or sell any additional shares of common stock under the AGP 2023 Sales Agreement. As of the date of issuance of this Quarterly Report on Form 10-Q, we have received an aggregate of $0.1 million in net proceeds, after issuance costs of approximately $2 thousand, from the sales of 11,847 shares of common stock through AGP. ​ Preferred Stock. The Board is authorized to issue up to 15,000,000 shares of preferred stock in one or more series, from time to time, with such designations, powers, preferences and rights and such qualifications, limitations and restrictions as may be provided in a resolution or resolutions adopted by the Board. Series B Preferred Stock. The Company filed a Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock (“Series B Preferred Stock”) with the State of Delaware, which designates 6,900 shares of our preferred stock as Series B Preferred Stock. The Series B Preferred Stock has a stated value of $1 thousand per share and a par value of $0.01 per share. The Series B Preferred Stock includes a beneficial ownership blocker but has no dividend rights (except to the extent dividends are also paid on the common stock). On August 28, 2017, the Company completed an underwritten public offering consisting of the Company’s Series B Preferred Stock and warrants. The conversion price of the Series B Preferred Stock contains a down round feature. The Company will recognize the effect of the down round feature when it is triggered. At that time, the effect would be treated as a deemed dividend and as a reduction of income available to common shareholders in our basic earnings per share calculation. There were no conversions of Series B Preferred Stock during the three and nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, the Company had 6,900 shares of Series B Preferred Stock designated and issued and 47 shares of Series B Preferred Stock outstanding. Based on the stated value of $1 thousand per share and a conversion price of $8.00 per share, the outstanding shares of Series B Preferred Stock at September 30, 2025 were convertible into 5,875 shares of common stock. Common Stock Warrants. The following represents a summary of the warrants outstanding as of September 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Underlying |  | Exercise
​ | ​ | Issue Year | ​ | Expiration | ​ | Shares | ​ | Price
Warrants | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | ​ | 2023 | ​ | December 2028 | ​ | 31,944 | ​ | $ | 12.60
(1) These warrants were issued in connection with a June 8, 2023 registered direct offering (the “Registered Direct Offering”) and concurrent private placement and are the RDO Common Warrants discussed below. ​ No warrants expired during the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, zero and 15,091 warrants expired, respectively. The warrants had been issued in connection with transactions that were completed in 2019. RDO Common Warrants. In connection with the Registered Direct Offering and concurrent private placement in June 2023, the Company issued 444,444 warrants to purchase up to 444,444 shares of common stock (the “RDO Common Warrants”). The RDO Common Warrants are exercisable beginning six months after the date of issuance, have an exercise price of $12.60 per share, and will expire December 12, 2028. During the three months ended September 30, 2025, the Company amended the warrant agreements with certain RDO Common Warrant holders giving the holders the right, at their discretion, to exercise their remaining outstanding warrants in a cashless manner. During the three months ended September 30, 2025, 412,500 RDO Common Warrants were exercised for 226,303 shares of our common stock. The Company received net proceeds of approximately $1.3 million from these exercises. The intrinsic value of the warrants exercised during the three months ended September 30, 2025 was $3.0 million.

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