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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Activity in equity during the nine month periods ended September 30, 2025 and 2024 was as follows (dollars in thousands):
| Common Stock |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Total
| Shares |  | Amount |  |  |
2025 |  |  |  |  |  |  |  |  |
Balances as of December 31, 2024 | 1,035,893 |  |  | $ | 1 |  |  | $ | 138,607 |  |  | $ | (136,097) |  |  | $ | 2,511 |
Stock-based compensation | — |  |  | — |  |  | 91 |  |  | — |  |  | 91 |
Issuance of common stock, net of transaction costs | 365,319 |  |  | — |  |  | 1,066 |  |  | — |  |  | 1,066 |
Issuance of common stock upon exercise of warrants, net of transaction costs | 374,718 |  |  | 1 |  |  | 888 |  |  | — |  |  | 889 |
Net loss | — |  |  | — |  |  | — |  |  | (1,665) |  |  | (1,665) |
Balances as of March 31, 2025 | 1,775,930 |  |  | 2 |  |  | 140,652 |  |  | (137,762) |  |  | 2,892 |
Stock-based compensation | — |  |  | — |  |  | 90 |  |  | — |  |  | 90 |
Issuance of common stock, net of transaction costs | 489,341 |  |  | 1 |  |  | 1,639 |  |  | — |  |  | 1,640 |
Issuance of common stock upon exercise of warrants, net of transaction costs | 1,498,872 |  |  | 1 |  |  | 3,970 |  |  | — |  |  | 3,971 |
Net loss | — |  |  | — |  |  | — |  |  | (1,616) |  |  | (1,616) |
Balances as of June 30, 2025 | 3,764,143 |  |  | 4 |  |  | 146,351 |  |  | (139,378) |  |  | 6,977 |
Stock-based compensation | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
Issuance of common stock upon exercise of warrants, net of transaction costs | 1,458,872 |  |  | 1 |  |  | 5,621 |  |  | — |  |  | 5,622 |
Net loss | — |  |  | — |  |  | — |  |  | (1,298) |  |  | (1,298) |
Balances as of September 30, 2025 | 5,223,015 |  |  | $ | 5 |  |  | $ | 152,019 |  |  | $ | (140,676) |  |  | $ | 11,348 |
2024 |  |  |  |  |  |  |  |  |
Balances as of December 31, 2023 | 514,003 |  |  | $ | 1 |  |  | $ | 136,263 |  |  | $ | (129,913) |  |  | $ | 6,351 |
Stock-based compensation | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Issuance of common stock upon exercise of warrants, net of transaction costs | 460 |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Net loss | — |  |  | — |  |  | — |  |  | (1,832) |  |  | (1,832) |
Balances as of March 31, 2024 | 514,463 |  |  | 1 |  |  | 136,354 |  |  | (131,745) |  |  | 4,610 |
Stock-based compensation | — |  |  | — |  |  | 88 |  |  | — |  |  | 88 |
Issuance of common stock for fractional shares in the 10:1 reverse stock split | 877 |  |  | — |  |  | — |  |  | — |  |  | — |
Net loss | — |  |  | — |  |  | — |  |  | (1,584) |  |  | (1,584) |
Balances as of June 30, 2024 | 515,340 |  |  | 1 |  |  | 136,442 |  |  | (133,329) |  |  | 3,114 |
Stock-based compensation | — |  |  | — |  |  | 73 |  |  | — |  |  | 73 |
Issuance of common stock upon exercise of warrants, net of transaction costs | 505,502 |  |  | — |  |  | 1,977 |  |  | — |  |  | 1,977 |
Net loss | — |  |  | — |  |  | — |  |  | (1,513) |  |  | (1,513) |
Balances as of September 30, 2024 | 1,020,842 |  |  | $ | 1 |  |  | $ | 138,492 |  |  | $ | (134,842) |  |  | $ | 3,651 |
In August 2025, we completed a warrant inducement transaction whereby we issued 1,458,872 shares of common stock pursuant to the exercise of warrants. Certain warrant holders were induced to exercise warrants at the existing exercise price of $4.15 per share and pay a purchase price of $0.125 per share, or an aggregate purchase price of $274,000, in consideration of our issuance of new warrants with similar terms as the warrants that were induced to exercise (the “August 2025 Warrant Inducement”). Gross proceeds for warrants exercised in August 2025 was $6.3 million, before deducting $685,000 of issuance-related costs. See Note 7, Common Stock Warrants, for a discussion of the new short-term warrants to purchase 2,188,308 shares that were issued in connection with the August 2025 Warrant Inducement. In June 2025, we entered into a warrant inducement transaction whereby we agreed to issue 1,458,872 shares of common stock pursuant to the exercise of warrants. Certain warrant holders were induced to exercise warrants at the existing exercise price of $2.90 per share and pay a purchase price of $0.125 per share, or an aggregate purchase price of $182,000, in consideration of our issuance of new warrants with similar terms as the warrants that were induced to exercise (the “June 2025 Warrant Inducement”). Additionally, warrants related to 40,000 shares were exercised in June 2025 outside of the June 2025 Warrant Inducement. Gross proceeds for these June 2025 warrant transactions were $4.5 million, before deducting $526,000 of issuance-related costs. See Note 7, Common Stock Warrants, for a discussion of the new short-term warrants to purchase 1,458,872 shares that were issued in connection with the June 2025 Warrant Inducement. In March 2025, we completed a warrant inducement transaction whereby we issued 374,718 shares of common stock pursuant to the exercise of warrants. Certain warrant holders were induced to exercise warrants by reducing the exercise price to the then-current market price of our common stock (the “March 2025 Warrant Inducement”). The original warrants consisted of 251,884 shares of common stock underlying the warrants issued August 23, 2024 with an exercise price of $4.35 per share and a remaining life of 4.5 years (“Series F-1 Warrants”) and 122,834 shares of common stock underlying the warrants issued August 23, 2024 with an exercise price of $4.35 per share and a remaining life of 1.0 year (“Series F-2 Warrants”) (collectively, the “Original Warrants”). The Original Warrants were exercised for $2.90 per share for gross proceeds of $1.1 million, before deducting $250,000 of issuance costs. The difference between the fair value of the warrants immediately prior to modification and immediately after modification was treated as a transaction cost, which is netted against proceeds received, and was $58,000 using the Black-Scholes model based on the following significant inputs: •For the Series F-1 Warrants: common stock price of $2.38 per share; volatility of 120%; term of 4.5 years; dividend yield of —%; and risk-free rate of 4.0%; and •For the Series F-2 Warrants: common stock price of $2.38 per share; volatility of 111%; term of 1.0 year; dividend yield of —%; and risk-free rate of 4.0%. In connection with the March 2025 Warrant Inducement, new short-term warrants to purchase 1,517,608 shares of our common stock were issued, which are discussed in Note 7, Common Stock Warrants. In June 2024, we entered into an at-the-market offering arrangement with a sales agent, pursuant to which we may offer and sell, from time to time at our sole discretion, in transactions that are deemed to be “at the market” offerings under the Securities Act of 1933, as amended (the “Securities Act”), shares of our common stock (“ATM Facility”). During the nine months ended September 30, 2025, we have sold 854,660 shares of common stock under this ATM Facility for gross proceeds of $3.0 million, before deducting offering expenses of $299,000. As of September 30, 2025, there is capacity under the ATM Facility of approximately $7.5 million. COMMON STOCK WARRANTS The following table presents the common stock warrant activity:
Issue Date |  | Warrant Type |  | Term Date |  | Exercise Price | Balance December 31, 2024 |  | Issued |  | Exercised |  | Expired |  | Balance September 30, 2025
January 2020 |  | Registered Direct Offering |  | July 2025 |  | $ | 21,600.00 |  |  | 60 |  | — |  | — |  | (60) |  | —
January 2020 |  | Dealer Manager |  | January 2025 |  | $ | 24,000.00 |  |  | 4 |  | — |  | — |  | (4) |  | —
March 2020 |  | Dealer Manager |  | March 2025 |  | $ | 9,015.12 |  |  | 4 |  | — |  | — |  | (4) |  | —
April 2020 |  | Dealer Manager |  | April 2025 |  | $ | 9,528.00 |  |  | 47 |  | — |  | — |  | (47) |  | —
April 2020 |  | Registered Direct Offering |  | April 2025 |  | $ | 7,320.00 |  |  | 20 |  | — |  | — |  | (20) |  | —
October 2020 |  | Dealer Manager |  | April 2026 |  | $ | 5,174.40 |  |  | 34 |  | — |  | — |  | — |  | 34
February 2021 |  | Private Placement Agreement |  | August 2026 |  | $ | 5,318.40 |  |  | 540 |  | — |  | — |  | — |  | 540
February 2021 |  | Dealer Manager |  | August 2026 |  | $ | 6,835.40 |  |  | 136 |  | — |  | — |  | — |  | 136
March 2021 |  | Dealer Manager |  | March 2026 |  | $ | 6,000.00 |  |  | 60 |  | — |  | — |  | — |  | 60
November 2022 |  | Dealer Manager |  | November 2027 |  | $ | 525.00 |  |  | 892 |  | — |  | — |  | — |  | 892
April 2023 |  | Series C |  | October 2028 |  | $ | 194.40 |  |  | 7,142 |  | — |  | — |  | — |  | 7,142
April 2023 |  | Dealer Manager |  | April 2028 |  | $ | 262.50 |  |  | 534 |  | — |  | — |  | — |  | 534
August 2023 |  | Dealer Manager |  | August 2028 |  | $ | 108.04 |  |  | 1,222 |  | — |  | — |  | — |  | 1,222
November 2023 |  | Series D |  | November 2028 |  | $ | 13.00 |  |  | 151,026 |  | — |  | — |  | — |  | 151,026
November 2023 |  | Series E |  | May 2025 |  | $ | 13.00 |  |  | 80,998 |  | — |  | — |  | (80,998) |  | —
November 2023 |  | Dealer Manager |  | November 2028 |  | $ | 16.25 |  |  | 28,844 |  | — |  | — |  | — |  | 28,844
August 2024 |  | Series F-1 |  | August 2029 |  | $ | 4.35 |  |  | 571,318 |  | — |  | (251,884) |  | — |  | 319,434
August 2024 |  | Series F-2 |  | February 2026 |  | $ | 4.35 |  |  | 439,686 |  | — |  | (122,834) |  | — |  | 316,852
August 2024 |  | Dealer Manager |  | August 2029 |  | $ | 5.75 |  |  | 25,275 |  | — |  | — |  | — |  | 25,275
March 2025 |  | Series G |  | September 2026 |  | $ | 2.90 |  |  | — |  | 1,498,872 |  | (1,498,872) |  | — |  | —
March 2025 |  | Dealer Manager |  | September 2026 |  | $ | 3.625 |  |  | — |  | 18,736 |  | — |  | — |  | 18,736
July 2025 |  | Series H |  | October 2026 |  | $ | 4.15 |  |  | — |  | 1,458,872 |  | (1,458,872) |  | — |  | —
July 2025 |  | Dealer Manager |  | October 2026 |  | $ | 3.781 |  |  | — |  | 72,944 |  | — |  | — |  | 72,944
August 2025 |  | Series I |  | November 2026 |  | $ | 5.25 |  |  | — |  | 2,188,308 |  | — |  | — |  | 2,188,308
August 2025 |  | Dealer Manager |  | November 2026 |  | $ | 5.4219 |  |  | — |  | 72,944 |  | — |  | — |  | 72,944
|  |  |  |  |  |  |  | 1,307,842 |  | 5,310,676 |  | (3,332,462) |  | (81,133) |  | 3,204,923
| Shares |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (years)
Outstanding as of December 31, 2024 | 1,307,842 |  |  | $ | 12.63 |  |  | 3.4
Issued | 5,310,676 |  |  | 4.40 |  |  | 1.1
Exercised | (3,332,462) |  |  | 3.45 |  |  | — |
Expired | (81,133) |  |  | 37.90 |  |  | — |
Outstanding as of September 30, 2025 | 3,204,923 |  |  | 7.50 |  |  | 1.5
In connection with the August 2025 Warrant Inducement discussed in Note 6, Stockholders’ Equity, we issued to those investors warrants to purchase up to 2,188,308 shares of our common stock at an exercise price of $5.25 per share, which are exercisable for 1.3 years, or through November 22, 2026. We estimated the fair value of these warrants to be $6.0 million using a Black-Scholes model based on the following significant inputs: common stock price of $5.36 per share; volatility of 116%; term of 1.3 years; dividend yield of 0%; and risk-free rate of 3.8%. In addition, placement agent warrants were issued to purchase up to 72,944 shares of our common stock at an exercise price of $5.4219 per share, which are exercisable for 1.3 years, or through November 22, 2026. We estimated the fair value of these warrants to be $196,000 using a Black-Scholes model based on the following significant inputs: common stock price of $5.36 per share; volatility of 116%; term of 1.3 years; dividend yield of 0%; and risk-free interest rate of 3.8%. In connection with the June 2025 Warrant Inducement discussed in Note 6, Stockholders’ Equity, we issued to those investors warrants to purchase up to 1,458,872 shares of our common stock at an exercise price of $4.15 per share, which are exercisable for 1.3 years from the date of issuance. We estimated the fair value of these warrants to be $4.1 million using a Black-Scholes model based on the following significant inputs: common stock price of $5.09 per share; volatility of 114%; term of 1.3 years; dividend yield of 0%; and risk-free rate of 3.7%. These warrants were exercised in August 2025. In addition, placement agent warrants were issued to purchase up to 72,944 shares of our common stock at an exercise price of $3.781 per share, which are exercisable for 1.3 years from the date of issuance. We estimated the fair value of these warrants to be $212,000 using a Black-Scholes model based on the following significant inputs: common stock price of $5.09 per share; volatility of 114%; term of 1.3 years; dividend yield of 0%; and risk-free interest rate of 3.7%. In connection with the March 2025 Warrant Inducement discussed in Note 6, Stockholders’ Equity, we issued to those investors warrants to purchase up to 1,498,872 shares of our common stock at an exercise price of $2.90 per share, which will be exercisable for 1.5 years beginning on the effective date of stockholder approval of the issuance of the shares of common stock, which was obtained on June 9, 2025. We estimated the fair value of these warrants to be $1.5 million using a Black-Scholes model based on the following significant inputs: common stock price of $2.38 per share; volatility of 117%; term of 1.5 years; dividend yield of 0%; and risk-free rate of 4.37%. In addition, placement agent warrants were issued to purchase up to 18,736 shares of our common stock at an exercise price of $3.625 per share, which will be exercisable for 1.5 years beginning on the effective date of stockholder approval of the issuance of the shares of common stock, which was obtained on June 9, 2025. We estimated the fair value of these warrants to be $20,000 using a Black-Scholes model based on the following significant inputs: common stock price of $2.38 per share; volatility of 117%; term of 1.5 years; dividend yield of 0%; and risk-free interest rate of 4.37%.

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