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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Activity in equity during the three- and six-month periods ended June 30, 2026 and 2025 was as follows (dollars in thousands):
Common StockAdditional
Paid-In
Capital 		Accumulated
Deficit 		Total
SharesAmount
2026
Balances as of December 31, 20255,223,015 $5 $152,043 $(142,480)$9,568 
Stock-based compensation— — 23 — 23 
Issuance of common stock, net of transaction costs80,411 — 173 — 173 
Net loss— — — (2,063)(2,063)
Balances as of March 31, 20265,303,426 5 152,239 (144,543)7,701 
Stock-based compensation— — 182 — 182 
Net loss— — — (1,832)(1,832)
Balances as of June 30, 20265,303,426 $5 $152,421 $(146,375)$6,051 
2025
Balances as of December 31, 20241,035,893 $1 $138,607 $(136,097)$2,511 
Stock-based compensation— — 91 — 91 
Issuance of common stock, net of transaction costs365,319— 1,066 — 1,066 
Issuance of common stock upon exercise of warrants, net of transaction costs374,718 1 888 — 889 
Net loss— — — (1,665)(1,665)
Balances as of March 31, 20251,775,930 2 140,652 (137,762)2,892 
Stock-based compensation— — 90 — 90 
Issuance of common stock, net of transaction costs489,341 1 1,639 — 1,640 
Issuance of common stock upon exercise of warrants, net of transaction costs1,498,8721 3,970 — 3,971 
Net loss— — — (1,616)(1,616)
Balances as of June 30, 20253,764,143 $4 $146,351 $(139,378)$6,977 
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 six months ended June 30, 2026, we have sold 80,411 shares of common stock under this ATM Facility for gross proceeds of $182,000, before deducting offering expenses of $9,000. As of June 30, 2026, there is capacity under the ATM Facility of approximately $7.3 million.
COMMON STOCK WARRANTS
The following table presents the common stock warrant activity:
Issue DateWarrant TypeTerm
Date		Exercise
Price		Balance December 31, 2025IssuedExercisedExpiredBalance June 30, 2026
October 2020Dealer ManagerApril 2026$5,174.40 34——(34)—
February 2021Private Placement AgreementAugust 20265,318.40 540———540
February 2021Dealer ManagerAugust 20266,835.40 136———136
March 2021Dealer ManagerMarch 20266,000.00 60——(60)—
November 2022Dealer ManagerNovember 2027525.00 892———892
April 2023Series COctober 2028194.40 7,142———7,142
April 2023Dealer ManagerApril 2028262.50 534———534
August 2023Dealer ManagerAugust 2028108.04 1,222———1,222
November 2023Series DNovember 202813.00 151,026———151,026
November 2023Dealer ManagerNovember 202816.25 28,844———28,844
August 2024Series F-1August 20294.35 319,434———319,434
August 2024Series F-2February 20264.35 316,852——(316,852)—
August 2024Dealer ManagerAugust 20295.75 25,275———25,275
March 2025Dealer ManagerSeptember 20263.625 18,736———18,736
July 2025Dealer ManagerOctober 20263.781 72,944———72,944
August 2025Series INovember 20265.25 2,188,308———2,188,308
August 2025Dealer ManagerNovember 20265.4219 72,944———72,944
3,204,923——(316,946)2,887,977
SharesWeighted
Average
Exercise
Price Per
Share		Weighted
Average
Remaining
Contractual
Term
(years)
Outstanding as of December 31, 20253,204,923 $7.50 1.2
Issued— — — 
Exercised— — — 
Expired(316,946)6.04 — 
Outstanding as of June 30, 20262,887,977 7.66 0.9