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Stockholders' Equity
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Issuances
At The Market Offering Agreement
On June 4, 2021, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $50.0 million. As of the date of this filing and so long as the Company’s public float remains below $75.0 million, the Company is subject to limitations pursuant to General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), which limits the amount the Company can offer to up to one-third of its public float during any trailing 12-month period. Subsequent to the filing of a prospectus supplement to the Company's Registration Statement on Form S-3 (File No. 333-279034) relating to the at the market offering on August 21, 2024, the aggregate market value of its outstanding common stock held by non-affiliates was approximately $29.6 million. Pursuant to the Baby Shelf Limitation, since the aggregate market value of the Company's outstanding common stock held by non-affiliates was below $75.0 million at the time of such prospectus supplement filing, the aggregate amount of securities that the Company is permitted to offer and sell is now $9,855,890, which is equal to one-third of the aggregate market value of our common stock held by non-affiliates as of August 20, 2024. If the Company’s public float exceeds $75.0 million on a future measurement date, it will no longer be subject to the Baby Shelf Limitation. During the nine months ended September 30, 2025, the Company issued 197,980 shares of common stock under the ATM Agreement for net proceeds of $600,663. Since inception through September 30, 2025, the Company has issued 266,153 shares of common stock under the ATM Agreement for net proceeds of $881,510.
Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2025:
Stock OptionsWarrants
SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (In Thousands)SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 20241,440,535 $8.82 5.46$157.0 1,496,744 $40.52 1.29$7.5 
Changes during the period:
Granted111,400 3.80 — — 
Exercised(4,329)1.88 — — 
Forfeited(17,930)3.53 — — 
Expired(26,795)141.14 — — 
Outstanding at September 30, 20251,502,881 $6.17 5.02$110.3 1,496,744 $40.52 0.55$— 
Vested at September 30, 2025
or expected to vest in the future
1,495,374 $6.18 5.00$110.3 1,496,744 $40.52 0.55$— 
Vested at September 30, 20251,337,823 $6.51 4.58$109.5 1,496,744 $40.52 0.55$— 


Restricted Stock
During the nine months ended September 30, 2025 and 2024, the Company issued restricted stock for services as follows (in thousands, except share data):
Nine Months Ended September 30,
  20252024
Number of shares of restricted stock issued215,550 203,800 
Value of restricted stock issued$819 $628 

The weighted average estimated fair value of restricted stock issued for services in the nine months ended September 30, 2025 and 2024 was $3.80 and $3.08 per share, respectively. The fair value of the restricted stock was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock issuances are generally between one year and four years.

The following is a summary of the changes in non-vested restricted stock for the nine months ended September 30, 2025:
Restricted Stock SharesWeighted Average Grant-Date Fair Value
Non-vested at December 31, 2024228,428 $3.67 
Changes during the Year:
Granted215,550 $3.80 
Vested(161,492)$4.20 
Forfeited(17,450)$3.50 
Non-vested at September 30, 2025265,036 $3.46 
Restricted Stock Units
During the nine months ended September 30, 2025 and 2024, the Company issued restricted stock units for services as follows (in thousands, except share data):
Nine Months Ended September 30,
20252024
Number of restricted stock units issued78,945 205,300 
Value of restricted stock units issued $300 $632 

The weighted average estimated fair value of restricted stock units issued for services in the nine months ended September 30, 2025 and 2024 was $3.80 and $3.08 per share, respectively. The fair value of the restricted stock units was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock unit issuances are generally one year, or upon the achievement of performance-based milestones.
The following is a summary of the changes in non-vested restricted stock units for the nine months ended September 30, 2025:
Restricted Stock UnitsWeighted Average Grant-Date Fair Value
Non-vested at December 31, 2024103,800 $3.28 
Changes during the Year:
Granted78,945 $3.80 
Vested(103,800)$3.28 
Forfeited— $— 
Non-vested at September 30, 202578,945 $3.80