Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, computed based on theclosing price for such stock as reported on the Nasdaq Capital Market on June 30, 2024, the last business day of the registrant’s most recentlycompleted second quarter, was approximately: $73.5million. As of March 20, 2025, there were41,257,602outstanding shares of the registrant’s common stock, par value $0.001 per share, which isthe only outstanding class of common stock of the registrant. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which is expected to be filed withthe Securities and Exchange Commission not later than 120 days after the end of the registrant’s fiscal year ended December 31, 2024, areincorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K. With the exception of the portions of the registrant’sdefinitive proxy statement for its 2025 Annual Meeting of Stockholders that are expressly incorporated by reference into this Annual Reporton Form 10-K, such proxy statement shall not be deemed filed as part of this Annual Report on Form 10-K. TABLE OF CONTENTS PageSPECIAL NOTEREGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA2INTRODUCTORY COMMENT3PartIItem1.Business4Item1A.Risk Factors20Item1B.Unresolved Staff Comments34Item1C.Cybersecurity34Item2.Properties34Item3.Legal Proceedings34Item4.Mine Safety Disclosures34PartIIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities35Item6.Reserved35Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations36Item7A.Quantitative and Qualitative Disclosures About Market Risks45Item8.Financial Statements and Supplementary Data45Item9.Changes In and Disagreements With Accountants on Accounting and Financial Disclosure45Item9A.Controls and Procedures45Item9B.Other Information46Item9CDisclosures Regarding Foreign Jurisdictions that Prevent Inspections46PartIIIItem10.Directors, Executive Officers and Corporate Governance47Item11.Executive Compensation47Item12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters47Item13.Certain Relationships and Related Transactions and Director Independence47Item14.Principal Accounting Fees and Services47PartIVItem15.Exhibits, Financial Statement Schedules48Signatures53 SPECIAL NOTEREGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Annual Report on Form 10-K (the “Annual Report”) contains forward-looking statements within themeaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities ExchangeAc