STOCKHOLDERS' EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| STOCKHOLDERS' EQUITY | 11. STOCKHOLDERS' EQUITY Common Stock Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends declared by the Board of Directors out of funds legally available, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. JonesTrading Sales Agreement The Company entered into a Capital on DemandTM Sales Agreement (the "Sales Agreement") dated June 10, 2024 with JonesTrading Institutional Services LLC ("JonesTrading"), under which the Company has conducted and may in the future conduct "at the market" public offerings of its common stock. Under the Sales Agreement, JonesTrading, acting as the Company's sales agent or principal, may offer the Company's common stock in the market on a daily basis or otherwise as the Company requests from time to time. The Company has no obligation to sell shares under the Sales Agreement, but it may do so from time to time. For the six months ended June 30, 2025, the Company sold 4,331,713 shares of its common stock pursuant to the Sales Agreement and has recognized $24.2 million in proceeds, net of $495,000 of offering costs, including commissions paid to JonesTrading. As of June 30, 2025, the Company had $131.4 million remaining available under its "at the market" sales program. Stock Repurchase Program During the three and six months ended June 30, 2025, the Company repurchased $1.3 million of its common stock under its stock repurchase program at an average price of $3.92 per share. During the three and six months ended June 30, 2024, the Company did not repurchase any shares of its common stock under its stock repurchase program. As of June 30, 2025, the Company had $68.6 million available for future share repurchases under its current repurchase authorization through December 31, 2025.
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