15. Subsequent Events

2025 Follow-on Public Offering

In July 2025, subsequent to the balance sheet date, the Company completed a follow-on public offering of its common stock through the closing of the underwriters’ full exercise of their option. The full exercise of the underwriters' option resulted in the issuance and sale of an additional 855,000 shares of common stock resulting in gross proceeds of $37.6 million, before deducting underwriting discounts, commissions, and other estimated offering expenses payable by the Company.

The total gross proceeds including the primary offering, which closed on June 30, 2025, and the aforementioned option exercise, were approximately $288.4 million, before deducting underwriting discounts, commissions, and other estimated offering expenses payable by the Company.

In connection with the closing of the underwriters' full exercise of their option, Jefferies (a related party as discussed in Footnote 11) was paid an additional $0.3 million in customary underwriting discounts and commissions in July of 2025.