Stockholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Stockholders' Equity | 9. Stockholders’ Equity On February 17, 2023, we entered into an Open Market Sale Agreement (the “2023 Open Market Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”). Under the 2023 Open Market Sale Agreement, we may issue and sell shares of our common stock having an aggregate offering price of up to $100.0 million (the “Shares”) from time to time through Jefferies (the “2023 Open Market Offering”). Under the 2023 Open Market Sale Agreement, Jefferies may sell the Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). We may sell the Shares in amounts and at times to be determined by us from time to time subject to the terms and conditions of the 2023 Open Market Sale Agreement, but we have no obligation to sell any of the Shares in the 2023 Open Market Offering. We or Jefferies may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. We have agreed to pay Jefferies commissions for its services in acting as agent in the sale of the Shares in the amount of up to 3.00% of gross proceeds from the sale of the Shares pursuant to the 2023 Open Market Sale Agreement. We have also agreed to provide Jefferies with customary indemnification and contribution rights. We did not sell any Shares under the 2023 Open Market Sale Agreement during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, $100.0 million of Shares were available for issuance and sale under the 2023 Open Market Sale Agreement. On January 30, 2025, our stockholders approved an amendment to our Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of our capital stock from 405,000,000 shares to 805,000,000 shares and the number of authorized shares of our common stock from 400,000,000 shares to 800,000,000 shares. In addition, on January 30, 2025, our stockholders approved an amendment to our Restated Certificate of Incorporation, as amended, to effect a reverse stock split of our issued and outstanding shares of common stock within a range of not less than 1-for-5 and not greater 1-for-15, and a proportionate reduction in the number of authorized shares of common stock, with the exact ratio within such range and the implementation and timing of such reverse stock split subsequently determined at the sole discretion of our board of directors, without further approval or authorization of our stockholders. On February 25, 2025, we effected a 1-for-15 reverse stock split of the issued and outstanding shares of our common stock. The Reverse Stock Split proportionally reduced the number of authorized shares of our common stock from 800,000,000 shares to 53,333,333 shares. The Reverse Stock Split did not change the par value of our common stock. In addition, proportionate adjustments were made to the number of shares of common stock available for issuance under our equity incentive plans; the number of shares underlying, and the exercise prices of, outstanding equity awards under such plans and outstanding warrants; and the conversion rates of outstanding convertible notes. |