Stockholders' Equity |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stockholders' Equity | 10. Stockholders’ Equity September 2025 Underwritten Public Offering At the closing of an underwritten public offering on September 11, 2025, the Company issued and sold 7,627,879 shares of its common stock, including the full exercise by the underwriters of their option to purchase an additional 1,140,000 shares, and pre-funded warrants to purchase 1,112,121 shares of its common stock with a $0.001 per share exercise price. The gross proceeds from this underwritten public offering were $288.4 million, before underwriting discounts and commissions and estimated expenses related to this public offering. The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. As of December 31, 2025, there were 1,112,121 pre-funded warrants outstanding related to this underwritten public offering. Shelf Registration Statement and ATM Offering Program On October 1, 2024, the Company filed a registration statement with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $500.0 million. On October 9, 2024, the registration statement was declared effective by the SEC. The registration statement includes an ATM offering program for the sale of up to $200.0 million of shares of the Company’s common stock. The Company sold 1,503,708 shares of its common stock under the ATM offering program during the year ended December 31, 2024, resulting in net proceeds of $39.2 million. No sales were made under the ATM offering program during the year ended December 31, 2025. As of the date of this filing, the Company has sold 2,626,834 shares of its common stock under the ATM offering program and has $100.1 million in remaining capacity under the ATM offering program. On January 28, 2026, the Company filed a registration statement with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $600.0 million. On January 30, 2026, the registration statement was declared effective by the SEC. Private Placement Offering At the closing of the private placement on January 24, 2024, the Company issued 14,500,500 shares of common stock and pre-funded warrants to purchase 4,666,332 shares of common stock with a $0.001 per share exercise price. The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. As of December 31, 2025, there were 832,333 pre-funded warrants outstanding related to this private placement. Preferred Stock As of December 31, 2025, the Company was authorized to issue up to 10,000,000 shares of preferred stock at a par value of $0.001. As of December 31, 2025, no shares of preferred stock were issued and outstanding. Common Stock As of December 31, 2025, the Company was authorized to issue up to 150,000,000 shares of common stock at a par value of $0.001. As of December 31, 2025, the Company had issued and outstanding 43,223,090 shares of common stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors, if any. No dividends have been declared or paid by the Company through December 31, 2025. The Company had the following shares of common stock reserved for future issuance:
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