16. Subsequent events

2026 Offering

In January 2026, the Company entered into an underwriting agreement with Jefferies LLC, TD Securities (USA) LLC, and Piper Sandler & Co. as representatives of the several underwriters, related to the 2026 Offering of 13,000,000 shares of common stock at a price of $24.00 per share, and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,375,000 shares of common stock at a price of $23.9999 per pre-funded warrant, which represents the price per share at which shares of common stock were sold in the 2026 Offering, minus $0.0001, which is the exercise price of each pre-funded warrant. The 13,000,000 shares of common stock includes the full exercise by the underwriters of their option to purchase an additional 1,875,000 shares of common stock at the public offering price. The pre-funded warrants are immediately exercisable and may be exercised at any time until the pre-funded warrants are exercised in full. To date, one pre-funded warrant holder has exercised its pre-funded warrant to purchase 750,000 shares of common stock. Aggregate gross proceeds from the 2026 Offering were $345.0 million and aggregate net proceeds were approximately $323.8 million after deducting the underwriter discounts, commissions, and other offering costs.

At-the-market offerings

Effective January 7, 2026, the Company terminated the $150 million prospectus pursuant to which it had been able to sell shares from time to time in “at-the-market” offerings under its 2022 Sales Agreement with Jefferies as the Company’s sales agent.

On February 11, 2026, the Company filed with the SEC a prospectus for $100 million, pursuant to which it may sell shares from time to time in “at-the-market” offerings under its 2022 Sales Agreement with Jefferies as the Company's sales agent.