Stockholders' Equity |
12 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 10. Stockholders’ Equity Preferred Stock The Company's board of directors has the authority to issue up to 50,000,000 shares of preferred stock in one or more series with rights, preferences and privileges to be determined. There are no shares of preferred stock issued and outstanding as of December 31, 2025. Common Stock Common stock outstanding in the consolidated balance sheet and consolidated statement of convertible preferred stock and stockholders’ equity as of December 31, 2025 includes 75,586 shares of restricted stock that vest based on service conditions and are subject to the Company’s right of repurchase upon termination of services. Common stock reserved for future issuance consisted of the following:
At-The-Market Equity Offering In October 2024, the Company entered into a sales agreement with Leerink Partners LLC (“Leerink”) pursuant to which the Company may offer and sell shares of its common stock from time to time through an “at-the-market” equity offering program, with Leerink acting as sales agent, for aggregate gross sales proceeds of up to $300.0 million. During the years ended December 31, 2025 and 2024, the Company issued 7,475,785 and 884,472 shares of common stock, respectively, and received aggregate net proceeds of $19.7 million and $13.7 million, respectively, after deducting sales commissions and offering expenses. Debt Conversions In November 2025, K2HV delivered a conversion notice pursuant to which $2.5 million of outstanding principal under the Term Loan was converted into common stock of the Company at the applicable conversion price, resulting in the issuance of 2,849,327 shares of common stock to K2HV. Additionally, in December 2025, K2HV delivered a conversion notice pursuant to which $1.5 million of outstanding principal under the Term Loan was converted into common stock of the Company at the applicable conversion price, resulting in the issuance of 1,652,609 shares of common stock to K2HV. |
|||||||||||||||||||||||||||||||||||