Stockholders’ Equity |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Stockholders’ Equity Preferred Stock The Company is authorized to issue 10 million shares of preferred stock with a par value of $0.0001 per share. As of March 31, 2026 and December 31, 2025, no shares of preferred stock were outstanding. Common Stock The Company is authorized to issue 500 million shares of common stock with a par value of $0.0001 per share. As of March 31, 2026 and December 31, 2025, there were 23,328,390 shares and 21,251,353 shares of the Company’s common stock outstanding, respectively. On February 28, 2024, the Company entered into a sales agreement with TD Securities (USA) LLC, (formerly known as Cowen and Company, LLC) (“TD Cowen”) acting as the Company’s sales agent (the “Sales Agreement”), pursuant to which the Company may offer and sell shares of common stock having an aggregate offering price of up to $150.0 million from time to time in a series of one or more at‑the‑market equity offerings. The Company will pay TD Cowen commissions of up to 3.0% of the gross proceeds of the sale, and reimbursement of certain expenses, under this agreement. Neither the Company nor TD Cowen is obligated to sell any shares under the Sales Agreement. The Company sold 65,092 shares in at-the-market equity offerings valued at approximately $1.7 million during the three months ended March 31, 2026 and no shares during the three months ended March 31, 2025. Securities Purchase Agreement In July 2025, the Company entered into the SPA with the Purchasers, pursuant to which the Company sold and issued 3,753,752 shares of common stock at a purchase price of $13.32 per share at an initial closing, for gross proceeds of approximately $50.0 million. Pursuant to the SPA, following the achievement of the applicable milestone, the Company initiated the Milestone Closing and on March 6, 2026, the Company sold and issued 1,952,360 shares of common stock at a purchase price per share of $25.61 at the Milestone Closing, for gross proceeds of approximately $50.0 million. Following the issuance of the Milestone Closing shares, the instrument was settled and the carrying value of approximately $6.1 million was reclassified to stockholders’ equity. See Note 7, Fair Value Measurements, for additional information regarding the valuation of the SPA put/call.
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