Stockholders' Equity |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Stockholders' Equity | |
| Stockholders' Equity | 10. Stockholders' Equity Common Stock In July 2023, the Company completed its initial public offering (“IPO”), selling an aggregate of 20,297,500 shares of common stock. Net proceeds were $315.4 million, after deducting underwriting discounts and commissions and other offering expenses. All outstanding preferred units were exchanged into 24,987,750 shares of common stock in connection with the IPO. Following the IPO, the Company is authorized to issue up to 400,000,000 shares of common stock, par value $0.00001. In March 2024, the Company issued and sold an aggregate of 7,790,321 shares of its common stock in an underwritten public offering. Net proceeds were $450.0 million, after deducting underwriting discounts and commissions and other offering expenses. In August 2024, the Company entered into an Open Market Sale Agreement (the “Sale Agreement”) with Jefferies LLC (the “Sales Agent”), pursuant to which the Company may offer and sell shares of common stock up to a maximum aggregate offering price of $300.0 million through an at-the-market offering program. In December 2024, the Company sold 926,049 shares of common stock under the ATM Facility for gross proceeds of $44.9 million, less commissions and other offering expenses of $1.4 million. During the year ended December 31, 2025, the Company sold 1,175,701 shares of common stock under the ATM Facility for gross proceeds of $67.6 million, less commissions and other offering expenses of $2.0 million. During the three months ended March 31, 2026, the Company sold 369,220 shares of common stock under the ATM Facility for gross proceeds of $29.7 million, less commissions and other offering expenses of $0.8 million. As of March 31, 2026, $157.8 million remained available for sale under the Sale Agreement. In October 2025, the Company issued and sold an aggregate of 8,048,782 shares of its common stock and in lieu of common stock to certain investors, pre-funded warrants to purchase up to 365,853 shares of common stock in an underwritten public offering. Net proceeds were $324.1 million, after deducting underwriting discounts and commissions and other offering expenses. In March 2026, the Company issued and sold an aggregate of 5,750,000 shares of its common stock in an underwritten public offering. Net proceeds were $377.4 million, after deducting underwriting discounts and commissions and other offering expenses. As of March 31, 2026, 75,323,726 and 74,882,396 shares of common stock were issued and outstanding, respectively. The 75,323,726 shares of common stock issued are comprised of 61,395,754 shares of voting common stock, 13,486,642 shares of non-voting common stock and 441,330 shares of unvested restricted common stock. As of December 31, 2025, 69,038,943 and 68,401,349 shares of common stock were issued and outstanding, respectively. The 69,038,943 shares of common stock issued are comprised of 54,914,707 shares of voting common stock, 13,486,642 shares of non-voting common stock and 637,594 shares of unvested restricted common stock. Shares underlying pre‑funded warrants are excluded from shares of common stock issued and outstanding for all periods presented. Warrants In October 2025, the Company issued pre‑funded warrants to purchase up to 365,853 shares of common stock at an exercise price of $0.00001 per share. The pre‑funded warrants were exercisable immediately and are not subject to expiration. As of March 31, 2026, none of the pre-funded warrants have been exercised. |