Common Stock

3 Months Ended

Mar. 31, 2026

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Note 6. Common Stock

As of March 31, 2026 and December 31, 2025, the Company was authorized to issue 500.0 million shares of common stock, par value $0.001 per share.

The Company reserved the following shares of common stock, on an as-converted basis, for future issuance:


	As of March 31,		As of December 31,
	2026		2025
Options issued and outstanding		6,295,470		4,378,484
Shares reserved for future grants under 2024 Stock Option and Incentive Plan and 2026 Inducement Plan		4,970,667		4,257,640
Shares reserved for issuance under 2024 Employee Stock Purchase Plan		620,613		251,211
		11,886,750		8,887,335

At-the-Market Equity Program

In March 2026, the Company entered into an ATM Equity OfferingSM Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., acting as the Company’s sales agent and/or principal (the “Sales Agent”), with respect to an “at-the-market offering” program pursuant to which the Company may, from time to time, at its sole discretion, issue and sell shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agent (the “ATM Program”). Pursuant to the Sales Agreement, any shares will be sold pursuant to the automatic shelf registration statement on Form S-3ASR (File No. 333-294185) filed with the SEC on March 10, 2026, which became automatically effective upon filing, including the base prospectus and the sales agreement prospectus contained therein. As of March 31, 2026, the Company had not sold any shares of its common stock under the ATM Program.