v3.26.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common stock and pre-funded warrants
In April 2025, the Company entered into an exchange agreement with existing stockholders to exchange an aggregate of 667,500 shares of the Company’s common stock for pre-funded warrants to purchase an aggregate of 667,563 shares of the Company’s common stock at an exercise price of $0.001 per share. The exchange was executed to facilitate the investor’s beneficial ownership thresholds. The exchange was accounted for as an equity-for-equity transaction. The Company derecognized the common shares and recognized an equivalent value in pre-funded warrants, with no gain or loss recognized.
At-The-Market offering of shares
In August 2025, the Company entered into an at-the-market (“ATM”) sales agreement (the “Sales Agreement”) with Leerink Partners, LLC (“Leerink”), as sales agent, pursuant to which the Company may offer and sell, from time to time, shares of the Company’s common stock with an aggregate price up to $150.0 million through Leerink.
In connection with the Sales Agreement, the Company incurred approximately $0.9 million of offering costs of which the Company deferred $0.2 million. These deferred offering costs will be ratably recognized as a reduction to additional paid-in-capital as shares are sold under the Sales Agreement.
During the year ended December 31, 2025, the Company sold 1,200,000 shares of the Company’s common stock pursuant to the Sales Agreement, and received $30.1 million in net proceeds after deducting commissions and other offering expenses. No sales occurred during the three months ended March 31, 2026.
Pre-funded warrants
The Company has pre-funded warrants outstanding to purchase an aggregate of 6,792,559 shares of the Company’s common stock as of March 31, 2026. The pre-funded warrants are exercisable at any time for exercise prices ranging from $0.000001 to $0.001, except that the pre-funded warrants cannot be exercised by a holder if, after giving effect thereto, such holder would beneficially own more than 9.99% of the Company’s outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote the shares underlying the pre-funded warrants on any matter except to the extent required by Delaware law. Information on the outstanding warrants is as follows:
TypeExercise PriceAmountType of Financing
Common stock pre-funded warrant$0.000001 425,987Legacy pre-funded warrants outstanding
Common stock pre-funded warrant$0.000001 1,708,332December 2023 preferred stock conversion
Common stock pre-funded warrant$0.000001 1,825,635December 2023 Pre-Closing Financing
Common stock pre-funded warrant$0.001 2,165,042November 2024 private placement
Common stock pre-funded warrant$0.001 667,563April 2025 common stock conversion
Total6,792,559
The Company had reserved shares of the Company’s common stock for future issuance as follows:
March 31,
2026
December 31,
2025
Unvested restricted stock units296,578 256,361 
Unvested performance stock units252,124 252,124 
Options outstanding2,820,038 2,088,550 
Shares available for future grant under the 2023 Equity Incentive Plan1,301,3371,277,826
Shares available for future grant under the 2025 Inducement Plan
362,460394,055
Shares available for future issuance under the 2023 Employee Stock Purchase Plan535,911313,088
Pre-funded warrants outstanding6,792,5596,792,559
Total common stock reserved12,361,00711,374,563