Stockholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders' Equity Preferred Stock As of June 30, 2026 and December 31, 2025, the Company had 20,000,000 shares of preferred stock, par value $0.01, authorized and no shares issued and outstanding. Common Stock As of June 30, 2026 and December 31, 2025, the Company had authorized 1,000,000,000 shares of common stock. October 2025 Private Investment in Public Equity (PIPE) On October 21, 2025, the Company entered into securities purchase agreements (the “October 2025 Purchase Agreements”) with multiple biotech institutional investors and individual accredited investors, for the sale by the Company in a private placement for an aggregate of 26,682,846 shares of the Company’s common stock, par value $0.01 per share of common stock, at purchase price of $18.74 per share, which was the closing price of the common stock on October 21, 2025, for aggregate gross proceeds to the Company of approximately $500,037, with immaterial offering costs. The private placement transaction was completed in October 2025. All of the Company's Section 16 officers participated in the capital raise. The Company’s Co-CEO, Executive Chairman and majority stockholder, its Co-CEO and the President and member of the Board, its COO, CFO, and member of the Board, its CAO, and certain non-executive employees and other related persons purchased an aggregate of 14,514,402 shares of common stock for gross proceeds of approximately $272,000. Additionally, Akeso purchased 533,617 shares of common stock for gross proceeds of approximately $10,000. The remaining $218,037 was raised with multiple leading biotech institutional investors. The October 2025 Purchase Agreements contain customary representations, warranties and covenants by the Company, customary indemnification obligations of the Company, including for liabilities under the Securities Act, as amended (the “Securities Act”), other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the October 2025 Purchase Agreements were made only for purposes of the October 2025 Purchase Agreements and as of specific dates, were solely for the benefit of the parties to such agreements and were subject to limitations agreed upon by the contracting parties. On October 21, 2025, in connection with the October 2025 Purchase Agreements, the Company entered into Registration Rights Agreements with the Investors (the “October 2025 Registration Rights Agreements”). The October 2025 Registration Rights Agreements provide, among other things, that the Company will as soon as reasonably practicable, and in any event by no later than December 19, 2025, file with the SEC a registration statement registering the resale of the shares. The Company filed the registration statement on October 29, 2025, which was automatically effective upon filing. At-the-Market Offering (ATM Offering) On May 13, 2024, the Company entered into an at-the-market (“ATM”) sales agreement (the “Original Distribution Agreement”) pursuant to which the Company may, subject to the terms and conditions set forth in the agreement offer and sell, from time to time, through or to the agents, acting as agents or principal, shares of the Company’s common stock, par value $0.01, having an aggregate offering price of up to $90,000. On August 11, 2025, the Company entered into an amendment (the “Amendment”) to the Original Distribution Agreement (as amended, the “Distribution Agreement”), which among other things, increased the aggregate offering price of common stock that the Company may offer and sell from time to time through the sales agent under the Distribution Agreement by an additional $360,000. From the date of the Original Distribution Agreement through June 30, 2026, the Company sold 23,578,867 shares of common stock under the ATM at a weighted-average price of $16.18 per share, for gross proceeds of $381,597, with commissions and fees of approximately $6,623. The remaining gross proceeds available under the Distribution Agreement as of June 30, 2026 were approximately $68,403 which was utilized subsequent to June 30, 2026. The Company plans to use the net proceeds from this offering for working capital and general corporate purposes. Warrants As of June 30, 2026 and December 31, 2025, the Company had no outstanding warrants. During the three and six months ended June 30, 2025, warrants of 1,048,834 and 4,629,988 respectively with a weighted average exercise price of $1.58 were exercised.
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