Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions Leases July 25, 2022 First Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On July 25, 2022 the Company entered into a first amendment, dated July 19, 2022, to its existing sublease agreement with Maky Zanganeh and Associates, Inc. (“MZA”), an entity owned by Maky Zanganeh, consisting of 4,500 square feet of office space at 2882 Sand Hill Road, Menlo Park, California. The existing sublease term, which was set to expire on September 30, 2022, was extended for a period of thirty-nine months from October 1, 2022 through December 31, 2025. The rent payable under the terms of the sublease was equivalent to the proportionate share of the net payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up had been applied. The agreement was further amended to include additional space, as noted below under the August 2, 2024 Third Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. The first amendment was not extended following its expiration on December 31, 2025. During the three and six months ended June 30, 2025, payments of $207 and $414, respectively, were made pursuant to the first and third amendments to the Sublease Agreement. July 29, 2022 Second Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On July 29, 2022, the Company entered into a second amendment to its existing sublease agreement with MZA, described above. The second amendment was effective as of August 1, 2022 and expired on December 31, 2025. The second amendment included an additional 1,277 square feet of office space at 2882 Sand Hill Road, Menlo Park, California. The rent payable under the terms of the sublease was equivalent to the proportionate share of the net payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up had been applied. The second amendment was not extended following its expiration on December 31, 2025. During the three and six months ended June 30, 2025, payments of $57 and $114, respectively, were made pursuant to the second amendment to the Sublease Agreement. April 1, 2024 Miami Sublease Agreements On April 1, 2024, the Company entered into two sublease agreements of its Miami headquarters location, one with Genius 24C Inc. (“Genius”), an affiliate of the Company’s Co-CEO, Robert W. Duggan (the “Genius Sublease Agreement”) and one with Duggan Investments Research LLC (“Investments Research”), also an affiliate of the Company's Co-CEO, Robert W. Duggan (the “Investments Research Sublease Agreement”). Pursuant to the Genius Sublease Agreement, Genius sublet from the Company 848 square feet of office space in the Miami HQ for a sixty-two month term for total rental payments of approximately $446. Pursuant to the Investments Research Sublease Agreement, Investments Research sublet from the Company 848 square feet of office space in the Miami HQ for a sixty-two month term for total rental payments of approximately $446. Effective April 1, 2026, the Company provided notice to both Genius and Investments Research to terminate the Genius Sublease Agreement and Investments Research Sublease Agreement, respectively, in order to have more space for the Company’s use at Miami HQ. The Company did not incur any early termination penalties. For the first quarter of 2026, the Company recognized sublease income of $48, which was recorded net of operating lease expenses. For the three and six months ended June 30, 2025 , the Company recognized sublease income of $46 and $94, respectively, which was recorded net of operating lease expenses. As of December 31, 2025, sublease income receivable recorded as a component of prepaid expenses and other current assets on the unaudited condensed consolidated balance sheet was de minimis. August 2, 2024 Third Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On August 2, 2024, the Company entered into a third amendment to its existing sublease agreement with MZA. The third amendment was effective August 1, 2024 and included an additional space of 145 square feet of office space located at 2882 Sand Hill Road, Menlo Park, California. The Company was obligated to pay its proportionate share of the net payable by MZA to the third-party landlord, which was revised to 93.6% as of the effective date, based on the square footage of office space sublet by the landlord. The third amendment was not extended following its expiration on December 31, 2025. Akeso Agreements Upon the closing of the License Agreement, the Board appointed Dr. Yu (Michelle) Xia to serve as a member of the Board pursuant to the terms of the License Agreement. Dr. Xia is the founder of Akeso, and has been the chairwoman, president and CEO of Akeso since its inception in 2012. Furthermore, in connection with the License Agreement, the Company agreed to purchase a certain portion of drug substance for clinical and commercial supply and to enter into a supply agreement with Akeso. Refer to Note 4 for details on the License Agreement. In addition to the License Agreement , the Company also entered into various clinical services agreements with Akeso. During the three and six months ended June 30, 2026, the Company incurred research and development expenses of $24,896 and $42,590, respectively, under these agreements with Akeso. During the three and six months ended June 30, 2025, the Company incurred research and development expenses of $9,456 and $15,615, respectively, under these agreements with Akeso. As of June 30, 2026 and December 31, 2025, the Company included in accrued liabilities, related to Akeso, $7,307 and $1,215, respectively. Financings October 2025 PIPE Refer to Note 9 for a discussion on the participation by related parties in October 2025 PIPE. ATM Offering During the second quarter of 2026, the Audit Committee and all independent directors of the Board of Directors approved one or more Company affiliates to purchase shares of the Company’s common stock under the ATM. During the three and six months ended June 30, 2026, the Company's Co-Chief Executive Officers and Chief Financial Officer and Chief Operating Officer purchased an aggregate of 3,960,000 shares of common stock under the ATM at a weighted-average price of $13.17 per share, for gross proceeds totaling $52,169. Warrants Exercise In March 2025, Mr. Duggan, the Company's Co-Chief Executive Officer, exercised 2,936,221 of the 3,985,055 warrants which he received in connection with a private placement completed by the Company with Mr. Duggan and other investors on December 24, 2019, resulting in the purchase of 2,936,221 shares of common stock at an exercise price of $1.58. On April 8, 2025, Mr. Duggan completed the exercise of the remaining warrants received in the December 24, 2019 private placement, resulting in the purchase of 1,048,834 shares of common stock at an exercise price of $1.58. Professional Services During the six months ended June 30, 2026 and 2025, the Company engaged the law firm Wilson Sonsini Goodrich & Rosati P.C. (“WSGR”), where Mr. Kenneth A. Clark, a member of the Board, is a partner. Payments to be made by the Company to WSGR were approved by the Audit Committee in accordance with its Related Party Transaction Policy. For the three and six months ended June 30, 2026, the Company incurred de minimis expenses for legal services rendered by WSGR. For the three and six months ended June 30, 2025, the Company incurred expenses for legal services rendered by WSGR totaling approximately $0.4 million and $0.6 million, respectively.
|