Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 5. Stockholders’ Equity Common stock reserved for future issuance consisted of the following:
ATM Program On May 8, 2025, the Company entered into a sales agreement (the 2025 Sales Agreement) with TD Securities (USA) LLC (the Sales Agent), under which the Company could, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million, in at-the-market offerings through the Sales Agent. Sales of the shares of common stock, if any, could be made at prevailing market prices at the time of sale, or as otherwise agreed with the Sales Agent, in accordance with the terms of the 2025 Sales Agreement. During the three months ended March 31, 2026, the Company sold an aggregate of 4,690,532 shares of common stock for net proceeds of $147.9 million, after deducting offering expenses, fully utilizing the capacity under the 2025 Sales Agreement. Pre-Funded Warrants On February 1, 2024, the Company entered into a securities purchase agreement, pursuant to which the Company sold 9,286,023 shares of the Company’s common stock at a price of $13.01 per share and pre-funded warrants (the 2024 Pre-Funded Warrants) to purchase 6,087,230 shares of common stock at a purchase price of $13.009 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. The Company received gross proceeds of $200.0 million, before deducting offering expenses of $0.4 million. The 2024 Pre-funded Warrants did not meet the characteristics of a liability or a derivative and are classified within stockholders’ equity. On October 18, 2024, the Company entered into an exchange agreement with certain stockholders to exchange 3,000,000 shares of the Company’s common stock for pre-funded warrants to acquire 3,000,000 shares of common stock (the Exchange Warrants). Each Exchange Warrant has an exercise price of $0.001 per share of common stock, is immediately exercisable on the date of issuance and will not expire. The Exchange Warrants did not meet the characteristics of a liability or a derivative and are classified within stockholders’ equity. As of June 30, 2026, a total of 6,381,950 pre-funded warrants remained available for exercise, including 5,381,950 2024 Pre-Funded Warrants and 1,000,000 Exchange Warrants. There were no pre-funded warrant exercises during the six months ended June 30, 2026. |
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