Stockholders' Equity |
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| Stockholders' Equity | 8. Stockholders' Equity Lender Warrant In connection with the Loan Agreement, the Company issued to SVB a warrant to purchase up to 171,848 shares of common stock (the Lender Warrant). The Lender Warrant became exercisable for 73,649 shares upon closing (the Initial Lender Warrant) at an exercise price of $2.55 per share. The Initial Lender Warrant was classified as equity and its fair value was recorded in the stockholders’ equity section of the balance sheet. The Lender Warrant expires on August 6, 2034. The Lender Warrant was eligible to become exercisable for up to an additional 98,199 shares pro-rated based on amounts actually advanced for the various tranches under the Loan Agreement (the Remaining Lender Warrant). Following the expiration of the tranches under the Loan Agreement described in Note 7, Term Loan, the Remaining Lender Warrant expired as of December 31, 2025. “At-the-Market” Equity Offering On August 10, 2022, the Company entered into a sales agreement (the Sales Agreement) with Leerink Partners LLC to establish an “at-the-market” (ATM) offering defined in Rule 415 under the Securities Act. Pursuant to the Sales Agreement, the Company is permitted to offer and sell, from time to time, shares of its common stock having a maximum aggregate offering price of up to $75.0 million. In January 2025, the Company sold 822,566 shares of common stock under the ATM offering for net proceeds of $0.9 million, after deducting commissions and offering costs of $0.3 million. As of June 30, 2026, the Company may issue and sell up to approximately $69.8 million of common stock under the ATM offering. Follow-On Offering On December 15, 2025, the Company completed an underwritten public offering of 50,000,000 units, priced at a public offering price of $1.20 per unit, with each unit consisting of share of its common stock and a warrant to purchase share of its common stock at an exercise price of $1.50 per share, which were immediately exercisable and expire five years from the date of issuance (December 2025 Warrants), under its registration statement on Form S-3 (File No. 333-286005). The Company received net proceeds of $55.8 million, after deducting underwriting discounts and commissions of $3.6 million and other offering expenses of $0.6 million. On March 5, 2025, the Company completed an underwritten public offering of 75,000,000 units, priced at a public offering price of $0.70 per unit, with each unit consisting of share of its common stock, a warrant to purchase one share of its common stock at an exercise price of $0.80 per share, which were immediately exercisable and expire five years from the date of issuance (a Series A Warrant) and a warrant to purchase of a share of its common stock at an exercise price of $0.70 per share, which were immediately exercisable and expired on June 30, 2026 (a Series B Warrant), under its registration statement on Form S-3 (File No. 333-266741). The Company received net proceeds of approximately $48.8 million, after deducting underwriting discounts and commissions of approximately $3.2 million and other offering expenses of approximately $0.5 million. During the three and six months ended June 30, 2026, certain holders exercised Series B Warrants to purchase 6,955,000 shares of common stock for an aggregate exercise price of $4.9 million prior to the warrants’ expiration. As of June 30, 2026, Series B Warrants to purchase 10,211,250 shares of our common stock have been exercised, and the remaining Series B Warrants to purchase 27,288,750 shares of our common stock expired on June 30, 2026. The Company analyzed the December 2025, Series A, and Series B Warrants under ASC 480, Distinguishing Liabilities from Equity, and ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity, and concluded that they were not liabilities, were indexed to its own stock and met all other conditions for equity classification. Accordingly, the Company has classified them as permanent equity. As of June 30, 2026, total shares of common stock reserved for issuance, on an as-if converted basis, are as follows:
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