Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stockholders' Equity | 11. Stockholders' Equity Common Stock The Company’s Restated Certificate of Incorporation, which became effective as of June 6, 2024, authorized the Company to issue 300,000,000 shares of common stock, par value $0.0001 per share. Common stockholders are entitled to dividends if and when declared by the board of directors of the Company subject to the prior rights of the preferred stockholders. As of June 30, 2026, no dividends on common stock had been declared by the board of directors. The Company has the following shares of common stock reserved for future issuance:
On January 22, 2024, the Company entered into the Underwriting Agreement with Jefferies and Guggenheim, as representatives of the 2024 Underwriters, related to the Offering of 2,023,729 shares of common stock, which included 332,812 shares sold and issued upon the exercise in full by the 2024 Underwriters of their option to purchase additional shares of common stock, and, in lieu of common stock to certain investors, pre-funded warrants to purchase 527,833 shares of common stock. The pre-funded warrants were sold at a public offering price of $38.3984 per pre-funded warrant, which represents the per share public offering price of each share of common stock minus the $0.0016 per share exercise price for each pre-funded warrant. The pre-funded warrants do not have an expiration date and are exercisable at any time. The pre-funded warrants are classified as equity within the Company's consolidated balance sheet. The Company received net proceeds from the Offering, after deducting the underwriting discount and commissions and other offering expenses, of approximately $91.7 million. The Company may receive nominal proceeds, if any, from the exercise of the pre-funded warrants. On October 7, 2025, the Company entered into the 2025 Underwriting Agreement with Jefferies and Guggenheim, as representatives of the 2025 Underwriters, related to the 2025 Offering of 4,375,062 shares of common stock, and, in lieu of common stock to an investor, pre-funded warrants to purchase 625,000 shares of common stock. The 2025 Shares were sold at a price of $16.00 per share and the 2025 Pre-Funded Warrants were sold at a price of $15.9984 per underlying share, which represents the per share offering price of each share of common stock minus the $0.0016 per share exercise price for each pre-funded warrant. The pre-funded warrants do not have an expiration date and are exercisable at any time. The pre-funded warrants are classified as equity within the Company’s consolidated balance sheet. The Company received net proceeds from the 2025 Offering, after deducting the underwriting discount and commissions and other offering expenses, of approximately $74.8 million. The Company may receive nominal proceeds, if any, from the exercise of the 2025 Pre-Funded Warrants. In April 2026, the Company entered into an exchange agreement with RA Capital Management, L.P. and RA Capital Healthcare Fund, L.P. (together, RA Capital), pursuant to which RA Capital exchanged 250,000 shares of the Company's common stock, par value $0.0001 per share, for a pre-funded warrant to acquire 250,000 shares of the Company's common stock. The 250,000 shares of common stock subject to the exchange agreements were retired on the date of the exchange. The pre-funded warrant has an exercise price of $0.0001 per underlying share. The pre-funded warrant is exercisable from the date of issuance by means of a cashless exercise. Under the pre-funded warrant, the Company may not effect the exercise of the pre-funded warrant, and a holder will not be entitled to exercise any portion of the pre-funded warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) to exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, or (ii) the combined voting power of the Company’s securities beneficially owned by the holder (together with its affiliates) to exceed 9.99% of the combined voting power of all of the Company’s securities then outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the pre-funded warrant, unless such percentage is increased upon at least 61 days’ prior notice, but not in excess of 19.99%. The following provides a roll forward of outstanding pre-funded warrants to purchase common stock as of June 30, 2026:
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