Related Parties |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Parties | Related Parties In October 2015, the Company entered into a five-year consulting agreement with a scientific founder of the Company who is also a shareholder. This agreement was amended and extended to January 1, 2027 and is subject to automatic one-year renewal terms until terminated if notice is provided more than 30 days before the current end of term date. During the three months ended June 30, 2026 and 2025, the Company paid the scientific founder a de minimis amount. During the six months ended June 30, 2026 and 2025, the Company paid the scientific founder $0.1 million. As of June 30, 2026 and December 31, 2025, the Company had no accounts payable due to the scientific founder. On December 10, 2021, we entered into the Lilly Collaboration Agreement with Lilly. Concurrent with the Lilly Collaboration Agreement the Company also entered into a stock purchase agreement with Lilly (the “Lilly SPA”) where the Company issued and sold Lilly 4,000,000 shares of our Common Stock at a price of $20.00 per share, making them a 5% or greater shareholder in the Company for the six months ended June 30, 2026 and 2025. We are obligated to make certain payments to Lilly pursuant to the Lilly Collaboration Agreement. During the three months ended June 30, 2026 and 2025, the Company paid Lilly $1.0 million and $1.4 million, respectively. During the six months ended June 30, 2026 and 2025, the Company paid Lilly $2.0 million. As of June 30, 2026 and December 31, 2025, the Company had a payable of $3.0 million and $1.0 million, respectively, due to Lilly. On January 9, 2026, funds affiliated with Flagship Pioneering, Inc. (“Flagship”), a 5% or greater shareholder in the Company, participated in the January 2026 Offering, purchasing pre-funded warrants to purchase 2,235,468 shares of its Common Stock at a public offering price of $6.71 per pre-funded warrant, with an exercise price of $0.0001 per share of each pre-funded warrant. The Company sold the pre-funded Warrants together with two series of warrants, Series 1 Warrants and Series 2 Warrants, to purchase an aggregate of 2,235,468 shares of the Common Stock (See Note 6 for additional information on the Series Warrants). Flagship’s participation in the January 2026 Offering resulted in total gross proceeds to the Company of $15.0 million. On January 9, 2026, BVF Partners LP (“BVF”), a 5% or greater shareholder in the Company, participated in the January 2026 Offering, purchasing 540,000 shares of its Common Stock at a public offering price of $6.71 per share as well as pre-funded warrants to purchase 3,185,782 shares of its Common Stock at a public offering price of $6.7099 per pre-funded warrant, with an exercise price of $0.0001 per share of each pre-funded warrant. The Company sold the shares of Common Stock and pre-funded warrants together with two series of warrants, Series 1 Warrants and Series 2 Warrants, to purchase an aggregate of 3,725,782 shares of the Common Stock (See Note 6 for additional information on the Series Warrants). BVF’s participation in the January 2026 Offering resulted in total gross proceeds to the Company of $25.0 million. On January 9, 2026, Deerfield Management Co. LP (“Deerfield”), a 5% or greater shareholder in the Company, participated in the January 2026 Offering, purchasing 745,156 shares of its Common Stock at a public offering price of $6.71 per share. The Company sold the shares of Common Stock together with two series of warrants, Series 1 Warrants and Series 2 Warrants, to purchase an aggregate of 745,156 shares of the Common Stock (See Note 6 for additional information on the Series Warrants). Deerfield’s participation in the January 2026 Offering resulted in total gross proceeds to the Company of $5.0 million. On January 9, 2026, FMR LLC (“FMR”), a 5% or greater shareholder in the Company, participated in the January 2026 Offering, purchasing 745,158 shares of its Common Stock at a public offering price of $6.71 per share. The Company sold the shares of Common Stock together with two series of warrants, Series 1 Warrants and Series 2 Warrants, to purchase an aggregate of 745,158 shares of the Common Stock (See Note 6 for additional information on the Series Warrants). FMR’s participation in the January 2026 Offering resulted in total gross proceeds to the Company of $5.0 million.
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