7. Common Stock

The Company’s amended and restated certificate of incorporation provides for 300,000,000 authorized shares of common stock.

The Company has had a sales agreement in place during various time periods with Jefferies LLC (“Jefferies”) with respect to an at-the-market (“ATM”) offering program. Under this program, the Company is able to offer and sell, from time to time at its sole discretion, shares of its common stock through Jefferies as its sales agent. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices. The current sales agreement with Jefferies, entered into in November 2022, allows for the sale of shares of common stock from time to time in “at the market” offerings through Jefferies as the Company’s sales agent. The Company sold 3,543,692 shares of its common stock under the ATM program during the six months ended June 30, 2026, generating net proceeds of $160.8 million.

The Company has issued pre-funded warrants to purchase common stock, as well as warrants to purchase common stock as part of its financing activities. Both the pre-funded warrants and warrants meet the conditions for equity classification and are recorded as a component of stockholders’ equity within additional paid-in capital. In October 2024, June 2022 and November 2020, the Company issued 353,983, 25,510,205 and 2,179,487 pre-funded warrants, respectively. During the six months ended June 30, 2026 and 2025, 6,804,082 and 0, respectively, of the Company’s pre-funded warrants were exercised. As of June 30, 2026, the Company has 10,558,065 pre-funded warrants outstanding. In June 2022, the Company also issued 10,459,181 warrants with an exercise price of $7.35, which expired on December 31, 2025. All of the common warrants outstanding associated with the June 2022 financing were exercised prior to their expiry.

In October 2025, the Company issued 250,000 warrants with an exercise price of $28.59 for non-employee services. Warrants issued to non-employees in connection with providing services meet the conditions for equity classification and are recorded as a component of stockholders’ equity within additional paid in capital. All of the warrants issued for non-employee services were exercised during the six months ended June 30, 2026.

Shares Reserved For Future Issuance