Stockholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity | 6. STOCKHOLDERS' EQUITY The Company’s authorized capital stock consists of 500,000,000 shares, all with a par value of $0.0001 per share, of which 490,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock. ATM Facility November 2022, the Company entered into a Controlled Equity OfferingSM sales agreement with Cantor Fitzgerald & Co. ("Cantor Fitzgerald") and Truist Securities, Inc. ("Truist") under which Cantor Fitzgerald and Truist agreed to act as sales agents to sell shares of the Company’s common stock, from time to time, in an at-the-market offering program. In March 2024, the Company delivered a termination notice to Truist, removing them as sales agent under the sales agreement, and on May 29, 2026, the Company and Cantor mutually agreed to terminate the sales agreement effective at the close of business on May 29, 2026. In November 2025, the Company filed a shelf registration statement on Form S-3 (File No. 333-291393) (the "Shelf Registration Statement") with the SEC, which became effective on May 20, 2026, which permits the issuance and sale by the Company of up to a maximum aggregate offering price of $200.0 million of its common stock, preferred stock, various series of debt securities, warrants to purchase common stock, preferred stock or debt securities, rights to purchase equity or debt securities, and/or units to purchase any combination of such securities. On June 1, 2026, the Company entered into a Capital on DemandTM Sales Agreement sales agreement, (the "Sales Agreement") with JonesTrading Institutional Services LLC ("JonesTrading") with respect to an at-the-market offering program under which the Company may issue and sell, from time to time at its sole discretion, shares of its common stock, through or to JonesTrading (the “ATM Program”) pursuant to the Shelf Registration Statement. Under current SEC regulations, if at any time the Company's public float is less than $75.0 million, and for so long as the Company's public float remains less than $75.0 million, the amount the Company can raise through primary public offerings of securities in any 12-month period using shelf registration statements is limited to an aggregate of one-third of the Company's public float, which is referred to as the baby shelf rules. As of June 30, 2026, the Company's calculated public float was less than $75.0 million. During the year ended December 31, 2025, the Company sold an aggregate of 1,865,253 shares, of its common stock under the ATM, resulting in net proceeds of $8.6 million, after deducting underwriting discounts. For the six months ended June 30, 2026, the Company sold an aggregate of 6,032 shares of its common stock under the ATM Program, resulting in net proceeds of approximately $10,000 after deducting sales agent fees and other offering expenses. As of June 30, 2026, $2.8 million remained available for the sale of common stock under the ATM Program. |