v3.26.1
Common stock
 6 Months Ended
Jun. 30, 2026
Common stock  
Common stock

9. Common stock

The Company has reserved the following shares of common stock for issuance, on an as-converted basis, as follows:

 

 

 

 

 

 

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Stock options issued and outstanding under the Plans

 

 

16,926,110

 

 

 

15,856,758

 

Remaining shares available for issuance under the Plans

 

 

7,144,304

 

 

 

2,454,332

 

Remaining shares available for issuance under the ESPP

 

 

2,550,859

 

 

 

1,550,859

 

Total reserved common stock

 

 

26,621,273

 

 

 

19,861,949

 

2025 Public Offerings

In January 2025, the Company completed a public offering and issued 22,258,064 shares of its common stock at a price of $7.75 per share, for net proceeds of $161.7 million, after deducting underwriting discounts and commissions and offering expenses.

In December 2025, the Company completed a public offering and issued 21,418,750 shares of its common stock at a price of $21.50 per share, for net proceeds of $432.4 million, after deducting underwriting discounts and commissions and offering expenses.

2024 ATM Agreement

On May 14, 2024, the Company entered into an “at the market” sales agreement, or the 2024 ATM Agreement, with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which the Company may offer and sell from time to time shares of its common stock having an aggregate offering price of up to $200.0 million, or the ATM Shares. The Company has agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold through the 2024 ATM Agreement. As of June 30, 2026, the Company had sold an aggregate of 6,655,587 shares of common stock under the 2024 ATM Agreement for gross proceeds of $65.9 million and net proceeds of approximately $64.5 million, with approximately $134.1 million remaining available for future offerings. No shares of common stock were sold under the 2024 ATM Agreement during the six months ended June 30, 2026.