Stockholders’ Equity |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity | 10. Stockholders’ Equity
Common Stock
As of June 30, 2026 and December 31, 2025, the Company had 200,000,000 and 100,000,000 shares of common stock authorized for issuance, respectively, $0.001 par value per share, of which 59,083,935 and 53,587,260 shares were issued and outstanding, respectively.
On June 12, 2026, the stockholders approved an amendment to the Company’s sixth amended and restated certificate of incorporation to increase the number of authorized shares of common stock to 200,000,000 from 100,000,000.
The holders of the Company’s common stock are entitled to one vote per share.
On May 13, 2026, the Company entered into a sales agreement with TD Securities (USA) LLC, as sales agent, pursuant to which the Company may offer and sell, from time to time, shares of the Company’s common stock having an aggregate offering price of up to $100,000, or the ATM Program. During the three and six months ended June 30, 2026, the Company sell any shares under the ATM Program. Preferred Stock
As of June 30, 2026 and December 31, 2025, the Company had 10,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, of which 8,028 shares of Series 1 Convertible Preferred Stock were authorized for issuance and 872 and 5,615 shares were issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Each share of Series 1 Convertible Preferred Stock is convertible into approximately 1,000 shares of common stock, at a conversion price initially equal to approximately $7.01 per common share, subject to certain adjustments as described in the certificate of designation of preferences, rights and limitations of Series 1 Convertible Preferred Stock.
During the three and six months ended June 30, 2026, approximately 3,772 and 4,743 shares of Series 1 Convertible Preferred Stock, respectively, were converted into 3,773,586 and 4,744,790 shares of common stock, respectively.
The holders of Series 1 Convertible Preferred Stock are not entitled to vote.
Warrants
In connection with the April 2024 private placement, or the April 2024 Private Placement, the Company issued common warrants, or the April 2024 Common Warrants, to purchase an aggregate of up to 10,843,380 shares of the Company’s common stock. Pursuant to the terms of issuance, the April 2024 Common Warrants were exercisable on or prior to the earlier of: (i) April 10, 2027 or (ii) 90 days after the public announcement that the Company has demonstrated a six-month complete response rate of minimum 42% from at least 25 BCG-Unresponsive (where BCG is defined as Bacillus Calmette-Guérin) patients in the ADVANCED-2 (Cohort B) clinical trial, at an exercise price of $5.25 per share. On March 30, 2026, the Company publicly announced that it had satisfied the condition set forth for fixing the termination date for exercise of the April 2024 Common Warrants, and as such, the unexercised April 2024 Common Warrants expired on June 29, 2026.
In connection with the April 2024 Private Placement, for certain purchasers, the Company issued pre-funded warrants, or the April 2024 Pre-Funded Warrants, to purchase an aggregate of up to 1,700,000 shares of the Company’s common stock. The April 2024 Pre-Funded Warrants are exercisable at any time.
In connection with the December 2024 public offering, or the December 2024 Public Offering, for certain purchasers, the Company issued pre-funded warrants, or the December 2024 Pre-Funded Warrants, to purchase an aggregate of up to 2,325,372 shares of the Company’s common stock. The December 2024 Pre-Funded Warrants are exercisable at any time.
The following is a summary of the activity of the Company’s warrants to acquire shares of common stock for the six months ended June 30, 2026:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||