Common stock |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Common stock | Common stock Public offering of common stock In June 2026, the Company sold an aggregate of 13,495,277 shares of its common stock pursuant to an underwriting agreement with Jefferies LLC, J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Guggenheim Securities LLC, at a public offering price of $7.41 per share. The Company received total net proceeds from the offering of approximately $93.6 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. At-the-market offering In August 2025, the Company entered into a Sales Agreement with TD Securities (USA) LLC, as Sales Agent (the “Sales Agreement”), with respect to an “at the market offering” program under which the Company may offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $100.0 million through the Sales Agent. The Company has agreed to pay the Sales Agent a commission of up to 3.0% of the gross proceeds of any shares sold under the Sales Agreement. Upon execution, the Sales Agreement terminated and superseded the prior sales agreement entered into in June 2023 in its entirety. During the six months ended June 30, 2026, the Company issued and sold 3,662,246 shares and received $12.5 million in net proceeds from the sale of securities pursuant to the Sales Agreement. Private investment in public equity In January 2025, the Company entered into a strategic collaboration with Advanced Micro Devices, Inc. (AMD) and sold an aggregate of 5,714,285 shares of the Company’s common stock to AMD for net proceeds of $20.0 million through a private investment in public equity (PIPE). This strategic collaboration with AMD has a goal to optimize the performance of AMD InstinctTM accelerators and ROCmTM software to support the Company’s AI drug creation, including its de novo antibody design models. The issuance of stock to AMD was at a premium of approximately $2.5 million over the market price on the issuance date. The premium was recorded to accrued expenses and other long-term liabilities on the condensed consolidated balance sheet and will be recognized as a credit to research and development expense over the collaboration term. The amortization of the premium was $0.4 million for the six months ended June 30, 2026.
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