Convertible Note Payable |
6 Months Ended |
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Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Convertible Note Payable | 8. Convertible Note Payable On May 11, 2023, the Company issued an 8% convertible promissory note (the “Lilly Note”) to Eli Lilly and Company with an aggregate principal amount of $30.0 million. The Lilly Note accrued interest at a rate of 8% per annum and matured on May 11, 2026. The Lilly Note contained provisions for conversion into the Company's equity securities upon the occurrence of certain financing, public offering or change-in-control events. Upon maturity on May 11, 2026, the Lilly Note became contractually convertible into shares of the Company's common stock in accordance with its terms. Because the related shares were not issued until after June 30, 2026, the outstanding principal and accrued interest remained reflected in the Company's balance sheet as of June 30, 2026. Subsequent to June 30, 2026, on July 17, 2026, the Company issued approximately 1.05 million shares of common stock in settlement of the outstanding principal and accrued interest associated with the Lilly Note. Following the issuance of such shares, the Lilly Note was fully extinguished and no amounts remained outstanding under the arrangement. The fair value of the convertible note was $37.8 million and $35.3 million as of June 30, 2026 and December 31, 2025, respectively. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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