v3.26.1
Common Stock
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Equity [Abstract]    
Common Stock
8. Common Stock
As of June 30, 2026 and December 31, 2025, 200,000,000 shares of common stock, $0.001 par value per share, were authorized.
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the Company’s board of directors, subject to the preferential dividend rights of any preferred stock then outstanding. No dividends have been declared or paid by the Company since its inception.
As of June 30, 2026 and December 31, 2025, the Company has reserved for future issuance the following number of shares of common stock:
 
    
June 30,
2026
     
December 31,
2025
  
Shares reserved for exercises of outstanding stock options
      11,633,080        11,645,843  
Shares reserved for vesting of restricted stock units
      17,523        69,486  
Shares reserved for future issuance under the 2019 Stock Incentive Plan
      6,195,194        4,779,386  
Shares reserved for future issuance under the 2019 Employee Stock Purchase Plan
      2,441,771        2,031,072  
Shares reserved for future issuance under the 2022 Inducement Stock Incentive Plan
      1,877,867        1,308,484  
Shares reserved for future issuance for
pre-funded
warrants
      —         9,611,193  
  
 
 
     
 
 
  
     22,165,435        29,445,464  
  
 
 
     
 
 
  
Pre-Funded
Warrants
In August 2024, the Company entered into separate exchange agreements with RA Capital Healthcare Fund, L.P. (“RA Capital”) and another existing institutional stockholder, pursuant to which (i) RA Capital exchanged
 
8,500,000 shares of the Company’s common stock for a
pre-funded
warrant to acquire 8,500,000 shares of the Company’s common stock and (ii) the other existing institutional stockholder exchanged an aggregate of 850,000 shares of the Company’s common stock, for
pre-funded
warrants to acquire an aggregate of 850,000 shares of the Company’s common stock. The aggregate 9,350,000 shares of common stock subject to the exchange agreements were retired on the date of the exchanges. In December 2025, the Company issued and sold 1,111,193
pre-funded
warrants to purchase shares of common stock, at a price to the public of $13.499 per
pre-funded
warrant. During the three months ended June 30, 2026, all outstanding
pre-funded
warrants were exercised. As of June 30, 2026,
no pre-funded
warrants remained outstanding.
8. Common Stock
As of December 31, 2025 and 2024, 200,000,000 shares of common stock, $0.001 par value per share, were authorized.
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the Company’s board of directors, subject to the preferential dividend rights of any preferred stock then outstanding. No dividends have been declared or paid by the Company since its inception.
As of December 31, 2025 and 2024, the Company has reserved for future issuance the following number of shares of common stock:
 
    
December 31,
2025
     
December 31,
2024
  
Shares reserved for exercises of outstanding stock options
      11,645,843        9,354,699  
Shares reserved for vesting of restricted stock units
      69,486        43,072  
Shares reserved for future issuance under the 2019 Stock Incentive Plan
      4,779,386        5,207,362  
Shares reserved for future issuance under the 2019 Employee Stock Purchase Plan
      2,031,072        1,671,843  
Shares reserved for future issuance under the 2022 Inducement Stock Incentive Plan
      1,308,484        1,896,209  
Shares reserved for future issuance for
pre-funded
warrants
      9,611,193        8,500,000  
  
 
 
     
 
 
  
     29,445,464        26,673,185  
  
 
 
     
 
 
  
Pre
-Funded
Warrants
In August 2024, the Company entered into separate exchange agreements with RA Capital Healthcare Fund, L.P. (“RA Capital”) and another existing institutional stockholder, pursuant to which (i) RA Capital exchanged 8,500,000 shares of the Company’s common stock for a
pre-funded
warrant to acquire 8,500,000 shares of the
 
Company’s common stock and (ii) the other existing institutional stockholder exchanged an aggregate of 850,000 shares of the Company’s common stock, for
pre-funded
warrants to acquire an aggregate of 850,000 shares of the Company’s common stock. The aggregate 9,350,000 shares of common stock subject to the exchange agreements were retired on the date of the exchanges. In December 2025, the Company issued and sold 1,111,193
pre-funded
warrants to purchase shares of common stock, at a price to the public of $13.499 per
pre-funded
warrant. As of December 31, 2025, 850,000
pre-funded
warrants have been exercised.
The
pre-funded
warrants have an exercise price of $0.001 per underlying share of common stock, are immediately exercisable and have no expiration date. The number of shares of the Company’s common stock issuable upon exercise of each
pre-funded
warrant is subject to adjustment upon certain corporate events, including certain stock dividends and splits, combinations, reclassifications, and certain other events. The
pre-funded
warrants include a beneficial ownership blocker that provides that the holder may not exercise (nor may the Company allow the exercise) if upon giving effect to such exercise, it would cause the aggregate number of shares of the Company’s common stock beneficially owned by the holder (together with affiliates and any other persons whose beneficial ownership of the Company’s common stock would be aggregated for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended) to exceed a limit agreed to with the investor, of the total number of then issued and outstanding shares of the Company’s common stock as determined in accordance with the terms of the
pre-funded
warrant. This threshold may be increased or decreased upon 61 days’ prior notice at the discretion of RA Capital, but not in excess of 19.99%.
The Company assessed the
pre-funded
warrants for appropriate classification as either equity or liability pursuant to the Company’s accounting policy described in Note 2, “Summary of Significant Accounting Policies.” The Company determined the
pre-funded
warrants are freestanding instruments that do not meet the definition of a liability pursuant to ASC 480 and do not meet the definition of a derivative pursuant to ASC 815. The
pre-funded
warrants are indexed to the Company’s common stock and meet all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the
pre-funded
warrants are classified as equity and are accounted for as a component of additional
paid-in
capital at the time of issuance. The Company also determined that the
pre-funded
warrants should be included in the determination of basic and diluted earnings per share.