Capitalization |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Equity [Abstract] | |
| Capitalization | 9. Capitalization Public Offerings of Common Stock and Pre-funded Warrants In July 2026, the Company completed a public offering of 11,671,139 shares of its common stock at a price of $9.00 per share and 1,111,111 pre-funded warrants (the July 2026 Pre-funded Warrants) to purchase shares of its common stock at a price of $8.9999 per pre-funded warrant, which equaled the public offering price per share of the common stock less the $0.0001 exercise price of each pre-funded warrant. The aggregate net proceeds received by the Company from the offering were $107.8 million, net of underwriting discounts and commissions and offering expenses. In March 2024, the Company completed a public offering of 4,565,260 shares of its common stock at a price of $23.00 per share and 1,521,740 pre-funded warrants (the March 2024 Pre-funded Warrants) to purchase shares of its common stock at a price of $22.9999 per pre-funded warrant, which equaled the public offering price per share of the common stock less the $0.0001 exercise price of each pre-funded warrant. The aggregate net proceeds received by the Company from the offering were $131.1 million, net of underwriting discounts and commissions and offering expenses The March 2024 Pre-funded Warrants and July 2026 Pre-funded Warrants (collectively, the Pre-funded Warrants) have similar terms and conditions, are exercisable at the option of the warrant holder at any time, subject to certain limitations, and do not expire. The Company evaluated the Pre-funded Warrants and concluded the warrants are indexed to the Company's common stock, meet the criteria to be classified as equity and are not subject to remeasurement. The proceeds received from the issuance of the Pre-funded Warrants were recorded as additional paid-in capital. No Pre-funded Warrants were exercised during the nine months ended September 30, 2026. As of September 30, 2026, there were 1,980,714 Pre-funded Warrants outstanding. At-the-Market Offering Program In December 2024, the Company entered into a Sales Agreement with Leerink Partners LLC (Leerink) pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $150.0 million from time to time through Leerink, acting as the Company's sales agent (the ATM Program). During the nine months ended September 30, 2026, the Company sold 2,318,735 shares of common stock under the ATM Program for aggregate net proceeds of $18.9 million after deducting commissions and offering expenses. No shares of common stock were sold under the ATM Program prior to the second quarter of 2026. May 2025 Warrants In May 2025, in connection with issuance of the 2025 Royalty Bond, the Company issued to HCR the May 2025 Warrants to purchase 268,096 shares of its common stock at an exercise price per share of $14.92. The May 2025 Warrants are exercisable upon issuance and have a contractual term of 10 years. The Company evaluated the May 2025 Warrants and concluded the warrants are indexed to the Company's common stock, meet the criteria to be classified as equity and are not subject to remeasurement. The Company allocated $1.6 million of the net proceeds from the 2025 Royalty Bond to the issuance of the May 2025 Warrants, which were recorded as additional paid-in capital. Please refer to Note 7 for further information on the May 2025 Warrants issued in connection with the 2025 Royalty Bond. As of September 30, 2026, no May 2025 Warrants had been exercised. |