Accumulated

Common

Additional

Other

Total

Stock

Stock Par

Paid-In

Comprehensive

Accumulated

Stockholders’

Shares

Value

Capital

Income

Deficit

Equity

(In thousands, except share amounts)

Consolidated balance at December 31, 2025

66,549,442

$

67

$

2,337,453

$

3,626

$

(1,813,981)

$

527,165

Shares issued under stock option and employee stock purchase plans

19,529

—

327

—

327

Stock-based compensation

—

8,523

—

8,523

Unrealized loss on marketable securities

—

(1,104)

—

(1,104)

Net loss

—

(78,685)

Consolidated balance at March 31, 2026

66,568,971

$

67

$

2,346,303

$

2,522

$

(1,892,666)

$

456,226

Shares issued under stock option and employee stock purchase plans

34,452

—

825

—

825

Shares issued in underwritten offering, net

11,896,750

12

323,820

—

323,832

Stock-based compensation

—

8,408

—

8,408

Unrealized loss on marketable securities

—

(1,224)

—

(1,224)

Net loss

—

(73,503)

Consolidated balance at June 30, 2026

78,500,173

$

79

$

2,679,356

$

1,298

$

(1,966,169)

$

714,564

Shares issued under stock option and employee stock purchase plans

34,265

—

1,115

—

1,115

Stock-based compensation

—

10,974

—

10,974

Unrealized loss on marketable securities

—

(1,627)

—

(1,627)

Net loss

—

(75,557)

Consolidated balance at September 30, 2026

78,534,438

$

79

$

2,691,445

$

(329)

$

(2,041,726)

$

649,469

Accumulated

Common

Additional

Other

Total

Stock

Stock Par

Paid-In

Comprehensive

Accumulated

Stockholders’

Shares

Value

Capital

Income

Deficit

Equity

(In thousands, except share amounts)

Consolidated balance at December 31, 2024

66,374,549

$

66

$

2,298,849

$

3,314

$

(1,555,224)

$

747,005

Shares issued under stock option and employee stock purchase plans

9,642

—

202

—

202

Stock-based compensation

—

9,316

—

9,316

Unrealized gain on marketable securities

—

254

—

254

Net loss

—

(53,796)

Consolidated balance at March 31, 2025

66,384,191

$

66

$

2,308,367

$

3,568

$

(1,609,020)

$

702,981

Shares issued under stock option and employee stock purchase plans

10,050

—

63

—

63

Stock-based compensation

—

9,191

—

9,191

Unrealized loss on marketable securities

—

(229)

—

(229)

Net loss

—

(56,600)

Consolidated balance at June 30, 2025

66,394,241

$

66

$

2,317,621

$

3,339

$

(1,665,620)

$

655,406

Shares issued under stock option and employee stock purchase plans

52,605

—

774

—

774

Stock-based compensation

—

8,801

—

8,801

Unrealized gain on marketable securities

—

426

—

426

Net loss

—

(67,044)

Consolidated balance at September 30, 2025

66,446,846

$

66

$

2,327,196

$

3,765

$

(1,732,664)

$

598,363