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| Equity | Equity Equity Financings “At the Market” Sales Agreement On December 13, 2024, the Company entered into a Sales Agreement, or the Sales Agreement, with Leerink Partners LLC to sell shares of the Company’s common stock, from time to time, through an “at the market” equity offering program under which Leerink Partners LLC will act as sales agent. The shares of common stock sold pursuant to the Sales Agreement will be issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-283803), filed on December 13, 2024 with the SEC and related prospectus supplement, filed on January 8, 2025 with the SEC, for aggregate gross sales proceeds of up to $100.0 million. During the nine months ended September 30, 2026, the Company sold 3,196,203 shares of its common stock pursuant to the Sales Agreement for net proceeds of approximately $22.8 million after commissions and expenses. As of September 30, 2026, approximately $75.5 million remains available under the at the market program. There were no shares sold pursuant to the Sales Agreement during the nine months ended September 30, 2025. Warrants During the nine months ended September 30, 2026, there were no warrants issued, exercised, or cancelled. The following is a summary of the Company’s warrants as of September 30, 2026:
See Note 11, “Equity” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of the terms related to the Company’s warrants. Preferred Stock As of September 30, 2026, the Company had 98,050 shares of Series A Preferred Stock and 437,927 shares of Series B Preferred Stock issued and outstanding, respectively, which together are convertible into an aggregate of 3,706,272 shares of common stock. In April 2026, 22,740 shares of Series A Preferred Stock were converted into 758,001 shares of common stock. Reserved Shares The Company has reserved shares of common stock for future issuance as of September 30, 2026 as follows:
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