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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity |
Stockholders' Equity | (9) Stockholders’ Equity In November 2023, the Company filed an automatic shelf registration statement with the SEC to register for sale any combination of the types of securities described in the shelf registration statement, including shares of its common stock. On February 26, 2024, the Company entered into a controlled equity offering sales agreement (“ATM Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to allow the Company to issue and sell shares of its common stock from time to time through Cantor, acting as agent. Also on February 26, 2024, the Company terminated its pre-existing controlled equity offering sale agreement dated May 19, 2016 with Cantor. At September 30, 2025, the Company had registered $300.0 million of its common stock to be sold pursuant to the Company’s ATM Agreement, all of which remained unsold as of that date. In March 2024, the Company issued 9,798,000 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $432.3 million, after deducting underwriting fees and offering expenses. The changes in Stockholders’ Equity during the three and nine months ended September 30, 2025 and 2024 are summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ | ​ |  | Accumulated |  | ​ | ​ |  | ​ | ​
​ | ​ | Common | ​ | 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) | ​ | ​ | (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) | ​ | ​ | (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) | ​ | ​ | (67,044)
Consolidated balance at September 30, 2025 | ​ | 66,446,846 | ​ | $ | 66 | ​ | $ | 2,327,196 | ​ | $ | 3,765 | ​ | $ | (1,732,664) | ​ | $ | 598,363
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ | ​ |  | Accumulated |  | ​ | ​ |  | ​ | ​
​ | ​ | Common | ​ | 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, 2023 |  | 55,883,377 | ​ | $ | 56 | ​ | $ | 1,823,168 | ​ | $ | 3,308 | ​ | $ | (1,397,361) | ​ | $ | 429,171
Shares issued under stock option and employee stock purchase plans |  | 229,171 | ​ | ​ | — | ​ | ​ | 3,814 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,814
Shares issued in underwritten offering, net |  | 9,798,000 | ​ | ​ | 10 | ​ | ​ | 432,288 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 432,298
Stock-based compensation |  | — | ​ | ​ | — | ​ | ​ | 7,202 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,202
Unrealized loss on marketable securities |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,064) | ​ | ​ | — | ​ | ​ | (1,064)
Net loss |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (32,808) | ​ | ​ | (32,808)
Consolidated balance at March 31, 2024 |  | 65,910,548 | ​ | $ | 66 | ​ | $ | 2,266,472 | ​ | $ | 2,244 | ​ | $ | (1,430,169) | ​ | $ | 838,613
Shares issued under stock option and employee stock purchase plans |  | 370,119 | ​ |  | — | ​ |  | 3,712 | ​ |  | — | ​ |  | — | ​ |  | 3,712
Stock-based compensation |  | — | ​ |  | — | ​ |  | 7,640 | ​ |  | — | ​ |  | — | ​ |  | 7,640
Unrealized loss on marketable securities |  | — | ​ |  | — | ​ |  | — | ​ |  | (464) | ​ |  | — | ​ |  | (464)
Net loss |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (35,842) | ​ |  | (35,842)
Consolidated balance at June 30, 2024 |  | 66,280,667 | ​ | $ | 66 | ​ | $ | 2,277,824 | ​ | $ | 1,780 | ​ | $ | (1,466,011) | ​ | $ | 813,659
Shares issued under stock option and employee stock purchase plans | ​ | 63,569 | ​ | ​ | — | ​ | ​ | 1,239 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,239
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 9,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,620
Unrealized gain on marketable securities | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,508 | ​ | ​ | — | ​ | ​ | 3,508
Net loss | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (42,121) | ​ | ​ | (42,121)
Consolidated balance at September 30, 2024 | ​ | 66,344,236 | ​ | $ | 66 | ​ | $ | 2,288,683 | ​ | $ | 5,288 | ​ | $ | (1,508,132) | ​ | $ | 785,905
​

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