XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.3
Stockholders' Equity
 9 Months Ended
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

​