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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
Of the 500,000,000 shares of common stock authorized, 27,575,152 shares were issued and outstanding as of September 30, 2025.
Stock Repurchase Program
In March 2025, our Board of Directors authorized a stock repurchase program (the “2025 Repurchase Program”) to repurchase up to $75.0 million of our outstanding common stock.
The following table presents the repurchase activity through September 30, 2025:
Total number of shares purchasedAverage price paid per shareApproximate dollar value of shares purchased
(in thousands)
First Quarter 2025292,898 $18.35 $5,375 
Second Quarter 20252,560,938 19.58 50,147 
Third Quarter 2025490,228 19.839,720 
Total3,344,064 $65,242 
The repurchased common stock was subsequently retired after the repurchase and the par value of the shares was charged to common stock. The excess of the repurchase price over the par value was applied against additional paid in capital. As of September 30, 2025, $9.8 million remained available for future shares of common stock to be repurchased under the 2025 Repurchase Program.
Open Market Sales Agreement
In November 2024, we entered into a sales agreement with TD Securities (USA) LLC (“TD Cowen”), through which we may offer and sell shares of our common stock, having an aggregate offering of up to $100.0 million through TD Cowen as our sales agent. Our prior sales agreement with Cowen terminated upon effectiveness of the registration statement on the Form S-3 we filed in connection with our sales agreement with TD Cowen. As of September 30, 2025, we had sold no shares under this agreement.
Underwriting Agreement
In August 2024, we entered into an underwriting agreement with TD Securities (USA) LLC and Leerink Partners LLC as representatives to the several underwriters listed therein (the “Underwriters”), pursuant to which we issued and sold an aggregate of 2,750,498 shares of our common stock to the Underwriters, at an offering price of $36.50 per share. The net proceeds from these sales were approximately $93.9 million, net of underwriting discounts and commissions and offering expenses of $6.5 million, in the aggregate.