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Common Stock | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Common Stock | 8. Common Stock On March 19, 2026, the Company completed an underwritten offering of 45,990,567 shares of common stock at an offering price of $5.30 per share and pre-funded warrants to purchase 1,179,245 shares of common stock (the “Pre-Funded Warrants”) at a price of $5.29999 per share. The Pre-Funded Warrants have an exercise price of $0.00001 per share, subject to adjustments, and are exercisable from the date of issuance until fully exercised, subject to an ownership limitation. The aggregate net proceeds received by the Company from the offering were approximately $234.2 million, after deducting underwriting discounts and commissions of $15.0 million and offering expenses of $0.8 million. In addition, the Company granted the underwriters the option for 30 days to purchase up to an additional 7,075,471 shares of common stock at the public offering price of $5.30 per share. Such option expired unexercised in April 2026. In May 2025, the Company completed an underwritten public offering of 76,923,076 shares of common stock at a price of $1.30 per share. The aggregate net proceeds received by the Company from the offering were approximately $93.4 million, after deducting underwriting discounts and commissions of $6.0 million and offering expenses of $0.6 million. Longitude Venture Partners V, L.P. (“LVPV”) acquired approximately 11.5 million shares of common stock through the underwritten public offering. Longitude Capital Partners V, LLC (“LCPV”) is a general partner of LVPV. A member of the Company’s board of directors serves as a managing director of LCPV, and therefore, LCPV is considered a related party of the Company. The Company had no other significant related party transactions with LCPV. In June 2023, the Company entered into an agreement with BVF Partners L.P. (“BVF”) for a private placement and received aggregate net proceeds of approximately $29.7 million in July 2023, after deducting issuance costs of approximately $0.3 million. In the private placement, the Company issued pre-funded warrants to BVF to purchase up to 14,423,077 shares of common stock (the “BVF Pre-Funded Warrants”), accompanying Tranche 1 warrants to purchase up to 5,769,231 shares of common stock and accompanying Tranche 2 warrants to purchase up to 5,769,231 shares of common stock, at a combined price of $2.08 per share. The initial exercise price of the Tranche 1 and Tranche 2 warrants was $4.16 per share and $6.24 per share, respectively. The public offering in May 2025 described above triggered an adjustment provision in the Tranche 1 and Tranche 2 warrants, pursuant to which the exercise prices were reduced to $2.73 and $3.77 per share, respectively. The Tranche 1 and Tranche 2 warrants expired without being exercised in July 2025 and J uly 2026, respectively. BVF exercised the BVF Pre-Funded Warrants for 7.5 million shares of common stock in May 2024 and for the remaining 6.9 million shares in May 2025, in each case at an exercise price of $0.00001 per share. The following table summarizes the Company's outstanding warrants as of June 30, 2026:
|  | Pre-funded Warrants |  |  | Tranche 2 Warrants |
|  | Number of warrants |  |  | Weighted- Average Exercise Price Per Share |  |  | Number of warrants |  |  | Weighted- Average Exercise Price Per Share |
Balance at December 31, 2025 |  |  | — |  |  | $ | — |  |  |  | 5,769,231 |  |  | $ | 3.77 |
Issuance in public offering |  |  | 1,179,245 |  |  | $ | 0.00001 |  |  |  | — |  |  | $ | — |
Balance at June 30, 2026 |  |  | 1,179,245 |  |  | $ | 0.00001 |  |  |  | 5,769,231 |  |  | $ | 3.77 |
In the June 2026 annual meeting of stockholders, the Company's authorized shares of common stock were approved to increase from 300,000,000 shares to 600,000,000 shares.

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