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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

6. Stockholders’ Equity

2024 Financing

In June 2024, the Company raised net proceeds of approximately $116.8 million after deducting underwriting discounts and offering expenses through the sale of 13,001,120 shares of the Company’s common stock, par value $0.001 per share, at a price of $6.25 per share, and pre-funded warrants to purchase an aggregate of 7,000,000 shares of common stock at a price of $6.249 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. The pre-funded warrants are immediately exercisable, subject to certain beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital.

2023 Financing

In December 2023, the Company raised net proceeds of approximately $117.0 million after deducting underwriting discounts and offering expenses through the sale of 25,035,000 shares of the Company’s common stock, par value $0.001 per share at a price of $2.880 per share and pre-funded warrants to purchase an aggregate of 18,379,861 shares of common stock at a price of $2.879 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. An entity related to one of the Company’s directors participated in the public offering and purchased 350,000 shares of common stock for an aggregate price of approximately $1.0 million. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital. The Company issued an

aggregate of 5,243,400 shares and 965,427 shares of common stock upon the cashless and cash exercise of these pre-funded warrants in February 2024 and April 2024, respectively.

2022 Financing

In July 2022, the Company raised net proceeds of approximately $122.5 million after deducting fees and expenses through the sale of an aggregate of 9,013,834 shares of common stock, pre-funded warrants to purchase up to 24,696,206 shares of its common stock and accompanying common warrants to purchase up to 8,427,508 shares of its common stock. The offering price per share and accompanying common warrant was $3.87125 per share and the offering price per pre-funded warrant and accompanying common warrant was $3.87025 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each such pre-funded warrant. The pre-funded warrants remain exercisable until exercised in full. The common warrants had an exercise price of $5.806875 per share and expired on June 30, 2025. Both the pre-funded and common warrants are immediately exercisable, subject to beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital. The Company issued an aggregate of 19,901 shares of common stock upon the cashless exercise of 322,893 common warrants in June 2024.

In June 2025, the Company and holders of common warrants to purchase 6,877,622 shares of its common stock entered into amendments to the common warrants held by such holders. The amendments extended the term of the common warrants by one year until June 30, 2026, and removed the cashless exercise option. If all such warrants are exercised in full for cash (without regard to any applicable ownership limitations), the Company would receive aggregate gross proceeds of approximately $39.9 million. The remaining common warrants to purchase 1,226,993 shares of the Company's common stock not subject to these amendments expired unexercised on June 30, 2025.

The Company concluded that the modified common warrants retain equity classification. The excess of fair value of the modified warrants over the fair value of the warrants immediately before the modification of $1.9 million was recognized as a deemed dividend. This modification included a related party transaction involving 613,497 common warrants held by a member of the board of directors, which accounted for $0.2 million of the deemed dividend recognized. As the Company had an accumulated deficit as of June 30, 2025, the deemed dividend was recognized in additional paid-in capital with zero net impact on stockholders' equity.

Pre-Funded and Common Warrants

The following summarizes warrant activity during the six months ended June 30, 2025 and 2024:

 

 

 

Number of Common Warrants

 

 

Number of Pre-funded Warrants

 

 

Weighted-Average Exercise Price

 

Balances as of December 31, 2024

 

 

8,104,615

 

 

 

38,543,577

 

 

 

 

Issued

 

 

—

 

 

 

—

 

 

$

—

 

Exercised

 

 

—

 

 

 

—

 

 

$

—

 

Balances as of June 30, 2025

 

 

8,104,615

 

 

 

38,543,577

 

 

 

 

 

 

 

Number of Common Warrants

 

 

Number of Pre-funded Warrants

 

 

Weighted-Average Exercise Price

 

Balances as of December 31, 2023

 

 

8,427,508

 

 

 

40,492,923

 

 

 

 

Issued

 

 

—

 

 

 

7,000,000

 

 

$

0.001

 

Exercised

 

 

(322,893

)

 

 

(6,209,871

)

 

$

0.307

 

Balances as of June 30, 2024

 

 

8,104,615

 

 

 

41,283,052

 

 

 

 

2024 At-the-Market (ATM) Program

In March 2024, the Company entered into a sales agreement with Cowen and Company LLC, or TD Cowen, as sales agent, or 2024 ATM program, pursuant to which the Company may issue and sell shares of its common stock for an aggregate maximum offering of $100.0 million. TD Cowen is entitled to compensation up to 3% of the aggregate gross proceeds for the common stock sold through the 2024 ATM program. No sales were made under the 2024 ATM program during the six months ended June 30, 2024 and 2025. As of June 30, 2025, approximately $95.4 million remained available for the offer and sales of shares of common stock under the 2024 ATM program.

2021 ATM Program

In August 2021, the Company entered into a sales agreement with TD Cowen as sales agent, pursuant to which the Company could issue and sell shares of its common stock for an aggregate maximum offering of $100.0 million under an at-the-market offering program, or 2021 ATM program. TD Cowen was entitled to compensation up to 3% of the aggregate gross proceeds for the common stock sold through the 2021 ATM program. During the six months ended June 30, 2024, the Company sold 7,576,067 shares of common stock under the 2021 ATM program for net proceeds of approximately $38.4 million, after deducting commissions paid to TD Cowen and other financing costs. The Form S-3 registration statement, which registered the 2021 ATM Program, expired on August 15, 2024. As a result, no further shares of common stock may be sold under the 2021 ATM Program.

Common Stock

The Company reserved the following shares of common stock for issuance as follows:

 

 

 

June 30,
2025

 

 

December 31,
2024

 

Stock options issued and outstanding

 

 

20,020,180

 

 

 

14,594,720

 

Stock options reserved for 2020 Incentive Award Plan

 

 

656,488

 

 

 

2,109,758

 

Unvested restricted stock units outstanding

 

 

1,452,999

 

 

 

770,028

 

Common stock reserved for 2024 ATM program

 

 

24,250,000

 

 

 

24,250,000

 

Common stock reserved for Employee Stock Purchase Plan

 

 

2,959,996

 

 

 

1,983,924

 

Common stock reserved for 2022 Employment Inducement
    Award Plan

 

 

2,746,483

 

 

 

3,359,230

 

Common stock reserved for pre-funded warrants

 

 

38,543,577

 

 

 

38,543,577

 

Common stock reserved for common warrants

 

 

8,104,615

 

 

 

8,104,615

 

Total common stock reserved

 

 

98,734,338

 

 

 

93,715,852