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Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Equity | Equity Equity Financings 2024 Private Placement On July 2, 2024, the Company and certain institutional and accredited investors, or the Purchasers, entered into the 2024 Securities Purchase Agreement for the 2024 Private Placement. Pursuant to the 2024 Securities Purchase Agreement, the Purchasers agreed to purchase an aggregate of 3,563,247 shares of common stock and 2,937,903 shares of Series B Preferred Stock, inclusive of 2,359,500 shares of Series B Preferred Stock purchased by directors and executive officers of the Company, and related parties thereto, each at a price per share of $20.00. The 2024 Private Placement resulted in gross proceeds of approximately $130.0 million before deducting placement agent fees and other offering expenses. “At-the-Market” Offering On December 13, 2024, the Company entered into a Sales Agreement, or the Sales Agreement, with Leerink Partners LLC to sell shares of the Company’s common stock, from time to time, through an “at the market” equity offering program under which Leerink Partners LLC will act as sales agent. The shares of common stock sold pursuant to the Sales Agreement will be issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-283803), filed on December 13, 2024 with the SEC, and related prospectus supplement, filed on January 8, 2025 with the SEC, for aggregate gross sales proceeds of up to $100.0 million. During the six months ended June 30, 2025 and the year ended December 31, 2024, the Company sold no shares of its common stock pursuant to the Sales Agreement. Warrants During the six months ended June 30, 2025, there were no warrants issued, exercised, or cancelled. The following is a summary of the Company’s warrants as of June 30, 2025:
| Number of Warrants |  |
| Equity classified |  | Liability classified |  | Total |  | Weighted-average exercise price
Outstanding at June 30, 2025 | 6,811 |  |  | 685,712 |  |  | 692,523 |  |  | $ | 46.96 |
See Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for further discussion of the terms related to the Company’s warrants. Common Stock On April 4, 2024, the Company implemented the Reverse Stock Split. The Reverse Stock Split became effective at 4:30 p.m. Eastern Time on April 4, 2024. On April 5, 2024, the Company’s common stock began trading on The Nasdaq Global Market on a split-adjusted basis under the symbol “RNAC” with a new CUSIP number, 816212302. As a result of the Reverse Stock Split, every 30 shares of common stock outstanding were combined, automatically and without any action on the part of the Company or its stockholders, into one share of common stock. Stockholders entitled to fractional shares as a result of the Reverse Stock Split received a cash payment in lieu of receiving fractional shares. The Reverse Stock Split did not change the number of authorized shares or par value of the Company’s common or preferred stock. Preferred Stock As of June 30, 2025, the Company had 120,790.402 shares of Series A Preferred Stock and 437,927 shares of Series B Preferred Stock issued and outstanding, respectively, which are convertible into 4,464,273 shares of common stock. Reserved Shares The Company has authorized shares of common stock for future issuance as of June 30, 2025 as follows:
| June 30,
| 2025
Exercise of warrants | 692,523 |
Shares available for future stock incentive awards | 4,123,417 |
Unvested restricted stock units | 533,331 |
Outstanding common stock options | 2,496,722 |
Series A Preferred Stock | 4,026,346 |
Series B Preferred Stock | 437,927 |
Total | 12,310,266 |

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