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Equity | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Equity | Equity Equity Financings “At the Market” Sales Agreement 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 three months ended March 31, 2026, the Company sold 2,270,712 shares of its common stock pursuant to the Sales Agreement for net proceeds of approximately $14.6 million after commissions and expenses. There were no shares sold pursuant to the Sales Agreement during the three months ended March 31, 2025. Warrants During the three months ended March 31, 2026, there were no warrants issued, exercised, or cancelled. The following is a summary of the Company’s warrants as of March 31, 2026:
| Number of Warrants |  |
| Equity classified |  | Liability classified |  | Total |  | Weighted-average exercise price
Outstanding at March 31, 2026 | 6,560 |  |  | 685,712 |  |  | 692,272 |  |  | $ | 46.76 |
See Note 11, “Equity” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of the terms related to the Company’s warrants. Preferred Stock As of March 31, 2026, 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 March 31, 2026 as follows:
| March 31, 2026
Exercise of warrants | 692,272 |
Shares available for future stock incentive awards | 3,641,284 |
Unvested restricted stock units | 736,272 |
Outstanding common stock options | 3,542,407 |
Series A Preferred Stock | 4,026,346 |
Series B Preferred Stock | 437,927 |
Total | 13,076,508 |

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