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Common and Preferred Stock | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Common and Preferred Stock | 9. Common and Preferred Stock Common and Preferred Stock The Company is authorized to issue 150,000,000 shares of Common Stock. Each share of Common Stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The Company is authorized to issue 10,000,000 shares of Preferred Stock. As of June 30, 2026, there was no Preferred Stock outstanding. Common Stock Reserved for Future Issuance Shares of Common Stock reserved for future issuance were as follows:
|  | As of June 30, 2026 |
Stock options issued and outstanding |  |  | 4,143,292 |
Restricted stock units and performance stock units unvested and outstanding |  |  | 4,150,742 |
Shares available for grant under 2023 Equity Incentive Plan |  |  | 2,932,934 |
|  |  | 11,226,968 |
Registered Direct Offering In February 2026, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors, pursuant to which the Company issued and sold, in a registered direct offering, an aggregate of 5,000,000 shares of our common stock at a purchase price of $3.00 per share, for aggregate gross proceeds of $15.0 million (the “Registered Direct Offering”). Craig-Hallum Capital Group LLC acted as placement agent for the Registered Direct Offering. Under the terms of the engagement, we agreed to pay the placement agent a cash fee equal to 4.5% of the gross proceeds from the Registered Direct Offering and to reimburse certain legal and other expenses. Net proceeds from the Registered Direct Offering were $14.0 million after deducting the placement agent fee and other expenses related to the Registered Direct Offering. A portion of the placement agent fees was withheld from the gross proceeds at closing, with the remaining offering costs paid separately by the Company. At-The-Market Offering Program In November 2024, the Company entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with Craig-Hallum Capital Group LLC (the “Sales Agent”), allowing for the sale of common stock with an aggregate gross offering price of up to $14.2 million (the “2024 ATM Program”). Under the ATM Agreement, the Sales Agent sold shares in an “at-the-market” offering under Rule 415(a)(4) of the Securities Act, including sales on Nasdaq or other trading markets, to or through market makers, directly to the Sales Agent as principal, or in negotiated transactions at prevailing market prices. Sales under the 2024 ATM Program were subject to a maximum commission of up to 3.0% of the gross proceeds per share sold through the Sales Agent. Under the 2024 ATM Program, the Company sold 8,325,504 shares of our common stock for gross proceeds of $14.2 million and net proceeds of $13.8 million, after deducting Sales Agent commissions and other expenses related to the 2024 ATM Program. As of October 2025, the 2024 ATM Program was fully utilized, and there are no additional shares available for issuance under the program. During the three months ended June 30, 2025, the Company sold 2,243 shares under the 2024 ATM Program and recognized a de minimis amount of gross and net proceeds. During the six months ended June 30, 2025, the Company sold 987,209 shares under the 2024 ATM Program for gross proceeds of $1.1 million and net proceeds of $1.0 million, after deducting Sales Agent commissions and other expenses.

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