v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Private Placement
ATM Agreement
January 2024 Underwritten Offering
September 2024 Underwritten Offering
Series A Convertible Preferred Stock
Series B Convertible Preferred Stock
Convertible Preferred Stock
Series A Convertible Preferred Stock
Convertible Preferred Stock
Series B Convertible Preferred Stock
Convertible Preferred Stock
Series B Convertible Preferred Stock
Private Placement
Convertible Preferred Stock
Series B Convertible Preferred Stock
September 2024 Underwritten Offering
Common Stock
Common Stock
Private Placement
Common Stock
ATM Agreement
Common Stock
January 2024 Underwritten Offering
Common Stock
September 2024 Underwritten Offering
Additional Paid-in Capital
Additional Paid-in Capital
Private Placement
Additional Paid-in Capital
ATM Agreement
Additional Paid-in Capital
January 2024 Underwritten Offering
Additional Paid-in Capital
September 2024 Underwritten Offering
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022               188,381 51,210                            
Beginning balance at Dec. 31, 2022 $ 395,064             $ 85,470 $ 56,677     $ 414         $ 741,067         $ (390) $ (488,174)
Beginning balance (in shares) at Dec. 31, 2022                       41,305,947                      
Stockholders’ deficit                                              
Issuance of common stock upon the conversion of convertible preferred stock (in shares)               (15,946)       1,063,118                      
Issuance of common stock upon conversion of convertible preferred stock 0             $ (7,235)       $ 10         7,225            
Issuance of common stock under license agreement (in shares)                       243,902                      
Issuance of common stock under license agreement 5,693                     $ 3         5,690            
Issuance of stock, net of issuance cost (in shares)                   92,312     8,869,797 684,298                  
Issuance of stock, net of issuance cost   $ 174,607 $ 14,768             $ 71,604     $ 89 $ 7       $ 102,914 $ 14,761        
Issuance of common stock upon exercise of warrants (in shares)                       114,219                      
Issuance of common stock upon exercises of warrants 1,881                     $ 1         1,880            
Issuance of common stock upon exercises of stock options (in shares)                       1,538,199                      
Issuance of common stock upon exercises of stock options 19,263                     $ 15         19,248            
Issuance of common stock for cash under employee stock purchase plan (in shares)                       31,216                      
Issuance of common stock under employee stock purchase plan 580                               580            
Issuance of common stock upon vesting of restricted stock units (in shares)                       135,416                      
Issuance of common stock upon vesting of restricted stock units 0                     $ 1         (1)            
Share-based compensation expense 67,172                               67,172            
Unrealized gain (loss) on available-for-sale securities 728                                         728  
Net loss (237,734)                                           (237,734)
Ending balance (in shares) at Dec. 31, 2023               172,435 143,522                            
Ending balance at Dec. 31, 2023 442,022             $ 78,235 $ 128,281     $ 540         960,536         338 (725,908)
Ending balance (in shares) at Dec. 31, 2023                       53,986,112                      
Stockholders’ deficit                                              
Issuance of common stock upon the conversion of convertible preferred stock (in shares)               (37,571) (18,362)     3,729,048                      
Issuance of common stock upon conversion of convertible preferred stock 0             $ (17,047) $ (24,085)     $ 37         41,095            
Issuance of stock, net of issuance cost (in shares)                     20,000     3,058,751 7,142,858 12,466,600              
Issuance of stock, net of issuance cost     67,755 $ 140,696 $ 243,295           $ 23,501     $ 31 $ 71 $ 125     67,724 $ 140,625 $ 219,669    
Issuance of common stock upon exercises of stock options (in shares)                       437,146                      
Issuance of common stock upon exercises of stock options 5,344                     $ 4         5,340            
Issuance of common stock for cash under employee stock purchase plan (in shares)                       44,136                      
Issuance of common stock under employee stock purchase plan 674                     $ 1         673            
Issuance of common stock upon vesting of restricted stock units (in shares)                       129,395                      
Issuance of common stock upon vesting of restricted stock units 0                     $ 1         (1)            
Share-based compensation expense 42,150                               42,150            
Unrealized gain (loss) on available-for-sale securities (348)                                         (348)  
Net loss (269,949)                                           (269,949)
Ending balance (in shares) at Dec. 31, 2024           134,864 145,160 134,864 145,160                            
Ending balance at Dec. 31, 2024 $ 671,639             $ 61,188 $ 127,697     $ 810         1,477,811         (10) (995,857)
Ending balance (in shares) at Dec. 31, 2024 80,994,046                     80,994,046                      
Stockholders’ deficit                                              
Issuance of common stock upon the conversion of convertible preferred stock (in shares)                 (65,540)     4,369,551                      
Issuance of common stock upon conversion of convertible preferred stock $ 0               $ (56,829)     $ 44         56,785            
Issuance of stock, net of issuance cost (in shares)                           2,216,864 13,138,750                
Issuance of stock, net of issuance cost     $ 61,822 $ 271,757                   $ 22 $ 131       $ 61,800 $ 271,626      
Issuance of common stock upon exercise of warrants (in shares)                       115,146                      
Issuance of common stock upon exercises of warrants $ 1,618                     $ 1         1,617            
Issuance of common stock upon exercises of stock options (in shares) 811,970                     811,970                      
Issuance of common stock upon exercises of stock options $ 12,053                     $ 8         12,045            
Issuance of common stock for cash under employee stock purchase plan (in shares)                       84,556                      
Issuance of common stock under employee stock purchase plan 1,119                     $ 1         1,118            
Issuance of common stock upon vesting of restricted stock units (in shares)                       95,617                      
Issuance of common stock upon vesting of restricted stock units 0                     $ 1         (1)            
Share-based compensation expense 44,303                               44,303            
Unrealized gain (loss) on available-for-sale securities 457                                         457  
Net loss (342,601)                                           (342,601)
Ending balance (in shares) at Dec. 31, 2025           134,864 79,620 134,864 79,620                            
Ending balance at Dec. 31, 2025 $ 722,167             $ 61,188 $ 70,868     $ 1,018         $ 1,927,104         $ 447 $ (1,338,458)
Ending balance (in shares) at Dec. 31, 2025 101,826,500                     101,826,500