Stockholders’ Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Stockholders’ Equity

12. Stockholders’ Equity

At-the-Market Offering Programs

2022 Sale Agreement

In 2022, the Company entered into an Open Market Sale Agreement (the “2022 Sale Agreement”) with Jefferies LLC (“Jefferies”), under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, shares of the Company’s common stock having aggregate gross proceeds of up to $400.0 million. In February 2024, the Company entered

into an amendment to the 2022 Sale Agreement (the “2022 Sale Agreement, as amended”) to increase the size of the at-the-market offering program from $400.0 million to $750.0 million. The Company agreed to pay cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the 2022 Sale Agreement, as amended. Through June 30, 2025, the Company issued 15,981,790 shares of its common stock under the 2022 Sale Agreement, as amended. During the three and six months ended June 30, 2025, the Company issued 1,459,257 shares of its common stock, in a series of sales, at an average price of $9.64 per share, in accordance with the 2022 Sale Agreement, as amended, for aggregate net proceeds of $13.7 million, after payment of cash commissions. As of June 30, 2025, $0.3 million of these proceeds are included in “Prepaid expenses and other current assets” on the Company’s condensed consolidated balance sheet, representing offerings with trade dates in June 2025 that were settled in July 2025. During the six months ended June 30, 2024, the Company issued 3,802,761 shares of its common stock, in a series of sales, at an average price of $25.58 per share, in accordance with the 2022 Sale Agreement, as amended, for aggregate net proceeds of $94.4 million, after payment of cash commissions and approximately $0.2 million related to legal, accounting and other fees in connection with the sales.

As of June 30, 2025, $235.1 million in shares of common stock remain eligible for sale under the 2022 Sale Agreement, as amended.