Common and Preferred Stock

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Common and Preferred Stock

7. Common and Preferred Stock

Common Stock

We are authorized to issue 200,000,000 shares of common stock. Common stockholders are entitled to dividends if and when declared by our board of directors. As of June 30, 2025, no dividends on common stock had been declared by us.

On May 10, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Leerink Partners LLC (“Leerink Partners”), pursuant to which we are entitled to offer and sell shares of our common stock (the “ATM Offering”). The Sales Agreement provides that Leerink Partners will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. We were initially entitled to offer and sell shares of our common stock having an aggregate offering price of up to $50.0 million in the ATM Offering, which was subsequently increased in February 2024 to $75.0 million. On May 8, 2025, we filed a new Registration Statement on Form S-3 and filed a new prospectus covering the ATM Offering (the “Prospectus”). As a result of becoming subject to General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), we may offer and sell shares of our common stock with an aggregate offering price of up to $12.5 million in the ATM Offering. As of June 30, 2025, we remain subject to the Baby Shelf Limitation. During the six months ended June 30, 2025, we sold 421,766 shares of our common stock at an average price of $1.33 per share for net proceeds of $0.3 million after deducting sales commissions and offering expenses. During the six months ended June 30, 2024, we sold 4,342,320 shares of our common stock at an average price of $5.11 per share for net proceeds of $21.1 million after deducting sales commissions and offering expenses.

We have reserved shares of common stock for issuance as follows:

	As of June 30, 2025	As of December 31, 2024
Shares reserved for exercises of outstanding stock options	10,461,702	7,634,937
Shares reserved for exercises of warrants	—	58,904
Shares reserved for issuance under the 2021 Employee Stock Purchase Plan	617,546	433,264
Shares reserved for issuance under the 2021 Stock Incentive Plan	1,536,233	1,919,921
Shares reserved for issuance as part of the K2HV Loan Agreement conversion feature	791,364	791,364
Total shares reserved for future issuance	13,406,845	10,838,390

Preferred Stock

We are authorized to issue 5,000,000 shares of undesignated preferred stock in one or more series. As of June 30, 2025, no shares of preferred stock were issued or outstanding.