Common Stock

3 Months Ended

Mar. 31, 2025

Common Stock

Common Stock

10.Common Stock

In July 2023, the Company completed its IPO, selling an aggregate 20,297,500 shares of common stock. All outstanding preferred units were exchanged into 24,987,750 shares of common stock in connection with the IPO. Following the IPO, the Company is authorized to issue up to 400,000,000 shares of common stock, par value $0.00001.

In March 2024, the Company issued and sold an aggregate of 7,790,321 shares of its common stock in an underwritten public offering.

In August 2024, the Company entered into an Open Market Sale Agreement (the “Sale Agreement”) with Jefferies LLC (the “Sales Agent”), pursuant to which the Company may offer and sell shares of common stock up to a maximum aggregate offering price of $300.0 million through an at-the-market offering program. The Sales Agent will be entitled to compensation at a commission of up to 3.0% of the aggregate gross sales price per share sold under the Sale Agreement, unless otherwise agreed to by the Sales Agent and the Company under the Sale Agreement. In December 2024, the Company sold 926,049 shares of common stock under the ATM at a price per share of $48.50. For the three months ended March 31, 2025, the Company made no sales pursuant to the Sale Agreement. As of March 31, 2025, $255.1 million remained available for sale under the Sale Agreement.

As of March 31, 2025, 59,526,170 and 58,304,801 shares of common stock were issued and outstanding, respectively. The 59,526,170 shares of common stock issued are comprised of 46,039,528 shares of voting common stock and 13,486,642 shares of non-voting common stock. As of March 31, 2025, there were 1,221,369 shares of unvested restricted common stock included within the shares of common stock issued.

As of December 31, 2024, 59,478,725 and 58,062,898 shares of common stock were issued and outstanding, respectively. The 59,478,725 shares of common stock issued are comprised of 45,992,083 shares of voting common stock and 13,486,642 shares of non-voting common stock. As of December 31, 2024, there were 1,415,827 shares of unvested restricted common stock included within the shares of common stock issued.