COMMON STOCK

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

COMMON STOCK

12. COMMON STOCK

In March 2024, the Company entered into a $150 million ATM equity offering agreement with Deutsche Bank Securities, Inc., Mizuho Securities USA LLC, and Craig-Hallum Capital Group LLC (collectively, the “Agents”). Under the agreement, the Company is able, with discretion, to offer and sell shares of common stock having an aggregate value of up to $150.0 million through or directly to the Agents. As of June 30, 2025, the sale of 54.8 million shares for net proceeds of $70.7 million had been completed. As of June 30, 2025, approximately $76.5 million is available under this sales agreement.

As of June 30, 2025, proceeds of $0.7 million from shares of common stock subscribed but unissued are included within other current assets on the condensed consolidated balance sheets. Non-refundable proceeds from the sale were received on July 1, 2025.