Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity

Stockholders' Equity

(9)  Stockholders’ Equity

In November 2023, the Company filed an automatic shelf registration statement with the SEC to register for sale any combination of the types of securities described in the shelf registration statement, including shares of its common stock.

On February 26, 2024, the Company entered into a controlled equity offering sales agreement (“ATM Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to allow the Company to issue and sell shares of its common stock from time to time through Cantor, acting as agent. At March 31, 2026, the Company had registered $300.0 million of its common stock to be sold pursuant to the Company’s ATM Agreement, all of which remained unsold as of that date.

In April 2026, the Company issued 11,896,750 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of approximately $323.9 million, after deducting underwriting fees and offering expenses.

The changes in Stockholders’ Equity during the three months ended March 31, 2026 and 2025 are summarized below:

						Accumulated
	Common	Common		Additional		Other				Total
	Stock	Stock Par		Paid-In		Comprehensive		Accumulated		Stockholders’
	Shares	Value		Capital		Income		Deficit		Equity
	(In thousands, except share amounts)
Consolidated balance at December 31, 2025	66,549,442	$	67	$	2,337,453	$	3,626	$	(1,813,981)	$	527,165
Shares issued under stock option and employee stock purchase plans	19,529		—		327		—		—		327
Stock-based compensation	—		—		8,523		—		—		8,523
Unrealized loss on marketable securities	—		—		—		(1,104)		—		(1,104)
Net loss	—		—		—		—		(78,685)		(78,685)
Consolidated balance at March 31, 2026	66,568,971	$	67	$	2,346,303	$	2,522	$	(1,892,666)	$	456,226

						Accumulated
	Common	Common		Additional		Other				Total
	Stock	Stock Par		Paid-In		Comprehensive		Accumulated		Stockholders’
	Shares	Value		Capital		Income		Deficit		Equity
	(In thousands, except share amounts)
Consolidated balance at December 31, 2024	66,374,549	$	66	$	2,298,849	$	3,314	$	(1,555,224)	$	747,005
Shares issued under stock option and employee stock purchase plans	9,642		—		202		—		—		202
Stock-based compensation	—		—		9,316		—		—		9,316
Unrealized gain on marketable securities	—		—		—		254		—		254
Net loss	—		—		—		—		(53,796)		(53,796)
Consolidated balance at March 31, 2025	66,384,191	$	66	$	2,308,367	$	3,568	$	(1,609,020)	$	702,981