The company is issuing 23,871,526 shares of common stock at $11.52 per share. The company is issuing 2,170,138 pre-funded warrants at $11.5199 per warrant. The total gross proceeds from the offering are expected to be approximately $300 million before expenses. The offering is expected to close on May 11, 2026. The warrants are exercisable at any time after issuance with an exercise price of $0.0001 per share.