What is the difference between a primary and secondary offering?

The "Type" field on the offering terms indicates how the underlying assets are being acquired.
In a primary offering, the company issues new shares. Capital raised goes to the company and is typically used for operations and growth.

In a secondary offering, shares are purchased from an existing shareholder, such as an early employee, founder, or institutional investor seeking liquidity. The capital goes to the seller, not the company. Secondary transactions are subject to transfer restrictions set by the company, such as right of first refusal (ROFR), which can affect timing and execution.