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Common Stock
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Common Stock
8.
Common stock

As of March 31, 2025 and December 31, 2024, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock, at a par value of $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors. As of March 31, 2025, no dividends had been declared to date.

The Company evaluated the pre-funded warrants issued in conjunction with the December 2024 underwritten public offering and concluded that they met the criteria to be classified as equity within additional paid-in-capital. The pre-funded warrants have been classified as equity because they (1) are freestanding financial instruments that are legally detachable and separately exercisable from the common stock, (2) are immediately exercisable, (3) do not embody an obligation for the Company to repurchase its shares, (4) permit the holder to receive a fixed number of shares of common stock upon exercise, (5) are indexed to the Company’s common stock and (6) meet the equity classification criteria. All of the shares underlying the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate net loss per share attributable to common stockholders because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

The Company has reserved shares of common stock for future issuance as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Outstanding options to purchase common stock

 

 

16,734,632

 

 

 

13,985,538

 

Unvested restricted stock units of common stock

 

 

3,842,457

 

 

 

2,850,112

 

Available for future issuance under the 2020 Incentive Award Plan

 

 

4,842,626

 

 

 

8,945,644

 

Available for issuance under the 2020 Employee Stock Purchase Plan

 

 

5,634,648

 

 

 

3,775,682

 

Pre-funded warrants issued and outstanding

 

 

2,173,917

 

 

 

2,173,917

 

Total

 

 

33,228,280

 

 

 

31,730,893