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Common Stock

12 Months Ended

Dec. 31, 2020

8. Common Stock

On October 28, 2020, the Company entered into an underwriting agreement relating to the issuance and sale of an aggregate of 3,717,948 shares of its common stock at $39.00 per share and pre-funded warrants to purchase 2,179,487 shares of its common stock. The price of each pre-funded warrant was $38.9999, which equals the per share public offering price for the common shares less the $0.0001 exercise price for each such pre-funded warrant. The shares of common stock sold include 769,230 shares pursuant to the overallotment option granted by the Company to the underwriters, which option was exercised in full. Total gross proceeds of the transaction was $230.0 million, including the proceeds from the option granted to the underwriters. The offering was made pursuant to the Company’s effective shelf registration on Form S-3. The offering closed on November 2, 2020 and the Company received approximately $215.9 million in net proceeds, after deducting underwriting discounts and commissions and offering expenses. The pre-funded warrants are exercisable at any time, do not expire, and meet the condition for equity classification and were therefore recorded as a component of stockholders’ equity within additional paid-in capital. No pre-funded warrants have been exercised as of December 31, 2020.

In June and July 2019, the Company sold 3,450,000 shares of its common stock, including the exercise of the overallotment option, through an underwritten public offering at a price of $15.00 per share. The offering was made pursuant to the Company’s effective shelf registration statement on Form S‑3. The Company received aggregate net proceeds, after underwriting discounts and commissions and other offering expenses, of approximately $48.3 million.

Shares Reserved For Future Issuance

As of December 31, 2020, the Company had reserved common shares as follows:


		As of
		December 31,
		2020
Common shares reserved for exercise of pre-funded warrants		2,179,487
Common shares reserved for future issuance under the 2018 ESPP		795,849
Common shares reserved for exercise of outstanding stock options under the 2017 and 2018 Plans		3,679,931
Common shares reserved for future issuance under the 2018 Plan		1,962,992
		8,618,259