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Common Stock

12 Months Ended

Dec. 31, 2021

8. Common Stock

The Company has a sales agreement with Jefferies LLC (“Jefferies”) with respect to an at-the-market (“ATM”) offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $150.0 million, through Jefferies as its sales agent. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices. On October 28, 2021, 500,000 shares of common stock were sold pursuant to the ATM, resulting in net proceeds of approximately $13.1 million.

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. Total gross proceeds of the transaction were $230.0 million and net proceeds were $215.9 million, 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, 2021.

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, 2021, the Company had reserved common shares as follows:


		As of
		December 31,
		2021
Common shares reserved for exercise of pre-funded warrants		2,179,487
Common shares reserved for future issuance under the 2018 ESPP		1,137,373
Common shares reserved for exercise of outstanding stock options under the 2017 and 2018 Plans		3,743,400
Common shares reserved for future issuance under the 2018 Plan		2,394,091
Common shares reserved for unvested restricted stock units under the 2018 Plan		314,901
		9,769,252