XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.2

Common Stock | 6 Months Ended
--- | ---
Jun. 30, 2023
Common Stock. |
Common Stock | 6. Common Stock ​ The Company has had a sales agreement in place during various time periods with Jefferies LLC (“Jefferies”) with respect to an at-the-market (“ATM”) offering program. Under this program, the Company is able to offer and sell, from time to time at its sole discretion, shares of its common stock 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. The current ATM agreement, established in November 2022, allows for the sale of shares of common stock having an aggregate offering price of up to $100 million. As of June 30, 2023, the Company has sold 619,290 shares, generating net proceeds of $5.2 million, under the ATM program. ​ On June 17, 2022, the Company entered into a securities purchase agreement relating to the issuance and sale of an aggregate of 16,326,530 shares of its common stock, pre-funded warrants to purchase 25,510,205 shares of its common stock and associated common warrants to purchase 10,459,181 shares of its common stock. The offering price per share and associated common warrant was $4.90 and the offering price per pre-funded warrant and associated common warrant is $4.8999, 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 pre-funded warrants are exercisable at any time and only expire when exercised in full. Each common warrant has an exercise price per share of $7.35 (150% of the offering price per share of the common stock), is immediately exercisable and will expire on December 31, 2025. Gross proceeds from the transaction were $205.0 million. The offering was made pursuant to a registration statement on Form S-3. The offering closed on June 22, 2022 and the Company received $195.3 million in net proceeds, after deducting placement agent fees and offering expenses. The pre-funded warrants and warrants meet the condition for equity classification and were therefore recorded as a component of stockholders’ equity within additional paid-in capital. ​ In addition to the 25,510,205 pre-funded warrants issued in June 2022, the Company also issued 2,179,487 pre-funded warrants in November 2020. During the three and six months ending June 30, 2023, 2,293,466 of the Company’s pre-funded warrants were exercised. As of June 30, 2023, the Company has 25,396,226 pre-funded warrants outstanding. ​

X
- Definition The entire disclosure of common stock. + References No definition available. + Details
Name: | srrk_CommonStockTextBlock
Namespace Prefix: | srrk_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration