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Common Stock
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Common Stock

8. Common Stock

As of June 30, 2024 and December 31, 2023, 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 Company’s board of directors. As of June 30, 2024 and December 31, 2023, no dividends have been declared to date.

 

On April 27, 2023, the Company completed an underwritten public follow-on offering. The offering consisted of 8,858,121 shares of common stock at an offering price to the public of $18.50 per share, including 1,418,920 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 2,020,270 shares of common stock at a public offering price of $18.4999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, the Company received aggregate gross proceeds of approximately $201.3 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $188.7 million, after deducting underwriting discounts and commissions and other offering expenses.

 

On October 27, 2023, the Company completed an underwritten public follow-on offering. The offering consisted of 5,797,872 shares of common stock at an offering price to the public of $23.50 per share, including 797,872 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 319,150 shares of common stock at a public offering price of $23.4999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, the Company received aggregate gross proceeds of approximately $143.7 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $134.6 million, after deducting underwriting discounts and commissions and other offering expenses.

 

As of June 30, 2024, the following aggregate warrants to purchase shares of the Company’s common stock were issued and outstanding:

 

Issue Date

 

Expiration Date

 

Exercise Price per Share

 

Number of Shares subject to Outstanding Warrants

April 27, 2023

 

None

 

$.0001

 

2,020,270

October 27, 2023

 

None

 

$.0001

 

319,150

 

The warrants are classified as a component of Stockholders’ Equity within Additional Paid-in-Capital. The warrants are classified as equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, are indexed to the Company’s common stock and meet the equity classification criteria. The warrants will not expire until they are fully exercised. As of June 30, 2024, no shares underlying the warrants had been exercised.

The Company had reserved common stock for future issuance as follows:

 

 

June 30,

 

December 31,

 

 

2024

 

2023

Outstanding options under the 2015, 2019 and 2023 Plans

 

7,834,639

 

6,269,975

Shares available for grant under the 2019 Plan

 

1,507,092

 

964,622

Shares available for grant under the 2023 Inducement Plan

 

1,178,700

 

524,300

Shares available under the Employee Stock Purchase Plan

 

1,939,324

 

1,317,974

Pre-funded warrants issued and outstanding

 

2,339,420

 

2,339,420

Total

 

14,799,175

 

11,416,291