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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 7. Stockholders’ Equity Common Stock Reserved for Issuance The Company had the following shares of common stock reserved for future issuance, on an as-if-converted basis, as of the periods presented:
|  | June 30, 2024 |  |  | December 31, 2023 |
Stock options outstanding |  |  | 7,044,951 |  |  |  | 4,686,577 |
RSUs and PSUs outstanding |  |  | 1,452,123 |  |  |  | 987,550 |
Shares available for future grants under equity incentive plans |  |  | 2,468,467 |  |  |  | 1,790,684 |
Shares available for future issuance under the employee stock purchase plan |  |  | 1,181,482 |  |  |  | 1,207,607 |
Warrants to purchase common stock outstanding |  |  | 1,200,034 |  |  |  | 10,412,806 |
Pre-funded warrants to purchase common stock outstanding |  |  | 1,081,081 |  |  |  | 1,881,081 |
Conversion feature related to outstanding term loan |  |  | 590,816 |  |  |  | 590,816 |
Total available for future issuance |  |  | 15,018,954 |  |  |  | 21,557,121 |
At-the-Market (“ATM”) Offerings In March 2021, the Company entered into an ATM sales agreement (as amended, the “Sales Agreement”) with Leerink Partners LLC and Cantor Fitzgerald & Co. (the “Sales Agents”) pursuant to which the Company may offer and sell shares up to $75.0 million of its common stock (the “2021 ATM Facility”) from time to time pursuant to an effective registration statement. The Sales Agents are entitled to compensation at a commission of up to 3.0% of the aggregate gross sales price per share sold under the Sales Agreement. In February 2023, the Company entered into an amendment to the Sales Agreement, establishing a new ATM facility with an aggregate offering amount of up to $150.0 million of its common stock (the “2023 ATM Facility”) pursuant to an effective registration statement. During the six months ended June 30, 2023, the Company sold 2,168,539 shares of its common stock under its 2021 ATM Facility and 2023 ATM Facility and received net proceeds of $37.1 million. During the six months ended June 30, 2024, the Company sold 1,396,888 shares of its common stock under the 2023 ATM Facility resulting in net proceeds of $21.0 million. However, there were no sales under the 2023 ATM Facility for the three months ended June 30, 2024. As of June 30, 2024, there was $104.4 million remaining for future sales under the 2023 ATM Facility. Underwritten Public Offerings In March 2023, the Company completed an underwritten public offering of its common stock. The Company sold 19,461,538 shares of its common stock at a public offering price of $16.25 per share and received net proceeds of $296.8 million, net of underwriting discounts and commissions of $19.0 million and other offering costs of $0.5 million. Common Stock Warrants As of June 30, 2024, the Company’s outstanding warrants to purchase shares of its common stock were as follows:
|  | Shares of Common Stock Underlying Warrants |  |  | Exercise Price Per Share |  |  | Expiration Date
Warrant issued in connection with term loan (SVB) |  |  | 25,000 |  |  | $ | 22.06 |  |  | June 30, 2025
Warrant issued in connection with term loan (SVB) |  |  | 33,923 |  |  |  | 19.12 |  |  | May 28, 2031
Warrants issued in connection with term loan facility |  |  | 153,611 |  |  |  | 9.76 |  |  | January 27, 2033
Warrants issued in connection with public offering |  |  | 987,500 |  |  |  | 5.325 |  |  | July 1, 2024
Pre-funded warrants issued in connection with public offerings |  |  | 1,081,081 |  |  |  | 0.001 |  |  | Do not expire
Total outstanding |  |  | 2,281,115 |  |  |  |  |  |
Warrants to purchase 2,927,570 shares of common stock were exercised during the six months ended June 30, 2023, generating $15.6 million in cash proceeds. Warrants to purchase 9,192,289 shares of common stock were exercised during the six months ended June 30, 2024, generating $48.9 million in cash proceeds. Of this amount, $19.4 million was received after June 30, 2024 and recorded as a receivable on the balance sheet as of that date. The remaining warrants to purchase 987,500 shares of common stock as of June 30, 2024 were exercised on July 1, 2024, resulting in additional cash proceeds of $5.3 million.

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