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Stockholders' Equity
 6 Months Ended
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.