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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity | 11. Stockholders’ Equity The following table presents the changes in stockholders’ equity for the three and nine months ended September 30, 2023:
(In thousands, except share data) |  | Common Stock $0.0001 Par Value |  |  | Additional Paid-In Capital |  |  | Accumulated Other Comprehensive (Loss)/Income |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
|  | Shares |  |  | Amount |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2022 |  |  | 68,111,385 |  |  | $ | 7 |  |  | $ | 1,161,288 |  |  | $ | (806 | ) |  | $ | (693,040 | ) |  | $ | 467,449 |
Stock purchase under ESPP |  |  | 16,537 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 6,238 |  |  |  | — |  |  |  | — |  |  |  | 6,238 |
Unrealized gains on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 470 |  |  |  | — |  |  |  | 470 |
Vesting of RSU |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 196 |  |  |  | — |  |  |  | — |  |  |  | 196 |
Prefunded warrants, exercise |  |  | 85,998 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from exercise of stock options |  |  | 276,506 |  |  |  | — |  |  |  | 2,278 |  |  |  | — |  |  |  | — |  |  |  | 2,278 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41,126 | ) |  |  | (41,126 | )
Balance as of March 31, 2023 |  |  | 68,495,426 |  |  | $ | 7 |  |  | $ | 1,170,000 |  |  | $ | (336 | ) |  | $ | (734,166 | ) |  | $ | 435,505 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 8,065 |  |  |  | — |  |  |  | — |  |  |  | 8,065 |
Unrealized loss on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (238 | ) |  |  | — |  |  |  | (238 | )
Vesting of RSU |  |  | 1,602 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 179 |  |  |  | — |  |  |  | — |  |  |  | 179 |
Prefunded warrants, exercise |  |  | 771,133 |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Proceeds from exercise of stock options |  |  | 163,037 |  |  |  | — |  |  |  | 1,146 |  |  |  | — |  |  |  | — |  |  |  | 1,146 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (44,615 | ) |  |  | (44,615 | )
Balance as of June 30, 2023 |  |  | 69,431,198 |  |  | $ | 7 |  |  | $ | 1,179,389 |  |  | $ | (574 | ) |  | $ | (778,781 | ) |  | $ | 400,041 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 8,321 |  |  |  | — |  |  |  | — |  |  |  | 8,321 |
Unrealized gains on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 119 |  |  |  | — |  |  |  | 119 |
Stock purchase under ESPP |  |  | 18,260 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 259 |  |  |  | — |  |  |  | — |  |  |  | 259 |
Prefunded warrants, exercise |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from exercise of stock options |  |  | 188,710 |  |  |  | — |  |  |  | 1,592 |  |  |  | — |  |  |  | — |  |  |  | 1,592 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (51,146 | ) |  |  | (51,146 | )
Balance as of September 30, 2023 |  |  | 69,638,168 |  |  | $ | 7 |  |  | $ | 1,189,561 |  |  | $ | (455 | ) |  | $ | (829,927 | ) |  | $ | 359,186 |
The following table presents the changes in stockholders’ equity for the three and nine months ended September 30, 2022:
(In thousands, except share data) |  | Common Stock $0.0001 Par Value |  |  | Additional Paid-In Capital |  |  | Accumulated Other Comprehensive (Loss)/Income |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
|  | Shares |  |  | Amount |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2021 |  |  | 54,983,105 |  |  | $ | 6 |  |  | $ | 952,019 |  |  | $ | 45 |  |  | $ | (543,702 | ) |  | $ | 408,368 |
Stock purchase under ESPP |  |  | 18,946 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,478 |  |  |  | — |  |  |  | — |  |  |  | 3,478 |
Unrealized loss on short-term investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (685 | ) |  |  | — |  |  |  | (685 | )
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 92 |  |  |  | — |  |  |  | — |  |  |  | 92 |
Proceeds from exercise of stock options |  |  | 28,839 |  |  |  | — |  |  |  | 465 |  |  |  | — |  |  |  | — |  |  |  | 465 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (37,169 | ) |  |  | (37,169 | )
Balance as of March 31, 2022 |  |  | 55,030,890 |  |  | $ | 6 |  |  | $ | 956,054 |  |  | $ | (640 | ) |  | $ | (580,871 | ) |  | $ | 374,549 |
Proceeds from ATM sales |  |  | 1,111,111 |  |  |  | — |  |  |  | 19,427 |  |  |  | — |  |  |  | — |  |  |  | 19,427 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,938 |  |  |  | — |  |  |  | — |  |  |  | 3,938 |
Unrealized loss on short-term investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (695 | ) |  |  | — |  |  |  | (695 | )
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | 58 |
Proceeds from exercise of stock options |  |  | 257,733 |  |  |  | — |  |  |  | 2,235 |  |  |  | — |  |  |  | — |  |  |  | 2,235 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (37,572 | ) |  |  | (37,572 | )
Balance as of June 30, 2022 |  |  | 56,399,734 |  |  | $ | 6 |  |  | $ | 981,712 |  |  | $ | (1,335 | ) |  | $ | (618,443 | ) |  | $ | 361,940 |
Stock purchase under ESPP |  |  | 10,053 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 4,362 |  |  |  | — |  |  |  | — |  |  |  | 4,362 |
Unrealized loss on short-term investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (270 | ) |  |  | — |  |  |  | (270 | )
Exercise of prefunded warrants |  |  | 2,832,151 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | — |  |  |  | 110 |
Proceeds from exercise of stock options |  |  | 880,723 |  |  |  | — |  |  |  | 7,363 |  |  |  | — |  |  |  | — |  |  |  | 7,363 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (35,403 | ) |  |  | (35,403 | )
Balance as of September 30, 2022 |  |  | 60,122,661 |  |  | $ | 6 |  |  | $ | 993,547 |  |  | $ | (1,605 | ) |  | $ | (653,846 | ) |  | $ | 338,102 |
In March 2021, the Company entered into a sales agreement with Cowen and Company, LLC, or TD Cowen, under which the Company could, from time to time, issue and sell shares of its common stock having aggregate sales proceeds of up to $75.0 million, in a series of one or more At-the-Market, or ATM, equity offerings, or the 2021 ATM Program. On May 26, 2023, the Company terminated the 2021 ATM Program. Prior to termination the Company sold shares for aggregate proceeds of approximately $25.0 million. In May 2023, the Company entered into a new sales agreement with TD Cowen under which the Company could, from time to time, issue and sell shares of its common stock having aggregate sales proceeds of up to $200.0 million, in a series of one or more ATM equity offerings, or the 2023 ATM Program. TD Cowen is not required to sell any specific share amounts but acts as the Company’s sales agent, using commercially reasonable efforts consistent with its normal trading and sales practices. Pursuant to the sales agreement, shares will be sold pursuant to the previous shelf registration statement on Form S-3ASR (Registration No. 333-254661), which became automatically effective upon the filing on March 24, 2021. The Company’s common stock will be sold at prevailing market prices at the time of the sale, and as a result, prices may vary. For the period ended September 30, 2023, the Company sold no shares of common stock under the 2023 ATM Program. In December 2021, the Company issued 3,802,144 shares of common stock and granted pre-funded warrants to purchase 1,142,856 shares of common stock. The offering price for the securities was $17.50 per share or $17.4999 for each pre-funded warrant, with net proceeds of approximately $81.2 million. On April 12, 2023, 273,000 pre-funded warrants were exercised for 272,996 shares of common stock, under a cashless exercise. On May 9, 2023, 498,142 pre-funded warrants were exercised for 498,137 shares of common stock, under a cashless exercise. As of September 30, 2023, 285,714 pre-funded warrants were outstanding. In December 2021, in connection with the Incyte License and the Incyte Share Purchase Agreement, the Company issued 1,421,523 shares of common stock, with net proceeds of approximately $35.0 million. The Company recorded the equity issuance at a fair value of $24.8 million based on the market price of the stock on the date of issuance. In December 2022, the Company issued 7,840,909 shares of common stock in a public offering. The offering price for the securities was $22.00 per share, with net proceeds of approximately $162.0 million. The Company has reserved for future issuance the following shares of common stock related to the potential warrant exercise, exercise of stock options and the employee stock purchase plan:
| September 30, 2023 |
Common stock issuable under pre-funded warrants |  | 285,714 |
Options to purchase common stock |  | 13,543,965 |
Employee Stock Purchase Plan |  | 1,732,614 |

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