XML 27 R18.htm IDEA: XBRL DOCUMENT v3.23.3
Stockholders' Equity
 9 Months Ended
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