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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Changes in 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

Schedule of Common Stock Reserved for Future Issuance

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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- References

No definition available.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

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- Definition

Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

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