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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Stockholders' Equity | 11. Stockholders’ Equity The following table presents the changes in stockholders’ equity for the three months ended March 31, 2024:
(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, 2023 |  |  | 84,826,632 |  |  | $ | 8 |  |  | $ | 1,456,370 |  |  | $ | 218 |  |  | $ | (902,400 | ) |  | $ | 554,196 |
Stock purchase under ESPP |  |  | 35,463 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 8,899 |  |  |  | — |  |  |  | — |  |  |  | 8,899 |
Unrealized (loss) on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (974 | ) |  |  | — |  |  |  | (974 | )
Vesting of RSUs |  |  | 3,750 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employee withholdings ESPP |  |  | — |  |  |  | — |  |  |  | 309 |  |  |  | — |  |  |  | — |  |  |  | 309 |
Proceeds from exercise of stock options |  |  | 113,841 |  |  |  | — |  |  |  | 1,859 |  |  |  | — |  |  |  | — |  |  |  | 1,859 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (72,400 | ) |  |  | (72,400 | )
Balance as of March 31, 2024 |  |  | 84,979,686 |  |  | $ | 8 |  |  | $ | 1,467,437 |  |  | $ | (756 | ) |  | $ | (974,800 | ) |  | $ | 491,889 |
The following table presents the changes in stockholders’ equity for the three months ended March 31, 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 gain on short-term investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 470 |  |  |  | — |  |  |  | 470 |
Vesting of RSUs |  |  | 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 |
At-the Market Program In May 2023, the Company entered into a sales agreement with Cowen and Company, 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 $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. 333-277424), which became automatically effective upon the filing on February 27,2024. 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 March 31, 2024, the Company sold no shares of common stock under the 2023 ATM Program. Pre-Funded Warrants In December 2021, the Company sold pre-funded warrants to purchase 1,142,856 shares of common stock. As of March 31, 2024, 285,714 pre-funded warrants were considered issued and outstanding.

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