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Stockholders' Equity
 3 Months Ended
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.