XML 28 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Common Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Common Stock Common Stock
The Company has 500,000,000 shares of Common Stock authorized for issuance, par value $0.0001 per share, of which 54,424,994 shares issued, net of share repurchased and cancellation, and 54,409,708 shares, net were outstanding as of September 30, 2024 and 711,895 shares issued, net of share repurchased and cancellation, and 640,386 shares, net were outstanding as of December 31, 2023. The Company has reserved 5,881,181 shares of Common Stock for issuance to officers, directors, employees and consultants pursuant to the 2019 Stock Option and Grant Plan. As of December 31, 2023, of the 640,386 shares outstanding, 87,404 shares relate to the exercises of stock options, 437,203 shares relate to vesting of RSAs issued under the 2019 Stock Option and Grant Plan, 115,757 shares of Common Stock are held by Biocon Limited and its affiliates (“Biocon”) and were awarded by the Company in 2020 and the remaining balance was issued to an investor.
In September 2024, the Company completed an IPO. As part of the IPO, the Company received net proceeds of $332.4 million after deducting underwriting discounts, commissions and other offering expenses payable by the Company, totaling $29.8 million from the issuance of 20,125,000 shares.
Prior to the IPO, the Company held shares of convertible redeemable preferred shares, which consisted of Series A, Series B and Series C of preferred stock. Each tranche was subject to automatic conversion to common stock per the terms of the initial agreement. Prior to the IPO, there were 81,790,144, 105,595,101 and 119,599,872 shares outstanding in Series A, Series B and Series C tranches of preferred stock, respectively. These shares were converted into 33,210,876 shares of common stock upon completion of the IPO.