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Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Stockholders' Equity

6. Stockholders' Equity

Common Stock

Common stock reserved for future issuance consisted of the following:

 

 

 

March 31,
2023

 

 

December 31,
2022

 

Common stock options granted and outstanding

 

 

6,126,093

 

 

 

5,890,869

 

Shares available for future issuance under the 2021
   Incentive Award Plan

 

 

6,138,644

 

 

 

4,339,373

 

Shares available for future issuance under the
   2021 Employee Stock Purchase Plan

 

 

1,153,344

 

 

 

759,442

 

Total common stock reserved for future issuance

 

 

13,418,081

 

 

 

10,989,684

 

On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of March 31, 2023, no shares of common stock were issued and sold pursuant to the Sales Agreement.

Restricted Stock

 

Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $0.0001 per share to certain founders of the Company (Founders Stock). The Company maintains a repurchase right whereby the shares of Founders Stock are released from such repurchase right over a period of time of continued service by the recipient. Any shares subject to repurchase by the Company are not deemed to be outstanding, for accounting purposes, until those shares vest. Unvested outstanding Founders Stock as of March 31, 2023 and December 31, 2022 were 3,175 and 3,828 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of March 31, 2023 and December 31, 2022.

For the three months ended March 31, 2023 and 2022, 654 and 122,470 shares vested in each period and the Company recognized $5,000 and $73,000 of stock-based compensation expense for each period related to the Founders Stock, respectively. As of March 31, 2023, the total unrecognized compensation expense related to unvested Founders Stock was immaterial.