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Shareholders' Deficit
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Deficit

10. Shareholders' Deficit

Stock Repurchase Program

On November 23, 2022, the Company’s board of directors authorized the repurchase of up to $20.0 million in shares of the Company’s common stock in the open market or in negotiated transactions through December 31, 2023. The Company repurchased a total of 2,709,703 shares of common stock under the program at a cost of $5.4 million, excluding commission fees, for an average of $1.98 per share for the year ended December 31, 2023. Repurchases under the program were able to be suspended or discontinued at any time at the Company’s discretion, and on October 4, 2023, the Company terminated the program in connection with the announcement of the merger agreement with SomaLogic.

Common Shares Reserved

As of December 31, 2023, the Company had reserved shares of common stock for future issuance under equity compensation plans as follows (in thousands):

 

 

 

Securities To Be Issued Upon Exercise Of Options

 

 

Securities To Be Issued Upon Release Of Restricted Stock

 

 

Number Of Remaining Securities Available For Future Issuance

 

2022 Inducement Equity Incentive Plan

 

 

7,595

 

 

 

1,277

 

 

 

208

 

2011 Equity Incentive Plan

 

 

1,640

 

 

 

5,964

 

 

 

4,656

 

2017 Inducement Award Plan

 

 

59

 

 

 

2

 

 

 

—

 

2017 Employee Stock Purchase Plan

 

 

—

 

 

 

—

 

 

 

1,581

 

Total common stock reserved for future issuance

 

 

9,294

 

 

 

7,243

 

 

 

6,445