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Stockholder's Equity
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

6. Stockholders’ Equity

Private Placement

On July 11, 2022, the Company sold in a private placement an aggregate of 9,013,834 shares of common stock, pre-funded warrants to purchase up to 24,696,206 shares of its common stock and accompanying common warrants to purchase up to 8,427,508 shares of its common stock. The offering price per share and accompanying common warrant was $3.87125 per share and the offering price per pre-funded warrant and accompanying common warrant was $3.87025 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each such pre-funded warrant. The pre-funded warrants remain exercisable until exercised in full. The common warrants have an exercise price of $5.806875 per share and expire on June 30, 2025. The private placement resulted in net proceeds of $122.5 million, after deducting placement agent fees and expenses.

An entity related to one of the Company’s directors participated in the private placement and purchased 2,453,988 shares of common stock and accompanying common warrants to purchase up to an additional 613,497 shares of common stock for an aggregate price of approximately $9.5 million.

During the first quarter of 2023, the Company issued an aggregate of 2,582,557 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 2,583,144 shares of common stock. As of September 30, 2023, there were pre-funded warrants to purchase up to 22,113,062 shares of common stock and common warrants to purchase up to 8,427,508 shares of common stock outstanding.

At-the-Market Offering

In August 2021, the Company entered into a sales agreement with Cowen and Company LLC, or Cowen, as sales agent, pursuant to which the Company may issue and sell shares of its common stock for an aggregate maximum offering price of $100.0 million under an at-the-market offering program, or 2021 ATM program. Cowen is entitled to compensation up to 3% of the aggregate gross proceeds for the common stock sold through the 2021 ATM program. During the first quarter of 2023, the Company sold 2,646,458 shares of common stock to an entity related to one of the Company’s directors at a price of $6.80 per share under the 2021 ATM program for

aggregate gross proceeds of approximately $18.0 million. Net proceeds were approximately $17.5 million after commissions of approximately $0.5 million were paid to Cowen as sales agent.

Common Stock

The Company has reserved the following shares of common stock for issuance as follows:

 

 

 

September 30,
2023

 

 

December 31,
2022

 

Stock options issued and outstanding

 

 

9,335,202

 

 

 

8,152,093

 

Stock options reserved for 2020 Incentive Award Plan

 

 

1,743,618

 

 

 

478,109

 

Unvested restricted stock units outstanding

 

 

533,917

 

 

 

550,236

 

Common stock reserved for 2021 ATM program

 

 

2,619,471

 

 

 

5,265,929

 

Common stock reserved for Employee Stock Purchase
     Plan

 

 

1,401,331

 

 

 

994,257

 

Common stock reserved for 2022 Employment Inducement
    Award Plan

 

 

870,400

 

 

 

1,610,600

 

Common stock reserved for pre-funded warrants

 

 

22,113,649

 

 

 

24,696,206

 

Common stock reserved for common warrants

 

 

8,427,508

 

 

 

8,427,508

 

Total common stock reserved

 

 

47,045,096

 

 

 

50,174,938