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Stockholder's Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

6. Stockholders’ Equity

2024 Financing

In June 2024, the Company raised net proceeds of approximately $116.8 million after deducting underwriting discounts and offering expenses through the sale of 13,001,120 shares of the Company’s common stock, par value $0.001 per share at a price of $6.25 per share and pre-funded warrants to purchase an aggregate of 7,000,000 shares of common stock at a price of $6.249 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. The pre-funded warrants are immediately exercisable, subject to certain beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital in the amount of $43.7 million.

2023 Financing

In December 2023, the Company raised net proceeds of approximately $117.0 million after deducting underwriting discounts and offering expenses through the sale of 25,035,000 shares of the Company’s common stock, par value $0.001 per share at a price of $2.880

per share and pre-funded warrants to purchase an aggregate of 18,379,861 shares of common stock at a price of $2.879 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. An entity related to one of the Company’s directors participated in the public offering and purchased 350,000 shares of common stock for an aggregate price of approximately $1.0 million. The pre-funded warrants are immediately exercisable, subject to certain beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital in the amount of $52.9 million. The Company issued an aggregate of 5,243,400 shares and 965,427 shares of common stock upon the cashless and cash exercise of these pre-funded warrants in February 2024 and April 2024, respectively.

2022 Financing

In July 2022, the Company raised net proceeds of approximately $122.5 million after deducting fees and expenses through the sale of 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. Both the pre-funded and common warrants are immediately exercisable, subject to beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital. The Company issued an aggregate of 2,582,557 shares of common stock upon the cashless exercise of the pre-funded warrants in March 2023. The Company issued an aggregate of 19,901 shares of common stock upon the cashless exercise of the common warrants in June 2024. Subsequent to September 30, 2024 and through the date of issuance of these interim unaudited condensed financial statements, the Company issued an aggregate of 2,739,096 shares of common stock upon the cashless exercise of the pre-funded warrants.

Pre-Funded and Common Warrants

The following summarizes warrant activity during the nine months ended September 30, 2024 and 2023:

 

 

 

Number of Common Warrants

 

 

Number of Pre-funded Warrants

 

 

Weighted-Average Exercise Price

 

Balances as of December 31, 2023

 

 

8,427,508

 

 

 

40,492,923

 

 

 

 

Issued

 

 

—

 

 

 

7,000,000

 

 

$

0.001

 

Exercised

 

 

(322,893

)

 

 

(6,209,871

)

 

$

0.307

 

Balances as of September 30, 2024

 

 

8,104,615

 

 

 

41,283,052

 

 

 

 

 

 

 

Number of Common Warrants

 

 

Number of Pre-funded Warrants

 

 

Weighted-Average Exercise Price

 

Balances as of December 31, 2022

 

 

8,427,508

 

 

 

24,696,206

 

 

 

 

Exercised

 

 

—

 

 

 

(2,583,144

)

 

$

0.001

 

Balances as of September 30, 2023

 

 

8,427,508

 

 

 

22,113,062

 

 

 

 

2024 At-the-Market (ATM) Program

In March 2024, the Company entered into a sales agreement with Cowen and Company LLC, or TD Cowen, as sales agent, or 2024 ATM program, pursuant to which the Company may issue and sell shares of its common stock for an aggregate maximum offering of $100.0 million. TD Cowen is entitled to compensation up to 3% of the aggregate gross proceeds for the common stock sold through the 2024 ATM program. As of September 30, 2024, the Company has not made any sales under the 2024 ATM program. Subsequent to September 30, 2024 and through the date of issuance of these interim unaudited condensed financial statements, the Company sold 750,000 shares of common stock under the 2024 ATM for net proceeds of approximately $4.5 million, after deducting commissions paid to TD Cowen.

2021 ATM Program

In August 2021, the Company entered into a sales agreement with TD Cowen, as sales agent, pursuant to which the Company may issue and sell shares of its common stock for an aggregate maximum offering of $100.0 million under an at-the-market offering

program, or 2021 ATM program. TD 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 nine months ended September 30, 2024 and 2023, the Company sold 7,576,067 shares and 2,646,458 shares of common stock, respectively, under the 2021 ATM program for net proceeds of approximately $38.4 million and $17.5 million, respectively, after deducting commissions paid to TD Cowen. The Form S-3 registration statement pursuant to which the 2021 ATM Program is registered expired on August 15, 2024, and no shares of common stock may be sold under the 2021 ATM Program after that date.

Common Stock

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

 

 

 

September 30,
2024

 

 

December 31,
2023

 

Stock options issued and outstanding

 

 

12,757,684

 

 

 

9,208,970

 

Stock options reserved for 2020 Incentive Award Plan

 

 

2,059,871

 

 

 

1,988,340

 

Unvested restricted stock units outstanding

 

 

782,709

 

 

 

495,579

 

Common stock reserved for 2021 ATM program

 

 

—

 

 

 

2,619,471

 

Common stock reserved for 2024 ATM program

 

 

25,000,000

 

 

 

—

 

Common stock reserved for Employee Stock Purchase Plan

 

 

2,023,537

 

 

 

1,338,381

 

Common stock reserved for 2022 Employment Inducement
    Award Plan

 

 

2,398,730

 

 

 

758,084

 

Common stock reserved for pre-funded warrants

 

 

41,283,052

 

 

 

40,493,510

 

Common stock reserved for common warrants

 

 

8,104,615

 

 

 

8,427,508

 

Total common stock reserved

 

 

94,410,198

 

 

 

65,329,843