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Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Equity | Equity Equity Financings July 2024 Private Placement On July 2, 2024, the Company and the Purchasers entered into the July 2024 Purchase Agreement for the July 2024 Private Placement. Pursuant to the July 2024 Purchase Agreement, the Purchasers agreed to purchase an aggregate of 3,563,247 shares of common stock and 2,937,903 shares of Series B Preferred Stock, inclusive of 2,359,500 shares of Series B Preferred Stock purchased by directors and executive officers of the Company, and related parties thereto, each at a price per share of $20.00. Each share of Series B Preferred Stock is convertible into one share of the Company’s common stock subject to stockholder approval of the Series B Conversion Proposal. The July 2024 Private Placement resulted in gross proceeds of approximately $130.0 million before deducting placement agent fees and other offering expenses. See Note 10. “At-the-Market” Offerings On October 25, 2021, the Company entered into a sales agreement, or the 2021 Sales Agreement, with Leerink Partners LLC (then known as SVB Leerink LLC), or Leerink Partners, pursuant to which the Company may sell shares of the Company’s common stock, from time to time, through an “at the market” equity offering program under which Leerink Partners will act as sales agent. The shares of common stock sold pursuant to the 2021 Sales Agreement, if any, would be issued and sold pursuant to a registration statement to be filed by the Company with the SEC, for aggregate remaining gross sales proceeds of up to $51.0 million. During the nine months ended September 30, 2024 and the year ended December 31, 2023, the Company sold no shares of its common stock pursuant to the 2021 Sales Agreement. Warrants The following is a summary of warrant activity for the nine months ended September 30, 2024:
| Number of Warrants |  |
| Equity classified |  | Liability classified |  | Total |  | Weighted-average exercise price
Outstanding at December 31, 2023 | 74,420 |  |  | 966,393 |  |  | 1,040,813 |  |  | $ | 45.98 |
Exercises | (65,681) |  |  | — |  |  | (65,681) |  |  | 43.80 |
Canceled | (178) |  |  | — |  |  | (178) |  |  | 503.10 |
Outstanding at September 30, 2024 | 8,561 |  |  | 966,393 |  |  | 974,954 |  |  | $ | 46.04 |
See Note 14 for further discussion on the exercise of the 65,681 warrants during the nine months ended September 30, 2024. See Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion of the terms related to the Company’s warrants. Common Stock On April 4, 2024, the Company implemented the Reverse Stock Split. The Reverse Stock Split became effective at 4:30 p.m. Eastern Time on April 4, 2024. On April 5, 2024, the Company’s common stock began trading on The Nasdaq Global Market on a split-adjusted basis under the symbol “RNAC” with a new CUSIP number, 816212302. As a result of the Reverse Stock Split, every 30 shares of common stock outstanding were combined, automatically and without any action on the part of the Company or its stockholders, into one share of common stock. Stockholders entitled to fractional shares as a result of the Reverse Stock Split received a cash payment in lieu of receiving fractional shares. The Reverse Stock Split did not change the number of authorized shares or par value of the Company’s common or preferred stock. Reserved Shares The Company has authorized shares of common stock for future issuance as of September 30, 2024 as follows:
Exercise of warrants | 974,954 |
Shares available for future stock incentive awards | 3,837,543 |
Unvested restricted stock units | 448,211 |
Outstanding common stock options | 1,972,189 |
Series A Preferred Stock | 5,544,719 |
Series B Preferred Stock | 437,927 |
Total | 13,215,543 |

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