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Common Stock and Preferred Stock | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Common Stock and Preferred Stock | Common Stock and Preferred Stock Common Stock As of March 31, 2025 and December 31, 2024, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 150,000,000 shares of common stock, par value $0.0001 per share. In September 2023, the Company entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC, acting as the Company's agent and/or principal (the "Sales Agent"), with respect to an "at the market offering" program under which the Company may, from time to time, at its sole discretion, issue and sell shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agent. During the three months ended March 31, 2025, there have been no sales of common stock pursuant to the Sales Agreement. In June 2024, the Company entered into a securities purchase agreement with a limited number of investors relating to a registered direct offering (the “June 2024 Offering”) of 3,367,003 shares of the Company’s common stock at a purchase price of $14.85 per share and, in lieu of common stock to certain investors who so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 3,367,003 shares of Common Stock at a purchase price of $14.8499 per Pre-Funded Warrant, which represents the price per share at which the shares of common stock were sold to the investors in the June 2024 Offering, minus $0.0001, which is the exercise price of each Pre-Funded Warrant. The June 2024 Offering was made pursuant to the shelf registration statement on Form S-3 (File No. 333-268099) previously filed by the Company with the Securities and Exchange Commission (the “SEC”) on November 1, 2022 and declared effective by the SEC on November 7, 2022. The aggregate net proceeds from the sale of common stock and Pre-Funded Warrants in the June 2024 Offering were approximately $99.6 million, after deducting offering expenses payable by the Company. The Company will receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants. The Pre-Funded Warrants were evaluated pursuant to ASC 480 and ASC 815. The Company classified the Pre-Funded Warrants as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date at fair value. Shares Reserved for Future Issuance The Company has reserved the following shares of common stock for future issuance as of:
|  | March 31, 2025 |  | December 31, 2024
Exercise of outstanding stock options |  | 5,952,688 |  |  | 5,336,407 |
Vesting of outstanding restricted stock units |  | 2,696,774 |  |  | 1,968,374 |
Vesting of outstanding performance stock units |  | 438,500 |  |  | 438,500 |
Future awards under the 2021 Stock Option and Incentive Plan |  | 1,056,545 |  |  | 1,264,247 |
Future awards under the 2021 Employee Stock Purchase Plan |  | 1,503,857 |  |  | 1,128,095 |
Future awards under the 2025 Inducement Plan |  | 270,000 |  |  | — |
Total shares of authorized common stock reserved for future issuance |  | 11,918,364 |  |  | 10,135,623 |
Preferred Stock As of March 31, 2025 and December 31, 2024, the Company was authorized to issue 10,000,000 shares of undesignated preferred stock, par value $0.0001 per share, in one or more series and to fix the rights, preferences, privileges and restrictions thereof. As of March 31, 2025 and December 31, 2024, there were no shares of undesignated preferred stock issued or outstanding.

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