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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Stockholders' Equity | Note 7. Stockholders' Equity Common Stock The Company’s certificate of incorporation provides for 200,000,000 authorized shares of common stock, par value $0.001 per share, and 10,000,000 authorized shares of preferred stock, par value $0.001 per share. The holders of common stock are entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of March 31, 2024, no dividends have been declared. Each share of common stock is entitled to one vote. At March 31, 2024 and December 31, 2023, the Company had reserved common stock for future issuances as follows:
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Common stock available for future grant |  |  | 5,939,266 |  |  |  | 6,033,176 |
Common stock options issued and outstanding |  |  | 4,737,879 |  |  |  | 4,980,190 |
Restricted stock units outstanding |  |  | 5,079,498 |  |  |  | 2,721,361 |
Shares available for future purchase under ESPP |  |  | 1,979,540 |  |  |  | 1,488,227 |
Total |  |  | 17,736,183 |  |  |  | 15,222,954 |
Common Stock Warrants In conjunction with the funding of the Initial Loan under the Hercules Loan Agreement, the Company issued common stock warrants to the Lenders to purchase up to an aggregate of 135,686 shares of our common stock at an exercise price of $5.159 per share. Each warrant is exercisable for up to seven years from the date of issuance. The warrants are classified as equity. During the three months ended March 31, 2024, the fair value of the issued warrants recorded was $0.6 million, which was calculated using the Black-Scholes-Merton (“Black-Scholes”) option pricing model. These warrants were recorded at fair value upon their issuance in additional paid-in capital in the condensed consolidated balance sheet. The warrants are not remeasured after the issuance date. If the additional Term Loans are funded, the Company will be obligated to issue to the Lenders additional warrants to purchase common stock in an amount equal to 2.0% of the funded balance of each tranche, divided by the exercise price on the date the Company draws funds from such tranche, or the issuance date. The exercise price will be calculated using the five-day volume-weighted average stock price as of such date. The unissued warrants do not meet the requirements for classification in equity, and are recorded as liabilities in other noncurrent liabilities in the financial statements. The fair value of the unissued common stock warrants was calculated using the Black-Scholes option pricing method and they were recorded at fair value upon the funding of the Hercules Loan Agreement. According to the fair value measurement criteria, the unissued warrants are considered Level 3 liabilities, with an overall value of less than $0.1 million as of March 31, 2024. The unissued warrants are remeasured at each reporting date after the issuance date.

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