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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 7. Stockholders’ Equity Shelf Registration Statement and ATM Offering Program On November 1, 2022, the Company filed a registration statement on Form S-3 with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $250.0 million. On November 14, 2022, the registration statement was declared effective by the SEC. The registration statement includes an ATM offering program for the sale of up to $125.0 million of shares of the Company’s common stock. During the six months ended June 30, 2024, the Company completed the sale of an aggregate of 3,600,000 shares of common stock under the ATM offering program, with an average sale price of $3.00 per share, resulting in gross proceeds of $10.8 million, before deducting placement agent fees. During the six months ended June 30, 2023, the Company completed the sale of an aggregate of 1,001,208 shares of common stock under the ATM offering program, with an average gross sale price of $6.30 per share, resulting in gross proceeds of $6.3 million, before deducting placement agent fees. As of June 30, 2024, the Company had $107.9 million of remaining capacity available under the ATM facility. Private Offerings On February 26, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”). Pursuant to the Securities Purchase Agreement, the Company issued and sold to the Purchasers an aggregate of (i) 8,849,371 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share, at a purchase price of $4.78 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,611,215 shares of the Company’ common stock (the “Pre-Funded Warrant Shares”) at a purchase price of $4.779 per Pre-Funded Warrant. The Private Placement closed on February 29, 2024 and the Company received gross proceeds from the Private Placement of $50 million, before deducting placement agent fees and offering expenses directly related to the Private Placement. On February 26, 2024, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company agreed to register for the resale of the Shares and Pre-Funded Warrants (together, the “Registrable Securities”). The Registrable Securities were registered on Form S-3 (Registration No. 333-278282) on March 27, 2024. The Form S-3 was deemed effective by the SEC on April 3, 2024. Preferred Stock There were no issued and outstanding shares of preferred stock as of June 30, 2024 and December 31, 2023. Common Stock Voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock. Voting—Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share. Reserved Shares—The Company reserved the following shares of common stock for issuance:
| June 30, 2024 |  |  | December 31, 2023 |
Stock options outstanding |  | 6,956,497 |  |  |  | 5,982,464 |
Non-vested and unsettled restricted stock units |  | 3,053,833 |  |  |  | 3,631,431 |
Shares reserved for future issuance |  | 1,578,783 |  |  |  | 1,013,840 |
Pre-Funded Warrant Shares |  | 1,611,215 |  |  |  | — |
Apexigen replacement warrants |  | 1,003,191 |  |  |  | 1,003,191 |
Employee stock purchase plan |  | 615,603 |  |  |  | 565,405 |
Total |  | 14,819,122 |  |  |  | 12,196,331 |

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