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Stockholders' Equity (Deficit) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity (Deficit) |
Stockholders' Equity (Deficit) | 9. Stockholders’ Equity (Deficit) Private Investment February 2022 Private Placement On February 9, 2022, the Company entered into the February 2022 Securities Purchase Agreement to sell its Common Stock and warrants to Innoviva. Pursuant and subject to the terms and conditions of the February 2022 Securities Purchase Agreement and related agreements, Innoviva agreed to purchase 9,000,000 newly issued shares of the Company’s Common Stock, at a price of $5.00 per share, and warrants to purchase up to 4,500,000 additional shares of Common Stock, with an exercise price of $5.00 per share. The stock purchases occurred in two tranches. On February 9, 2022, Innoviva purchased 3,614,792 shares of Common Stock and warrants to purchase 1,807,396 shares of Common Stock for an aggregate purchase price of approximately $18.1 million. On March 31, 2022, upon the Company’s stockholders voting in favor of the transaction, Innoviva purchased 5,385,208 shares of Common Stock and warrants to purchase 2,692,604 shares of Common Stock for an aggregate purchase price of $26.9 million. Warrants issued to Innoviva expire in five years from the respective issuance date. The Company reviewed the authoritative accounting guidance and determined that the warrants meet the criteria to be accounted for as permanent equity. Warrants On December 31, 2023 and 2022, outstanding Common Stock warrants to purchase shares of Common Stock, all classified as equity financial instruments, are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | December 31, 2022 |  | Exercise Price |  | Expiration Date
— | ​ | 1,183,491 | ​ | $ | 5.60 | ​ | October 16, 2023
993,139 | ​ | 993,139 | ​ | $ | 2.87 | ​ | February 11, 2025
7,717,661 | ​ | 7,717,661 | ​ | $ | 2.87 | ​ | March 27, 2025
1,867,912 | ​ | 1,867,912 | ​ | $ | 3.25 | ​ | January 26, 2026
4,285,935 | ​ | 4,285,935 | ​ | $ | 3.25 | ​ | March 16, 2026
1,807,396 | ​ | 1,807,396 | ​ | $ | 5.00 | ​ | February 8, 2027
2,692,604 | ​ | 2,692,604 | ​ | $ | 5.00 | ​ | March 30, 2027
1,200 | ​ | 1,200 | ​ | $ | 1,680.00 | ​ | None
19,365,847 | ​ | 20,549,338 | ​ |  |  | ​ |
Shares Reserved for Future Issuance ​ As of December 31, 2023 and 2022, the Company had reserved shares of its Common Stock for future issuance as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
Stock options outstanding |  | 3,165,216 | ​ | 3,352,803
Unvested restricted stock units | ​ | 200,000 | ​ | 30,000
Employee stock purchase plan |  | 9,748 | ​ | 9,748
Shares available for future grants under the 2016 Plan |  | 2,368,160 | ​ | 570,570
Warrants outstanding |  | 19,365,847 | ​ | 20,549,338
Shares issuable upon the conversion of Convertible Loan | ​ | 21,293,861 | ​ | —
Total shares reserved |  | 46,402,832 | ​ | 24,512,459
​

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