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Common and Preferred Stock
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Common and Preferred Stock Common and Preferred Stock
Common Stock
The Company is authorized to issue 200.0 million shares of common stock. Common stockholders are entitled to dividends if and when declared by the Company’s board of directors. As of June 30, 2022, no dividends on common stock had been declared by the Company.
On May 10, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Securities LLC (“SVB”), pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $50.0 million (the “ATM Offering”). The Sales Agreement provides that SVB will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. As of June 30, 2022, the Company had sold an aggregate of 801,462 shares under the ATM Offering at an average price of $4.70 per share for net proceeds of $3.3 million after deducting sales commissions and offering expenses.
Preferred Stock
The Company is authorized to issue 5.0 million shares of undesignated preferred stock in one or more series. As of June 30, 2022, no shares of preferred stock were issued or outstanding.
Shares Reserved for Future Issuance
The Company had reserved shares of common stock for issuance as of June 30, 2022 and December 31, 2021 as follows (in thousands):
As of June 30,As of December 31,
20222021
Shares reserved for exercises of outstanding stock options
4,3833,266
Shares reserved for vesting of restricted stock units
236—
Shares reserved for exercises of warrants
5959
Shares reserved for future issuance under the 2021 Stock Incentive Plan1,9191,939
Total shares reserved for future issuance
6,5975,264