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Common and Preferred Stock
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Common and Preferred Stock
7. Common and Preferred Stock
Common Stock
We are authorized to issue 200,000,000 shares of common stock. Common stockholders are entitled to dividends if and when declared by our board of directors. As of June 30, 2024, no dividends on common stock had been declared by us.
On May 10, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Leerink Partners LLC (“Leerink Partners”), formerly known as SVB Securities LLC, pursuant to which we may offer and sell shares of our common stock (the “ATM Offering”). The Sales Agreement provides that Leerink Partners 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. We were initially entitled to offer and sell shares of our common stock having an aggregate offering price of up to $50.0 million in the ATM Offering. On February 9, 2024, we filed a prospectus supplement (the “Prospectus Supplement”) under our shelf registration statement for the offer and sale of shares of our common stock having an offering price of up to an additional $25.0 million in the ATM Offering. Following our filing of the Prospectus Supplement, we are now entitled to offer and sell shares of our common stock with an aggregate offering price of up to $75.0 million pursuant to the Sales Agreement. During the six months ended June 30, 2024, we sold 4,342,320 shares of our common stock at an average price of $5.11 per share for net proceeds of $21.1 million after deducting sales commissions and offering expenses. During the six months ended June 30, 2023, we sold 4,096,281 shares of our common stock at an average price of $2.36 per share for net proceeds of $9.3 million after deducting sales commissions and offering expenses.
We have reserved shares of common stock for issuance as follows:
As of June 30,As of December 31,
20242023
Shares reserved for exercises of outstanding stock options
7,510,0335,700,070
Shares reserved for vesting of restricted stock units
150,000361,500
Shares reserved for exercises of warrants
58,90458,904
Shares reserved for future issuance under the 2021 Employee Stock Purchase Plan
471,933507,113
Shares reserved for future issuance under the 2021 Stock Incentive Plan2,050,9501,911,660
Shares reserved for future issuance as part of K2HV conversion feature
791,364—
Total shares reserved for future issuance
11,033,1848,539,247
Preferred Stock
We are authorized to issue 5,000,000 shares of undesignated preferred stock in one or more series. As of June 30, 2024, no shares of preferred stock were issued or outstanding.