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Common Stock | 6 Months Ended
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Jun. 30, 2023
Common Stock [Abstract] |
COMMON STOCK | NOTE 9. COMMON STOCK The Company is authorized to issue 490,000,000 shares of voting common stock, 2,000,000 shares of non-voting common stock, and 10,000,000 shares of undesignated preferred stock. There were 110,800,413 shares of voting common stock, no shares of non-voting common stock and no shares of preferred stock issued and outstanding as of June 30, 2023. As of June 30, 2023 and December 31, 2022, the Company had shares of its common stock reserved for future issuance as follows:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Outstanding and issued common stock options |  |  | 9,345,537 |  |  |  | 6,169,180 |
Common stock warrants |  |  | 4,999,863 |  |  |  | 4,999,863 |
Outstanding restricted stock units |  |  | 1,179,771 |  |  |  | 2,617,445 |
Shares available for grant under 2021 Employee Stock Purchase Plan |  |  | 1,184,572 |  |  |  | 869,117 |
Shares available for grant under 2021 Equity Incentive Plan |  |  | 855,464 |  |  |  | 1,383,661 |
Shares available for grant under 2022 Inducement Equity Incentive Plan |  |  | 2,301,841 |  |  |  | 1,295,672 |
Total shares of common stock reserved |  |  | 19,867,048 |  |  |  | 17,334,938 |
Shelf Registration Statement and Public Offering In October 2022, the Company filed a shelf registration statement on Form S-3 (the “Prior S-3”) with the SEC. The Company could sell from time to time up to $150.0 million of common stock, preferred stock, debt securities, warrants, rights, units or depositary shares comprised of any combination of these securities, for the Company’s own account in one or more offerings under the Prior S-3. In April 2023, the Company filed a new shelf registration statement on Form S-3 (“New S-3”) with the SEC, which was declared effective on May 5, 2023 and superseded the Prior S-3. The Company can sell from time to time up to $250.0 million of common stock, preferred stock, debt securities, warrants, rights, units or depositary shares comprised of any combination of these securities, for the Company’s own account in one or more offerings under the New S-3. The terms of any offering under the New S-3 will be established at the time of such offering and will be described in a prospectus supplement to the New S-3 filed with the SEC prior to the completion of any such offering. In January 2023, the Company entered into an underwriting agreement with Credit Suisse Securities (USA) LLC, William Blair & Company, L.L.C. and Oppenheimer & Co. Inc., as the representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”). In January 2023, the Company sold 69,000,000 shares of common stock, including 9,000,000 shares issued as a result of the exercise of the Underwriters’ option to purchase 9,000,000 shares, and received net proceeds of $96.9 million. ATM Offering In November 2022, the Company entered into a Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald & Co. (the “Agent”) pursuant to which the Company may offer and sell through or to the Agent, as sales agent or principal, shares of the Company’s common stock from time to time (the “ATM Offering”). On November 10, 2022, the Company filed with the SEC a prospectus supplement under the Prior S-3 in connection with the ATM Offering, pursuant to which the Company could offer and sell shares of common stock having an aggregate offering price of up to $15.5 million. In January 2023, the Company issued and sold an aggregate of 2,337,496 shares of common stock for net proceeds of $4.5 million. On May 5, 2023, the Company filed with the SEC a prospectus under the New S-3 in connection with the ATM Offering, pursuant to which the Company can now offer and sell shares of common stock having an aggregate offering price of up to $75.0 million. Approximately $175.0 million remained available and unallocated under the New S-3 and $75.0 million remained available under the ATM Offering.

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