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Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Class of Stock Disclosures [Abstract]  
Stockholders' Equity

Note 11. Stockholders’ Equity

In August 2016, the Company's Board adopted the 2016 Equity Incentive Plan (the 2016 Plan) for employees, directors and consultants. In February 2021, the Board adopted the 2021 Employment Inducement Incentive Award Plan (Inducement Plan), which provides for grants of equity-based awards.

The following table presents common stock reserved for future issuance(1) (in thousands):

 

 

 

June 30, 2024

 

 

December 31, 2023

 

Stock options issued and outstanding

 

 

2,482

 

 

 

2,104

 

Stock awards issued and outstanding

 

 

1,041

 

 

 

817

 

Authorized for grants under the 2016 Plan(2)

 

 

69

 

 

 

448

 

Authorized for grants under the Inducement Plan(3)

 

 

183

 

 

 

174

 

Authorized for grants under the 2016 Employee Stock Purchase Plan(4)

 

 

517

 

 

 

540

 

 

 

 

4,292

 

 

 

4,083

 

 

(1) The table above excludes 541,000 treasury stock shares as of June 30, 2024 and December 31, 2023.

(2) On January 1, 2024, the number of authorized shares in the 2016 Plan increased by 440,000 shares pursuant to the evergreen provisions of the 2016 Plan.

(3) On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan.

(4) On January 1, 2024, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 shares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan.

Issuance of Common Stock

In March 2024, we established an at-the-market (ATM) offering program to sell up to $5.0 million of the Company's common stock. As of June 30, 2024, we have $1.7 million available under the offering program for future sales of our common stock.

The Company recorded the ATM gross sales proceeds and offering costs in additional paid-in capital of the consolidated balance sheet. The following table summarizes the Company’s ATM sales activity during the period indicated (in thousands):

 

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

Shares issued

 

 

505

 

 

 

629

 

Gross proceeds

 

$

2,630

 

 

$

3,309

 

Net proceeds after offering costs

 

$

2,518

 

 

$

3,006