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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | 8. Stockholders’ Equity Authorized, Issued, and Outstanding Common Stock The Company’s authorized common stock has a par value of $0.001 per share and consists of 150,000,000 shares as of June 30, 2024, and December 31, 2023; 37,856,463 and 37,207,799 shares were issued and outstanding at June 30, 2024 and December 31, 2023, respectively. For the three and six months ended June 30, 2023, 3,787,400 and 4,150,400 of the prefunded warrants from the April 2022 public offering were exercised for total proceeds of $3,787 and $4,150, respectively. The following table summarizes common stock share activity for the three and six months ended June 30, 2024 and 2023 (dollars in thousands):
|  | Three Months Ended June 30, 2024 |
|  | Shares of Common Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
Balance, March 31, 2024 |  |  | 37,779,796 |  |  | $ | 41 |  |  | $ | 428,900 |  |  | $ | (354,836 | ) |  | $ | 74,105 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,458 | ) |  |  | (14,458 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 759 |  |  |  | — |  |  |  | 759 |
Common stock issued for vested restricted stock units |  |  | 76,667 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, June 30, 2024 |  |  | 37,856,463 |  |  | $ | 41 |  |  | $ | 429,659 |  |  | $ | (369,294 | ) |  | $ | 60,406 |
|  | Three Months Ended June 30, 2023 |
|  | Shares of Common Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ (Deficit) Equity |
Balance, March 31, 2023 |  |  | 33,327,627 |  |  | $ | 36 |  |  | $ | 426,214 |  |  | $ | (456,164 | ) |  | $ | (29,914 | )
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 122,260 |  |  |  | 122,260 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 728 |  |  |  | — |  |  |  | 728 |
Common stock issued, net of expenses |  |  | 3,787,400 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Common stock issued for vested restricted stock units |  |  | 60,638 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance, June 30, 2023 |  |  | 37,175,665 |  |  | $ | 40 |  |  | $ | 426,942 |  |  | $ | (333,904 | ) |  | $ | 93,078 |
|  | Six Months Ended June 30, 2024 |
|  | Shares of Common Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
Balance, December 31, 2023 |  |  | 37,207,799 |  |  | $ | 40 |  |  | $ | 428,169 |  |  | $ | (355,247 | ) |  | $ | 72,962 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,047 | ) |  |  | (14,047 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 1,464 |  |  |  | — |  |  |  | 1,464 |
Common stock issued through employee stock purchase plan |  |  | 18,815 |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Common stock issued for vested restricted stock units |  |  | 629,849 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Balance, June 30, 2024 |  |  | 37,856,463 |  |  | $ | 41 |  |  | $ | 429,659 |  |  | $ | (369,294 | ) |  | $ | 60,406 |
|  | Six Months Ended June 30, 2023 |
|  | Shares of Common Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
Balance, December 31, 2022 |  |  | 32,682,342 |  |  | $ | 36 |  |  | $ | 425,485 |  |  | $ | (422,288 | ) |  | $ | 3,233 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88,384 |  |  |  | 88,384 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 1,435 |  |  |  | — |  |  |  | 1,435 |
Common stock issued through employee stock purchase plan |  |  | 2,662 |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Common stock issued, net of expenses |  |  | 4,150,400 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |
Common stock issued for vested restricted stock units |  |  | 340,261 |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Balance, June 30, 2023 |  |  | 37,175,665 |  |  | $ | 40 |  |  | $ | 426,942 |  |  | $ | (333,904 | ) |  | $ | 93,078 |
Shares Reserved for Future Issuance The Company had reserved shares of common stock for future issuance as follows:
|  | June 30, 2024 |  |  | December 31, 2023 |
Outstanding stock options |  |  | 2,842,808 |  |  |  | 1,867,795 |
Outstanding restricted stock units |  |  | 3,263,345 |  |  |  | 1,886,374 |
Warrants to purchase common stock associated with December 2020 public offering - Series 2 |  |  | — |  |  |  | 6,800,000 |
Prefunded warrants to purchase common stock associated with December 2020 public offering |  |  | 3,200,000 |  |  |  | 3,200,000 |
Warrants to purchase common stock associated with April 2022 public offering |  |  | 15,000,000 |  |  |  | 15,000,000 |
Prefunded warrants to purchase common stock associated with April 2022 public offering |  |  | 7,516,267 |  |  |  | 7,516,267 |
Warrants to purchase common stock associated with Loan Agreement |  |  | 198,811 |  |  |  | 198,811 |
Warrant to purchase common stock associated with Danforth |  |  | 50,000 |  |  |  | 50,000 |
For possible future issuance for the conversion of the March 2019 Notes |  |  | 1,138,200 |  |  |  | 1,138,200 |
For possible future issuance under 2024 Plan (Note 9) |  |  | 5,874,196 |  |  |  | 848,202 |
For possible future issuance under employee stock purchase plan |  |  | 1,458,171 |  |  |  | 1,474,045 |
For possible future issuance under 2015 Plan (Note 9) |  |  | 637,050 |  |  |  | 633,590 |
Total common shares reserved for future issuance |  |  | 41,178,848 |  |  |  | 40,613,284 |
Warrants Associated with the December 2020 and April 2022 Public Offerings The outstanding warrants associated with the December 2020 public offering contains a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity, requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Black-Scholes valuation model, and the changes in the fair value are recorded in the accompanying unaudited condensed consolidated statements of operations. The outstanding warrants associated with the April 2022 public offering meet the definition of a derivative pursuant to ASC 815, Derivatives and Hedging, and do not meet the derivative scope exception given the warrants do not qualify under the indexation guidance. As a result, the April 2022 public offering warrants were initially recognized as liabilities and measured at fair value using the Black-Scholes valuation model. For the three months ended June 30, 2024 and 2023, the Company recognized a loss of $5.8 million and a gain of $8.2 million, respectively, and for the six months ended June 30, 2024 and 2023, recognized a gain of $3.8 million and a loss of $13.5 million, respectively, on the warrant liabilities fair value adjustment. As of June 30, 2024 and December 31, 2023, the fair value of the warrant liabilities was $18.0 million and $21.8 million, respectively.

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