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Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Equity

Note 8. Equity

Common Stock

The Company’s certificate of incorporation, as amended, authorizes the Company to issue up to 500,000,000 shares of $0.00001 par value common stock. Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of the Company.

Subject to the preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors. No dividends have been declared to date.

On April 6, 2023, the Company entered into a Sales Agreement with Cowen and Company, LLC as the Company’s Agent, to issue and sell up to an aggregate gross sales of $100.0 million in Shares of the Company’s common stock through the ATM Offering. During the six months ended June 30, 2023, the Company issued and sold 2,502,000 shares of common stock under the ATM program, resulting in net proceeds of $19.1 million, after deducting commissions and other offering costs.

Shares of common stock reserved for future issuance, on an as-if-converted basis, as of June 30, 2023 and December 31, 2022, consists of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Stock options, issued and outstanding

 

 

3,890,135

 

 

 

2,796,241

 

Stock options, authorized for future issuance

 

 

1,309,892

 

 

 

1,627,680

 

ESPP, authorized for future issuance

 

 

357,232

 

 

 

187,000

 

Total

 

 

5,557,259

 

 

 

4,610,921

 

Preferred Stock

The Company’s certificate of incorporation, as amended, authorizes the Company to issue up to 10,000,000 shares of $0.00001 par value preferred stock. The preferred stock is not convertible. No shares of preferred stock were issued and outstanding at June 30, 2023 and December 31, 2022.