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Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders' Equity
(7)
Stockholders’ Equity

In June 2019, the Company issued to Ginkgo Bioworks, Inc. (Ginkgo) an aggregate of 6,340,771 shares of common stock at a purchase price per share of $9.00, and pre-funded warrants (the Pre-Funded Warrants) to purchase an aggregate of 2,548,117 shares of common stock at an exercise price of $9.00 per share, with $8.99 of such exercise price paid at the closing of the offering. The net proceeds to the Company were approximately $79.9 million. None of the Pre-Funded Warrants have been exercised as of June 30, 2022. (See Note 9, Collaboration Agreements: Ginkgo Collaboration).

 

The Company had a previous sales agreement with Cowen and Company, LLC (Cowen) with respect to an at-the-market (ATM) offering program, which was entered into on October 13, 2017. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices. During the three months ended March 31, 2021, 2,447,211 shares of common stock were sold pursuant to the ATM, resulting in net proceeds of approximately $8.1 million. There were no sales pursuant to the Cowen ATM subsequent to March 31, 2021.

 

In July 2021, the Company entered into a new sales agreement with Jefferies, LLC (Jefferies) with respect to an ATM, under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having aggregate sales proceeds of up to $50.0 million. Jefferies is not required to sell any specific amount but acts as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. During the six months ended June 30, 2022, no shares of common stock were sold pursuant to the sales agreement with Jefferies.

 

The Company has reserved for future issuance the following shares of common stock related to the potential exercise of Pre-Funded Warrants, exercise of stock options, and the employee stock purchase plan:

 

 

June 30, 2022

 

Common stock issuable under pre-funded warrants

 

2,548,117

 

Options exercisable to purchase common stock

 

2,707,904

 

Employee Stock Purchase Plan

 

20,705

 

Total

 

5,276,726