Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

Equity

Equity Financings

“At-the-Market” Offerings

On October 25, 2021, the Company entered into a Sales Agreement, or the 2021 Sales Agreement, with SVB Leerink LLC (now known as SVB Securities LLC), or SVB Leerink, pursuant to which the Company may sell shares of the Company’s common stock, from time to time, through an “at the market” equity offering program under which SVB Leerink will act as sales agent. The shares of common stock sold pursuant to the 2021 Sales Agreement will be issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-241692), for aggregate gross sales proceeds of up to $75.0 million.

During the year ended December 31, 2022, the Company sold 774,544 shares of its common stock pursuant to the 2021 Sales Agreement for aggregate net proceeds of $2.1 million, after deducting commissions and other transaction costs.

During the three months ended March 31, 2023, the Company sold no shares of its common stock pursuant to the 2021 Sales Agreement.

Warrants

During the three months ended March 31, 2022, there were no warrants issued, exercised, or canceled. See Note 10 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion of the terms related to the Company’s warrants.

	Number of Warrants
	Equity  classified	Liability classified	Total	Weighted average exercise price
Outstanding at March 31, 2023	2,236,326	28,991,953	31,228,279	$	1.53

Reserved Shares

The Company has authorized shares of common stock for future issuance as of March 31, 2023 as follows:

Exercise of warrants	31,228,279
Shares available for future stock incentive awards	7,497,840
RSUs reserved for issuance	713
Unvested restricted stock units	2,454,915
Outstanding common stock options	20,646,905
Total	61,828,652