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Shareholders' Equity
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Shareholders' Equity
Sale of Common Stock

In August 2023, the Company sold 11,288,336 shares of its common stock at a public offering price of $27.80 per share and sold warrants to purchase up to 1,121,736 shares of its common stock at a public offering price of $27.799 per warrant. After deducting underwriter discounts and offering expenses, the Company received net proceeds from the transaction of $332.5 million. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per their terms, the outstanding warrants to purchase shares of common stock may not be exercised if certain holders' ownership of the Company’s common stock would exceed 4.99 percent for certain holders, and 9.99 percent for other holders, following such exercise.

At the Market Facility

On July 2, 2020, the Company entered into a sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million. On July 2, 2021, the Company entered into an amended and restated sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million. During the three and nine months ended September 30, 2023, no shares of common stock were issued and sold under this sales agreement. As of September 30, 2023, the Company has issued and sold an aggregate of 1,880,097 shares of common stock pursuant to this sales agreement generating net proceeds of $155.0 million.

Share-based Compensation

Total share-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss consisted of the following (in thousands):

Three Months Ended September 30,
Nine Months Ended September 30,
2023202220232022
Research and development expense$19,480 $28,276 $62,518 $77,343 
Selling, general and administrative expense25,073 14,716 68,395 47,238 
$44,553 $42,992 $130,913 $124,581 
    
During the three and nine months ended September 30, 2023, 483,741 and 863,062 shares of common stock were issued under the Company’s equity incentive plans, generating net proceeds of $2.2 million and $4.4 million, respectively. During the three and nine months ended September 30, 2022, 96,041 and 301,877 shares of common stock were issued under the Company’s equity incentive plans, generating net proceeds of $2.1 million and $5.0 million, respectively.
Issuances Under Employee Stock Purchase Plan

On May 11, 2023, an amendment to the Company’s 2013 Employee Stock Purchase Plan (“ESPP”) was approved by the Company’s shareholders, to increase the aggregate number of shares of common stock reserved for issuance under the ESPP by 750,000 shares. During the three and nine months ended September 30, 2023, zero and 105,352 shares of common stock were issued under the Company’s ESPP, generating net proceeds of zero and $3.3 million, respectively. During the three and nine months ended September 30, 2022, zero and 29,891 shares of common stock were issued under the Company’s ESPP, generating net proceeds of zero and $1.0 million, respectively.
Warrants

As of September 30, 2023, the following warrants for common stock were issued and outstanding:

Issue DateExpiration DateExercise Price Number of Warrants Outstanding
January 11, 2017None$0.001 3,578,036 
November 20, 2017None$0.001 3,669,360 
June 11, 2018None$0.001 358,415 
August 11, 2023None$0.001 1,121,736 
8,727,547 
No warrants were exercised during the three and nine months ended September 30, 2023 or 2022.