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Equity
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity Equity
Preferred Stock
Effective June 14, 2021, in connection with the closing of the Company’s Initial Public Offering (“IPO”), the Company’s board of directors (“Board”) is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share, in one or more series. The Company's Board has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. As of September 30, 2024 and December 31, 2023, no shares of preferred stock were issued or outstanding.
Common Stock
As of September 30, 2024 and December 31, 2023, the Company had authorized 400,000,000 shares of voting common stock, $0.01 par value per share. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Board out of legally available funds. If there is a liquidation, dissolution, or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock. The rights, preferences, and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future.
As of September 30, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance in connection with the following:
September 30, 2024December 31, 2023
Options to purchase common stock3,563,611 3,831,710 
Restricted stock units outstanding4,684,455 3,400,489 
Shares available for future grant under the 2021 Plan2,317,676 3,119,122 
Shares available for future grant under the ESPP1,971,655 1,572,504 
Total12,537,397 11,923,825 
Treasury Stock
In August 2023, the Board of Directors authorized the Company to repurchase up to an aggregate of $20.0 million of its common stock (“2023 Stock Repurchase Program”). In June 2024, the Board of Directors authorized an increase to the Company’s 2023 Stock Repurchase Program to an aggregate repurchase amount of $25.5 million, and subsequently announced the completion of its 2023 Stock Repurchase Program. In August 2024, the Board of Directors authorized the Company to repurchase up to an aggregate of $10.0 million of its common stock (“2024 Stock Repurchase Program”).
The following table summarizes total treasury stock purchased under each of the Company's programs as of the periods presented:
(in thousands except per share amounts)September 30, 2024December 31, 2023
SharesCost BasisSharesCost Basis
2023 Stock Repurchase Program4,926,635 $25,373 823,483 $3,496 
2024 Stock Repurchase Program191,935 916 — — 
Total5,118,570 $26,289 823,483 $3,496