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Common Stock
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Common Stock

8. Common Stock

Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and if declared by the Company’s board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No cash dividends have been declared by the board of directors from inception.

The Company has reserved the following shares of common stock for future issuance, on an as-converted basis, as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Shares issuable upon the exercise of outstanding
   common stock options and the vesting of
   outstanding common restricted stock
   units granted

 

 

10,365,045

 

 

 

7,130,956

 

Shares available for future grant under the 2020
   Equity Incentive Plan

 

 

1,678,586

 

 

 

3,158,094

 

Shares available for future grant under the
   Employee Stock Purchase Plan

 

 

1,510,458

 

 

 

1,128,732

 

Shares available for future grant under the 2024
   Inducement Equity Incentive Plan

 

 

750,000

 

 

 

 

Total

 

 

14,304,089

 

 

 

11,417,782

 

 

The Company’s 2020 Equity Incentive Plan (“2020 Plan”) provides for annual increases in the number of shares that may be issued under the 2020 Plan on January 1, 2021 and each subsequent January 1, thereafter, by a number of shares

equal to the least of (1) 3,230,000 shares, (2) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (3) an amount determined by the Company’s board of directors.

The Company’s 2020 Employee Stock Purchase Plan (“ESPP”) provides for annual increases in the number of shares that may be issued under the ESPP on January 1, 2021 and each subsequent January 1, thereafter, by a number of shares equal to the least of (1) 646,000 shares, (2) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (3) an amount determined by the Company’s board of directors.

Effective January 1, 2024, the Company’s 2020 Plan and ESPP reserves increased by 1,908,630 shares and 381,726 shares, respectively.

In February 2024, the board of directors adopted the Athira Pharma, Inc. 2024 Inducement Equity Incentive Plan, or the 2024 Inducement Plan, and, subject to the adjustment provisions of the 2024 Inducement Plan, reserved 750,000 shares of the Company's common stock for issuance pursuant to equity awards granted under the 2024 Inducement Plan.