Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

(7) Equity

In September 2021, the Company effected a 2.783-for-one split of the Company’s common stock. All common share, per share and related information included in the accompanying financial statements have been adjusted retroactively, where applicable, to reflect the split.

In September 2021, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, to increase the number of authorized shares of common stock to 35,000,000, with a par value $0.00001 per share. In connection with the Company’s IPO, the Company’s authorized capital stock increased to 155,000,000 shares, all with a par value of $0.00001 per share, of which:

•150,000,000 shares are designated as common stock; and

•5,000,000 shares are designated as preferred stock.

In October 2021, the Company completed an IPO of 3,333,334 shares of its common stock, at a public offering price of $12.00 per share. The gross proceeds from the offering, before deducting underwriting discounts, commissions and other offering expenses, were approximately $46.0 million, which includes the exercise of the underwriters option to acquire an additional 500,000 shares at the public offering price, which shares were delivered in November 2021. Underwriting discounts, commissions and other offering expenses, were approximately $6.2 million, resulting in net proceeds of approximately $39.8 million. Subsequent to the completed offering, the Company continues to be majority owned by Agenus.

In October 2021, in connection with the Company’s IPO, the Note was automatically converted into 5,451,958 shares of the Company’s common stock. Refer to Note 10 for additional detail.