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Stockholders' Equity
6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders Equity

6. Stockholders' Equity

ATM Sales Agreement

In December 2022, the Company entered into a Sales Agreement with Jefferies, as sales agent, pursuant to which the Company may offer and sell in an at-the-market offering, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $150.0 million. The Company has no obligation to sell any shares under the Sales Agreement, and could at any time suspend solicitations and offers under the Sales Agreement.

In February 2023, the Company issued and sold 1,176,470 shares of common stock through the Sales Agreement. The common stock had an average purchase price of $42.50 per share for aggregate gross proceeds of $50.0 million. The Company received approximately $48.4 million in net proceeds after deducting commissions and offering expenses payable by the Company.

September 2022 Private Placement

On September 20, 2022, the Company issued and sold 5,350,000 shares of common stock through a private placement to certain qualified institutional buyers and institutional accredited investors. The common stock had a purchase price of $33.00 per share for aggregate gross proceeds of approximately $176.6 million. The Company received approximately $165.2 million in net proceeds after deducting fees to the placement agents and other offering expenses payable by the Company.

Common Stock

The Company is authorized to issue up to 900,000,000 shares of common stock having a par value of $0.0001 par value as of June 30, 2023 and December 31, 2022. Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds.

Common stock reserved for future issuance is as follows (in common stock equivalent shares) as of June 30, 2023:

 

 

 

June 30,

 

 

 

2023

 

Issued and outstanding:

 

 

 

Stock options

 

 

9,030,712

 

Restricted stock awards

 

 

29,119

 

Restricted stock units

 

 

755,425

 

Authorized for future issuance:

 

 

 

2021 Equity Incentive Plan

 

 

1,891,887

 

2021 Employee Stock Purchase Plan

 

 

1,049,336

 

Total

 

 

12,756,479