Stockholders Equity (Deficit)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Note 10 – Stockholders’ Equity

Shelf Registration Statement

On August 8, 2022, the Company filed a $200.0 million shelf registration statement which became effective on August 12, 2022. The shelf registration statement is effective for three years and permits the Company to sell, from time to time, up to $200.0 million in aggregate value of our common stock, preferred stock, debt securities, warrants, and/or units. The shelf registration statement is intended to provide the Company with flexibility to access additional capital when market conditions are appropriate. Included in the $200.0 million shelf registration statement, the Company also filed a prospectus supplement to sell up to an aggregate value of $50.0 million dollars of our common stock through an ATM offering.

ATM Offering

During the year ended December 31, 2022, the Company sold 475,875 common shares for $6.0 million after deducting underwriting discounts and commissions and other offering expenses. As of December 31, 2023, a total of 2,617,964 shares of the Company's common stock, for total gross proceeds of $50.0 million (net proceeds of $47.5 million), have been issued and sold pursuant to the ATM offering, of which 2,142,089 shares of the Company's common stock, for net proceeds of $41.5 million, were sold during the year ended December 31, 2023, which was the remaining authorized value of the common stock under the ATM offering.

Common stock reserved for future issuance consisted of the following:

	December 31, 2023		December 31, 2022
Stock options issued and outstanding under the Equity Plans		6,777,404		6,339,558
Shares available for future issuance under the Equity Plans		358,610		865,122
Restricted stock units issued under the 2021 Plan		650,357		492,862
Shares available for future issuance under 2021 ESPP		577,847		664,976
Shares available for future sale under the ATM offering (1)(2)		—		3,454,064
Total shares of common stock reserved		8,364,218		11,816,582

(1) The ATM offering was completed in July 2023.

(2) The December 31, 2022 shares available for issuance were calculated based on the closing stock price of $12.67 as reported on the Nasdaq Global Market on December 30, 2022.