Stockholders' equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders’ equity

Stockholders’ equity

Preferred stock

As of March 31, 2024, the Company had 25,000,000 shares of authorized preferred stock. No shares of preferred stock have been issued.

At-the-market ("ATM") equity offering program

In February 2022, the Company established an ATM equity offering program (the "February 2022 ATM"), pursuant to which it was able to offer and sell up to $100.0 million of its common stock from time to time at prevailing market prices. During the three months ended March 31, 2023, the Company sold 256,386 shares of common stock under the February 2022 ATM, resulting in net proceeds of $1.6 million. As of March 31, 2023, the February 2022 ATM had been fully utilized.

In November 2022, the Company established an additional ATM equity offering program (the "November 2022 ATM"), pursuant to which it is able to offer and sell up to $150.0 million of its common stock from time to time at prevailing market prices. During the three months ended March 31, 2024 and 2023, the Company sold 1,041,201 and 3,278,707 shares of common stock under the November 2022 ATM, respectively, resulting in net proceeds of $5.8 million and $20.2 million, respectively. As of March 31, 2024, approximately $50.0 million remained unsold and available for sale under the November 2022 ATM.

In February 2024, the Company established an additional ATM equity offering program (the "February 2024 ATM"), pursuant to which it is able to offer and sell up to $100.0 million of its common stock from time to time at prevailing market prices. As of March 31, 2024, approximately $100.0 million remained unsold and available for sale under the February 2024 ATM.

Common stock

The holders of the common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors of the Company (the "Board").

As of March 31, 2024 and December 31, 2023, there were 17,996,810 and 14,736,953, respectively, shares of common stock reserved for the exercise of outstanding stock options, restricted stock units ("RSUs") and warrants.

	March 31, 2024	December 31, 2023
Stock options	12,710,439	10,902,845
Restricted stock units	5,286,371	3,834,108
	17,996,810	14,736,953