Common stock

9 Months Ended

Sep. 30, 2024

Common stock

Common stock

10. Common stock

Common stock

The holders of common stock are entitled to one vote for each share of common stock. The holders of common stock are entitled to receive dividends out of funds legally available if and when declared by the Company’s board of directors. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of common stock are entitled to share ratably in the remaining assets of the Company available for distribution.

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

	September 30, 2024	December 31, 2023
Stock options issued and outstanding under the Plans	11,451,856	7,978,291
Common stock warrants outstanding	—	500,000
Remaining shares available for issuance under the Plans	2,018,277	4,250,303
Remaining shares available for issuance under the ESPP	906,251	473,733
Total reserved common stock	14,376,384	13,202,327

Follow-on public offering

In February 2024, the Company completed a follow-on public offering and issued 11,500,000 shares of its common stock at $20.00 per share, for net proceeds of $215.4 million, after deducting underwriting discounts and commissions and offering expenses.

2024 ATM Agreement

On May 14, 2024, the Company entered into an “at the market” sales agreement, or the 2024 ATM Agreement, with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which the Company may offer and sell from time to time shares of its common stock having an aggregate offering price of up to $200.0 million, or the ATM Shares. The Company has agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold through the 2024 ATM Agreement. No shares of common stock have been sold under the 2024 ATM Agreement as of September 30, 2024.

Warrants to acquire shares of common stock

The Company had 500,000 issued and outstanding common stock warrants as of December 31, 2023 with an exercise price of $10.00 per share and an expiration date of April 28, 2024. During the nine months ended September 30, 2024, warrants to purchase 373,057 shares of common stock were exercised for proceeds of $3.7 million and the remaining 126,943 common stock warrants expired unexercised. No warrants were exercised during the three months ended September 30, 2024 or the three and nine months ended September 30, 2023. No warrants were issued and outstanding as of September 30, 2024.