STOCKHOLDERS' EQUITY (DEFICIT)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT)

The Company’s amended and restated certificate of incorporation, as amended, authorizes 560 million shares of capital stock, par value $0.0001 per share, of which 550 million shares are designated as common stock and 10 million shares are designated as preferred stock.

Preferred Stock

The Company’s amended and restated certificate of incorporation, as amended, authorizes the Board to issue preferred stock in one or more classes or one or more series within any class from time to time. Voting powers, designations, preferences, qualifications, limitations, restrictions or other rights will be determined by the Board at that time.

There were no shares of preferred stock issued and outstanding as of December 31, 2022 and 2021.

Common Stock

The holders of the Company’s common stock (i) have equal ratable rights to dividends from funds legally available, therefore, when, as and if declared by the Board; (ii) are entitled to share in all the Company’s assets available for distribution to holders of common stock upon liquidation, dissolution or winding up of the Company’s affairs; (iii) do not have preemptive, subscription or conversion rights (and there are no redemption or sinking fund provisions or rights); and (iv) are entitled to one non-cumulative vote per share on all matters on which stockholders may vote. 

There were 13,036,356 and 12,911,776 shares of common stock outstanding as of December 31, 2022 and 2021, respectively. The Company had reserved shares of common stock for future issuance as follows:

	December 31,
	2022	2021
Outstanding stock options	1,458,038	1,044,739
Warrants to purchase common stock	1,152,211	1,152,211
Shares reserved for issuance upon conversion of convertible debt (Note 6)	27,717,921	—
For possible future issuance under the Company's incentive plans	565,120	273,940
Total common shares reserved for future issuance	30,893,290	2,470,890

The Company entered into Sales Agreement dated July 22, 2020, as amended on October 2, 2020, with Truist relating to the 2020 ATM. During the years ended December 31, 2022 and 2021, there were no shares sold under the 2020 ATM. Pursuant to the sales agreement, the Company will pay Truist a commission rate of 3.0% of the gross proceeds from the sale of any shares of common stock under the 2020 ATM.