Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Common Stock

The following shares were reserved for future issuance:


			December 31, 2022
Common stock options outstanding			5,537,791
Restricted stock units outstanding			2,161,765
Warrants to purchase common stock			7,605,811
Employee Stock Purchase Plan			48,032
Shares available for grant			4,520,741
Total			19,874,140

Sale of Common Stock

In November 2021, the Company issued and sold 3,448,275 shares of its common stock at a public offering price of $145.00 per share. After deducting underwriter discounts, commissions and estimated offering expenses, the Company received net proceeds from the transaction of $474.7 million.

In October 2020, the Company issued and sold 4,585,706 shares of its common stock at a public offering price of $202.00 per share. After deducting underwriter discounts, commissions and estimated offering expenses, the Company received net proceeds from the transaction of approximately $879.6 million.

In January 2020, the Company issued and sold 3,538,462 shares of its common stock at a public offering price of $97.50 per share. After deducting underwriter discounts, commissions and offering expenses, the Company received net proceeds from the transaction of $324.0 million.

At the Market Facility

On July 2, 2020, the Company entered into a sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $200.0 million. On July 2, 2021, the Company entered into an amended and restated sales agreement pursuant to which the Company may, from time to time, sell shares of the Company’s common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million. During the year ended December 31, 2022, the Company issued and sold 1,880,097 shares of common stock under this sales agreement generating net proceeds of $155.0 million. During the years ended December 31,

2021 and 2020, no shares of common stock were issued and sold under this agreement. As of December 31, 2022, the Company has issued and sold an aggregate of 1,880,097 shares of common stock pursuant to this sales agreement.

Warrants

As of December 31, 2022, the following warrants for common stock were issued and outstanding:


Issue Date	Expiration Date	Exercise Price		Number of Warrants Outstanding
January 11, 2017	None	$	0.001	3,578,036
November 20, 2017	None	$	0.001	3,669,360
June 11, 2018	None	$	0.001	358,415
				7,605,811

During the year ended December 31, 2022, no warrants were exercised.

During the year ended December 31, 2021, 623,821 warrants for shares of the Company’s common stock were exercised via cashless exercise, resulting in the issuance of 623,814 shares of common stock.

During the year ended December 31, 2020, 1,400,012 warrants for shares of the Company’s common stock were exercised via cashless exercise, resulting in the issuance of 1,400,000 shares of common stock, and 63,235 warrants for shares of the common stock were exercised for cash, generating immaterial net proceeds.