Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock

Common Stock

The Company’s common stockholders are entitled to dividends if and when declared by the Company’s Board of Directors, or the Board of Directors. As of December 31, 2023 and 2022, no dividends on the Company’s common stock had been declared by the Board of Directors.

The Company’s common stock has been reserved for the following potential future issuances:

	As of December 31,
	2023	2022
Shares underlying outstanding stock options	4,012,903	3,402,574
Shares underlying unvested restricted stock units	4,346,785	3,687,888
Shares underlying unvested market-based restricted stock units	2,260,764	2,260,764
Shares underlying unvested performance-based restricted stock units	412,490	341,713
Shares available for issuance under the 2018 Incentive Award Plan	7,053,406	5,438,296
Shares available for issuance under the 2018 Employee Stock Purchase Plan	1,679,635	1,118,311
Shares available for issuance under the 2023 Employment Inducement Incentive Award Plan	4,949,988	—
Total	24,715,971	16,249,546

Equity Offering

In May 2023, the Company completed a follow-on underwritten public offering, in which it issued and sold 14,375,000 shares of its common stock at a price of $28.00 per share, and received net proceeds of $381.4 million after deducting underwriting discounts and commissions and other offering costs of $21.1 million. In December 2023, the Company completed a registered direct offering with an investment management firm, in which it issued and sold 3,387,446 shares of its common stock at a price of $26.77 per share, and received net proceeds of $90.6 million.