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Common Stock
12 Months Ended
Dec. 31, 2023
Text Block [Abstract]  
Common Stock
8.
Common Stock

As of December 31, 2023 and 2022, the Company authorized 120,000,000 shares of common stock with a par value of $0.0001 per share.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Board, if any. As of December 31, 2023 and 2022, no dividends have been declared.

As of December 31, 2023, the Company had received 3,033 shares of the Company’s common stock from a then-employee as consideration for exercises of stock options. The total cost of shares held in treasury at December 31, 2023 was $0.4 million.

Sales Agreement

On November 7, 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC, as sales agent (“Cowen”), with respect to an “at the market offering” program pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $250.0 million (the “Shares”), from time to time through Cowen (the “ATM Offering”).

Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, Cowen may sell the Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Company may sell shares in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Sales Agreement, but the Company has no obligation to sell any of the Shares in the ATM Offering.

The Company or Cowen may suspend or terminate the offering of Shares upon notice to the other parties and subject to other conditions. The Sales Agreement provides that Cowen will be entitled to a sales commission of up to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. The Company has also agreed to provide Cowen with customary indemnification and contribution rights.

During the year ended December 31, 2023, the Company did not sell any shares under the Sales Agreement.