Common Stock

12 Months Ended

Dec. 31, 2024

Common Stock

Common Stock

10. Common Stock

As of December 31, 2024, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.

Each share of common stock is entitled to one vote. Common stockholders are entitled to dividends if and when declared by the board of directors. As of December 31, 2024, no dividends on common stock had been declared.

On August 6, 2024, the Company entered into an open market sale agreement (the “2024 Sales Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, from time-to-time, with aggregate gross sales proceeds of up to $100.0 million, through an at-the-market equity offering program under which Jefferies will act as its sales agent. The issuance and sale of shares of common stock by the Company pursuant to the 2024 Sales Agreement are deemed an “at-the-market” offering under the Securities Act of 1933, as amended. Jefferies is entitled to compensation for its services up to 3.0% of the gross proceeds of any shares of common stock sold through Jefferies under the 2024 Sales Agreement.

During the year ended December 31, 2024, the Company did not sell any shares of common stock under its at-the-market offering program. As of December 31, 2024, $100.0 million remained available for sale under the 2024 Sales Agreement.

The Company has reserved shares of common stock, for issuance as follows:

	December 31,
	2024	2023	2022
Pre-funded warrants	4,144,085	—	—
Outstanding common warrants	11,778,238	—	—
Shares available for future option grants	2,850,693	3,617,943	4,017,011
Outstanding options	11,935,100	9,244,150	7,006,250
Shares reserved for employee stock purchase plan	400,000	400,000	400,000
Total	31,108,116	13,262,093	11,423,261