Common Stock and Common Stock Warrant

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock and Common Stock Warrant

Note 8. Common Stock and Common Stock Warrant

Equity Transactions

On December 23, 2021, the Company entered into an Open Market Sales Agreement, with Jefferies LLC ("Jefferies"), whereby the Company may sell up to $150.0 million in aggregate proceeds of common stock from time to time, through Jefferies as our sales agent. During the year ended December 31, 2021, the Company had not sold any shares of common stock under this agreement.

Common Stock

The Company had reserved shares of common stock for future issuance as follows:

	December 31,
	2021		2020
Options issued and outstanding under the 2019 Stock Plan		6,246,293		5,465,327
Shares available for issuance under 2019 Stock Plan		138,926		269,353
Shares available for issuance under the Employee Stock Purchase Plan		832,421		536,989
Total		7,217,640		6,271,669

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of any preferred stock that may be outstanding at the time. The Company has never declared any dividends on common stock. As of December 31, 2021 and 2020, the Company had 30,074,412 and 29,543,222 shares of common stock issued and outstanding, respectively.

Common Stock Warrant

In June 2014, in connection with a research grant and license agreement, the Company issued a warrant to purchase 27,941 shares of common stock at $0.03 per share. The grant date estimated fair value of such warrants was insignificant. The warrant was immediately exercisable and expires in June 2024. The warrant was fully exercised in May 2019.