Common Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock

8. Common Stock

As of June 30, 2022, the Company had reserved the following shares of common stock for future issuance:

Options issued and outstanding under the 2019 Equity Incentive Plan and    2015 Stock Plan	2,907,596
Restricted stock units issued and outstanding under the 2019 Equity    Incentive Plan	27,000
Options available for future grants under the 2019 Equity Incentive Plan	2,942,751
Pre-funded warrants issued and outstanding	4,000,000
Shares reserved under the 2019 Employee Stock Purchase Plan	518,870
Total	10,396,217

As of June 30, 2022, there was up to $90.9 million available for future issuance of shares of common stock under the Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald & Co. and Stifel, Nicolaus & Company, Incorporated (the “ATM Sales Agreement”).

In May 2022, through the PIPE financing, the Company issued pre-funded warrants to purchase an aggregate of 4,000,000 shares of the Company’s common stock. Each pre-funded warrant has an exercise price of $0.0001 per share. The purchase price per pre-funded warrant was $12.4999 (representing the $12.50 per share closing price of the common stock on May 24, 2022, less the exercise price of $0.0001 per pre-funded warrant). The PIPE financing resulted in net proceeds of $49.8 million, after deducting $0.2 million of offering expenses. As of June 30, 2022, all the pre-funded warrants issued in the PIPE financing were outstanding.

The pre-funded warrants issued provide that the holder will not have the right to exercise any portion of the pre-funded warrants if such holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that the holder may increase or decrease the Beneficial Ownership Limitation by giving 61 days’ notice to the Company, but not to any percentage in excess of 19.99%.

The pre-funded warrants were classified as a component of permanent equity in the Company's condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its shares and permit the holders to receive a fixed number of shares of common stock upon exercise.