Capital Structure

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Capital Structure

9. Capital Structure

Common Stock

As of June 30, 2022 and December 31, 2021, the Company was authorized to issue 200,000,000 shares of common stock $0.0001 par value per share. Holders of the Company’s common stock are entitled to dividends if and when declared by the Board of Directors of the Company (Board of Directors). The holder of each share of common stock is entitled to one vote. As of June 30, 2022, no dividends were declared.

Shares reserved for future issuance

Common stock reserved for future issuance, on an as converted basis, consisted of the following:

	June 30, 2022		December 31, 2021
Stock options, issued and outstanding		3,954,980		2,215,942
Restricted and performance stock units, issued and outstanding		425,853		460,000
Shares available for future issuance under 2020 Equity Incentive Plan		2,815,275		2,636,506
Employee stock purchase plan, available for future issuance		642,573		433,200
Total shares reserved		7,838,681		5,745,648

In February 2022, the SEC declared effective a registration statement on Form S-3 (Shelf Registration) covering the sale of up to $200.0 million of the Company's securities. Also, in February 2022, the Company entered into an Open Market Sales AgreementSM (Sales Agreement), with Jefferies LLC (Jefferies), pursuant to which the Company may elect to issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $21.0 million under the Shelf Registration through Jefferies acting as the sales agent and/or principal. As of June 30, 2022, the Company has issued no shares of common stock pursuant to the Sales