As of December 31, 2019 and 2018, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 150,000,000 shares of $0.0001 par value common stock.

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 of directors, if any, subject to the preferential dividend rights of any outstanding preferred stock. No dividends have been declared or paid by the Company through December 31, 2019.

As of December 31, 2019 and 2018, the Company had reserved 17,351,095 and 6,083,202 shares, respectively, of common stock for the shares available for offering under the Sales Agreement with JonesTrading, the exercise of outstanding stock options, and the number of shares remaining available for future grant under the Company’s 2018 Stock Option and Incentive Plan and the Company’s 2018 Employee Stock Purchase Plan.

The Company has reserved for future issuance the following number of shares of common stock:

	As of December 31,
	2019		2018
Options to purchase common stock		5,418,113		4,414,225
Shares available for future grant		1,409,019		1,412,159
2018 Employee Stock Purchase Plan		534,544		256,818
Shares available from ATM offering		9,989,419		—
Total reserved		17,351,095		6,083,202

In May 2019, the Company entered into the Sales Agreement with JonesTrading to issue and sell shares up to $30,000 in shares of the Company’s common stock from time to time. As of December 31, 2019, the Company has sold 10,581 shares under the ATM Facility for net proceeds of $24.

On April 23, 2018, the Company completed its initial public offering of its common stock by issuing 7,200,000 shares of common stock, at $15.00 per share for gross proceeds of $108,000, or net proceeds of $97,209. Concurrent with the initial public offering, the Company issued Novartis 766,666 shares of its common stock at $15.00 per share for proceeds of $11,500, in a private placement.