Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Common Stock

13. Stockholders' Equity

Common Stock

Common stockholders are entitled to dividends if and when declared by the Board of Directors subject to the prior rights of the preferred stockholders. As of December 31, 2021 and 2020, no dividends on common stock had been declared by the Board of Directors.

In February 2021, the Company completed an underwritten public offering of 10,575,513 shares of its common stock at a public offering price of $13.00 per share. The Company received net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses of approximately $128.8 million.

In connection with the February 2021 offering, the Company also entered into a stock purchase agreement with certain existing investors to purchase 1,153,840 shares of our common stock for $15.0 million at a price per share equal to the public offering price, with an initial closing for investors held simultaneously with the closing of the offering and a subsequent closing for certain additional investors.

In December 2021, the Company closed an underwritten public offering, or the December 2021 Follow-On Offering, of 7,187,500 shares of its common stock at a public offering price of $14.00 per share. The Company received net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses of approximately $94.2 million.

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

	December 31,
	2021		2020
Stock options available for future grant		1,961,338		1,739,621
Stock options issued and outstanding		3,875,317		3,706,945
Unvested restricted stock units		771,660		—
Common stock warrants issued and outstanding		220,890		226,191
Total common stock reserved		6,829,205		5,672,757

Warrants to Purchase Shares of Common Stock

In February 2021, PacWest exercised 5,301 warrants, which resulted in the net issuance was 1,806 shares of common stock.

The following provides a roll forward of outstanding warrants:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)
Outstanding and exercisable warrants to purchase    preferred shares as of December 31, 2020		226,191		$	11.3177		5.66
Issued		—
Exercised		(5,301	)
Outstanding and exercisable warrants to purchase    common stock as of December 31, 2021		220,890		$	11.3177		4.66

As of December 31, 2021, the Company's outstanding warrants to purchase shares of common stock consisted of the following:

Issuance Date	Number of Shares of Common Stock Issuable		Exercise Price		Classification	Expiration Date
September 15, 2020		101,610	$	11.3177	Equity	July 25, 2026
September 15, 2020		30,924	$	11.3177	Equity	August 21, 2026
September 15, 2020		77,312	$	11.3177	Equity	September 19, 2026
September 15, 2020		11,044	$	11.3177	Equity	September 26, 2026
		220,890