Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 14. Stockholders’ equity

Common Stock

We are authorized to issue up to 400.0 million shares of common stock.

Public Offering

In 2020, under our shelf registration statement that was filed with the SEC in May 2020, we issued 12.7 million shares of our common stock at $27.50 per share in an underwritten public offering. The total number of shares sold consisted of 11.0 million base shares and an additional 1.7 million shares sold pursuant to the underwriters’ option exercise. Proceeds from the public offering were approximately $326 million net of underwriting discounts, commissions and other offering expenses.

Gilead Stock Purchase Agreement

In 2020, we closed a private offering under the Stock Purchase Agreement pursuant to which Gilead purchased 6.0 million shares of our common stock at a price of $33.54 per share for a total investment of approximately $200 million. Approximately $91 million of Gilead’s investment was determined to be a premium on the fair value of the common stock and was allocated to the revenue related performance obligations under the Gilead Collaboration Agreement. See Note 3, Related party - Gilead Sciences, Inc., and Note 5, Revenues, for further discussion of these agreements with Gilead. Net proceeds allocated to the equity investment were approximately $108 million after deducting the premium and direct offering expenses of $2 million.

In February 2021, we closed a second private offering under the Amended Stock Purchase Agreement, pursuant to which Gilead made an equity investment of approximately $220 million in the Company by purchasing 5.7 million shares of our common stock at a price of $39.00 per share.

Preferred Stock

We have 10.0 million shares of preferred stock issuable in series. There was no preferred stock outstanding as of December 31, 2022 and 2021.