Common Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Common Stock

Common Stock

As of September 30, 2023 and December 31, 2022, the Company was authorized to issue 300,000,000 shares of common stock at a par value of $0.0001 per share. The common stock has the following rights and privileges:

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders.

Dividends

The holders of shares of common stock are entitled to receive dividends, when declared by the Company’s board of directors. Cash dividends may not be declared or paid to holders of shares of common stock until all unpaid dividends on preferred stock have been paid in accordance with their terms. No dividends have been declared or paid by the Company since its inception. The terms of the Oxford Loan Agreement restrict our ability to declare and pay dividends.

Liquidation

Subject to the preferential rights of holders of preferred stock then outstanding, the holders of shares of common stock are entitled to share ratably in the Company’s remaining assets available for distribution to its stockholders in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company.

Shares reserved for future issuance

	As of September 30, 2023	As of December 31, 2022
Outstanding stock option awards	6,852,652	5,569,567
Vesting of RSUs	916,708	507,925
Vesting of PSUs	354,534	531,796
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	2,795,354	2,937,769
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	805,756	888,184
Shares of common stock available for future issuance under the 2022 Inducement Plan	850,000	1,000,000
Total shares reserved for future issuance	12,575,004	11,435,241