Common Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock

Preferred Stock

Under the Company’s Amended and Restated Certificate of Incorporation, the Company is authorized to issue two classes of shares: preferred stock and common stock. The preferred stock may be issued in series, and the Company’s board of directors is authorized to determine the rights, preferences, and terms of each series. These rights, preferences and terms could include dividend rights, conversion rights, voting rights, terms of redemptions, liquidation preferences and sinking fund terms. As of September 30, 2024 and December 31, 2023, the Company was authorized to issue 10,000,000 shares of preferred stock and there was no outstanding preferred stock as of September 30, 2024 and December 31, 2023.

Common Stock

As of September 30, 2024 and December 31, 2023, 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 and at the time of any written action in lieu of a meeting.

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 Amended 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, 2024	As of December 31, 2023
Outstanding stock option awards	8,255,321	6,953,487
Vesting of RSUs	951,127	874,748
Vesting of PSUs	—	328,752
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	4,250,554	2,882,239
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	1,294,745	805,756
Shares of common stock available for future grants under the 2022 Inducement Plan	460,000	700,000
Total shares reserved for future issuance	15,211,747	12,544,982