Stockholder's Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholder's Equity

7. Stockholder’s Equity

On May 15, 2023, the Company filed a certificate of amendment to its amended and restated certificate of incorporation authorizing the Company to issue up to 300,000,000 shares of common stock at a par value of $0.0001 per share and 10,000,000 shares of preferred stock at a par value of $0.0001 per share. There were no shares of preferred stock issued or outstanding at March 31, 2024 and December 31, 2023.

On June 21, 2023, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and BoFA Securities, Inc., as the representatives of the several underwriters (the “Underwriters”) relating to an underwritten public offering of 20,000,000 shares of its common stock at a public offering price of $3.75 per share, resulting in net proceeds of $70.2 million after deducting underwriting discounts and commissions of $4.5 million and offering costs of $0.3 million. Under the terms of the underwriting agreement, the Company granted the Underwriters an option, exercisable for 30 days, to purchase up to an additional 3,000,000 shares of its common stock at the same price per share as the shares, less underwriting discounts and commissions. On July 21, 2023, the Underwriters option expired.

The Company has reserved shares of common stock for issuance as follows:

	March 31, 2024		December 31, 2023
Options to purchase common stock		8,594,001		10,439,751
Unvested restricted stock		1,564,941		3,254,863
Stock available for grant under the 2020 Stock Option and Grant Plan		12,692,809		4,182,461
Stock available for issuance under the 2020 Employee Stock Purchase Plan	1,621,594			480,059
Total		22,851,751		18,357,134