In February 2023, the Company raised $23.0 million in a follow-on public offering. The Company issued and sold 5,750,000 shares of common stock which included 750,000 shares of common stock issued pursuant to the over-allotment option granted to the underwriters to purchase additional shares of common stock, at a public offering price of $4.00 per share. The Company raised $21.2 million in net proceeds from the follow-on public offering after deducting underwriters' commissions of $1.4 million and issuance costs of $0.4 million.

In September 2022, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the Sales Agreement) with Cantor Fitzgerald & Co., as sales agent (Cantor Fitzgerald), pursuant to which it may issue and sell its common stock from time to time through an “at the market offering” (ATM) program under the Sales Agreement. The Company has no obligation to sell any shares of common stock under the Sales Agreement and may at any time suspend sales under the Sales Agreement. Cantor Fitzgerald will be entitled to compensation in an amount of 3% of the gross proceeds of any shares of common stock sold under the Sales Agreement. A maximum of $20.0 million of shares of common stock may be sold under the Sales Agreement. The Company had not sold any shares of its common stock under the Sales Agreement as of June 30, 2023.

On March 16, 2021, the Company completed the initial public offering (IPO) of its voting common stock. In connection with the IPO, the Company issued and sold 5,298,360 shares of voting common stock, which included 298,360 shares of its voting common stock issued pursuant to the option granted to the underwriters to purchase additional shares in April 2021, at a public offering price of $16.00 per share. The Company raised $76.2 million in net proceeds from the IPO after deducting underwriters’ discounts and commissions of $5.9 million and issuance costs of $2.6 million. Unless otherwise noted, all references in the financial statements and related footnotes to the Company's “common stock” refers to the Company's voting common stock.

Immediately prior to the closing of the IPO, 2,630,000 shares of Series A Preferred Stock were exchanged for 3,629,400 shares of non-voting common stock and 2,970,000 shares were automatically converted into 4,098,600 shares of voting common stock. Following the IPO, there were no shares of Series A Preferred Stock outstanding.

In March 2021, the Company amended and restated the Company’s certificate of incorporation to, among other things, increase the authorized shares of voting common stock, non-voting common stock and preferred stock to 300,000,000 shares, 10,000,000 shares and 10,000,000 shares, respectively.

As of June 30, 2023, the Company had 20,554,609 shares of voting common stock outstanding and 2,420,755 shares of non-voting common stock outstanding. As of December 31, 2022, the Company had 13,585,950 shares of voting common stock outstanding and 3,629,400 shares of non-voting common stock outstanding.

The following tables document the changes in stockholders' equity for the three and six months ended June 30, 2023 and 2022 (unaudited):


	Voting Common Stock				Non-Voting Common Stock
(in thousands, except shares)	Number of Shares		Amount		Number of Shares			Amount		Additional Paid-in Capital			Accumulated Other Comprehensive Loss				Accumulated Deficit			Total Stockholders' Equity
Balance at December 31, 2022		13,585,950	$	1		3,629,400		$	—	$	148,303		$	(692	)		$	(86,142	)	$	61,470
Issuance of common stock in follow-on public offering		5,750,000		1		—			—		21,187			—				—			21,188
Conversion of non-voting common stock to voting common stock		1,208,645		—		(1,208,645	)		—		—			—				—			—
Financing related fees		—		—		—			—		(37	)		—				—			(37	)
Stock-based compensation		—		—		—			—		697			—				—			697
Unrealized gain on short-term investments, net		—		—		—			—		—			271				—			271
Net loss		—		—		—			—		—			—				(11,456	)		(11,456	)
Balance at March 31, 2023		20,544,595	$	2		2,420,755		$	—	$	170,150		$	(421	)		$	(97,598	)	$	72,133
Financing related fees		—		—		—			—		(46	)		—				—			(46	)
Stock-based compensation		—		—		—			—		841			—				—			841
Exercise of stock options		10,014		—		—			—		48			—		—		—			48
Unrealized gain on short-term investments, net		—		—		—			—		—			131				—			131
Net loss		—		—		—			—		—			—				(14,999	)		(14,999	)
Balance at June 30, 2023		20,554,609	$	2		2,420,755		$	—	$	170,993		$	(290	)		$	(112,597	)	$	58,108

	Voting Common Stock				Non-Voting Common Stock
(in thousands, except shares)	Number of Shares		Amount		Number of Shares			Amount		Additional Paid-in Capital			Accumulated Other Comprehensive Loss				Accumulated Deficit			Total Stockholders' Equity
Balance at December 31, 2021		13,440,761	$	1		3,629,400		$	—	$	145,683		$	(164	)		$	(42,197	)	$	103,323
Vesting of restricted stock		43,554		—		—			—		—			—				—			—
Stock-based compensation		—		—		—			—		571			—				—			571
Unrealized loss on short-term investments, net		—		—		—			—		—			(432	)			—			(432	)
Net loss		—		—		—			—		—			—				(9,597	)		(9,597	)
Balance at March 31, 2022		13,484,315	$	1		3,629,400		$	—	$	146,254		$	(596	)		$	(51,794	)	$	93,865
Vesting of restricted stock		43,554		—		—			—		—			—				—			—
Stock-based compensation		—		—		—			—		699			—				—			699
Unrealized loss on short-term investments, net		—		—		—			—		—			(188	)			—			(188	)
Net loss		—		—		—			—		—			—				(11,407	)		(11,407	)
Balance at June 30, 2022		13,527,869	$	1		3,629,400		$	—	$	146,953		$	(784	)		$	(63,201	)	$	82,969