Capital Structure

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Capital Structure

Note 6. Capital Structure

Common Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue up to 300,000,000 shares of common stock with a par value of $0.0001 per share and 10,000,000 shares of preferred stock with a par value of $0.0001 per share.

Common stockholders are entitled to dividends when and if declared by the Company’s Board of Directors and after any preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of September 30, 2023, no dividends have been declared.

The Company had reserved common stock, on an as-converted basis, for future issuance as follows:

	September 30,		December 31,
	2023		2022
Stock options, issued and outstanding		7,315,216		5,341,975
Stock options, authorized for future issuance		867,514		1,446,872
Employee stock purchase plan, available for future issuance		548,932		402,747
Restricted stock, issued and outstanding		156,999		292,236
Total		8,888,661		7,483,830

Public Offering

In April 2023, pursuant to a registration statement on Form S-3, the Company issued and sold 5,750,000 shares of common stock at a public offering price of $30.00 per share in an underwritten public offering. The net proceeds to the Company from the offering were approximately $161.8 million, after deducting underwriting discounts and commissions and offering costs of approximately $11.0 million.