Stockholders’ Equity |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Equity [Abstract] | |
| Stockholders’ Equity |
8. Stockholders’ Equity Common Stock Total common stock authorized to be issued as of September 30, 2024, was 1,000,000,000 shares, with a par value of $0.0001 per share. As of September 30, 2024 and December 31, 2023, there were 11,738,650 and 3,851,448 shares of our common stock outstanding, respectively. On January 31, 2022, we entered into an At Market Issuance Sales Agreement with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which we may offer and sell, from time to time, shares of our common stock, par value $0.0001 per share, for aggregate gross proceeds of up to $100 million, through or to Wainwright, as agent or principal. We terminated our agreement with Wainwright effective June 3, 2024. On June 4, 2024, we entered into an Equity Distribution Agreement with Canaccord Genuity LLC (“Canaccord”), as representative of certain agents, pursuant to which we may offer and sell, from time to time, shares of our common stock, par value $0.0001 per share, for aggregate gross proceeds of up to $120 million, through the agents. During the nine months ended September 30, 2024, we sold an aggregate of 3,611,187 shares of our common stock under our sales agreement with Wainwright and Equity Distribution Agreement with Canaccord for aggregate gross cash proceeds of $22,159. Transaction costs were $686. As of September 30, 2024, $100.4 million of shares of our common stock remains issuable pursuant to the Equity Distribution Agreement with Canaccord. As further outlined in Note 10 "Subsequent Events" to these notes to the condensed consolidated financial statements, on November 1, 2024, we entered into an Amended and Restated Equity Distribution Agreement (the "Amended and Restated Equity Distribution Agreement") with Canaccord, as representative of certain agents. On August 22, 2023, we entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), which provides that, upon the terms and subject to the conditions and limitations set forth therein, we have the right, but not the obligation, to sell to Lincoln Park up to $30 million in value of shares of our common stock from time to time over the 24-month term of the purchase agreement. We did not sell any shares of our common stock to Lincoln Park during the nine months ended September 30, 2024. As further outlined in Note 10 "Subsequent Events" to these notes to the condensed consolidated financial statements, on October 24, 2024, we terminated the common stock purchase agreement with Lincoln Park effective October 25, 2024. In a series of offerings during the first quarter of 2024, we sold an aggregate of 2,696,000 shares of our common stock and issued pre-funded warrants to purchase up to 974,000 shares of our common stock. The aggregate gross proceeds from the offerings were $22,600. Aggregate transaction costs, including placement agent fees, were approximately $1,880. The holders of the pre-funded warrants exercised their rights to purchase all 974,000 shares of our common stock. Stock Repurchase Plan On January 5, 2023, our board of directors authorized and approved a stock repurchase program for the repurchase of outstanding shares of our common stock with an aggregate value of up to $5 million. The stock repurchase plan may be amended or terminated at any time, in the sole discretion of our board of directors. The authorization permits us to repurchase shares of our common stock from time-to-time through open market repurchases at prevailing market prices, in accordance with federal securities laws. During 2023, we repurchased an aggregate 10,130 shares of our common stock at an aggregate repurchase price of $502. |