v3.25.1
Common Stock and Preferred Stock
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Common Stock and Preferred Stock Common Stock and Preferred Stock
Common Stock
On January 25, 2024, the Company entered into an underwriting agreement with Jefferies LLC, Piper Sandler & Co., Guggenheim Securities, LLC and Truist Securities, Inc. (collectively, the “Underwriters”) in connection with the offering, issuance and sale by the Company of 4,615,384 shares of the Company’s common stock at a public offering price of $32.50 per share, less underwriting discounts and commissions, pursuant to an effective shelf registration statement on Form S-3 (the “January 2024 Offering”). Under the January 2024 Offering, the Company also granted the Underwriters a 30-day option to purchase up to 692,307 shares of common stock at the public offering price, less the underwriting
discounts and commissions, which was exercised by the Underwriters in full on January 25, 2024. The January 2024 Offering closed on January 29, 2024.
Total gross proceeds from the January 2024 Offering were approximately $172.5 million, including the full exercise by the Underwriters of their option to purchase additional shares. Net proceeds were approximately $161.4 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.
As of March 31, 2025, the Company is authorized to issue 140,000,000 shares of voting common stock and 10,000,000 shares of non-voting common stock. Holders of voting common stock are entitled to one vote per share. In addition, holders of voting common stock are entitled to receive dividends, if and when declared by the Company’s Board of Directors. As of March 31, 2025, no dividends had been declared.
Preferred Stock
The Company was authorized to issue 10,000,000 shares of undesignated preferred stock. However, no such shares were issued or outstanding as of March 31, 2025 or December 31, 2024.
Shares Reserved for Future Issuance
As of March 31, 2025 and December 31, 2024, the Company had reserved for future issuance the following number of shares of common stock:
March 31,December 31,
20252024
Exercises of outstanding stock options under 2022 Equity Incentive Plan
1,188,9531,244,691
Exercises of outstanding stock options under 2023 Equity Incentive Plan
2,521,3431,479,091
Vesting of restricted stock units under 2023 Equity Incentive Plan
12,88014,127
Common stock subject to repurchase related to early exercised stock options126,509170,210
Future issuances under 2023 Equity Incentive Plan
1,770,2081,551,522
Future issuances under 2023 Employee Stock Purchase Plan
662,920406,742
Total shares reserved for future issuance6,282,8134,866,383