|3 Months Ended|
Mar. 31, 2022
5. Stockholders’ Equity
Preferred and Common Stock Authorized
The Company is authorized to issue 10,000,000 shares of preferred stock and 200,000,000 shares of common stock as of March 31, 2022 and December 31, 2021.
Sale of Common Stock and Prefunded Warrants
Pursuant to the Company’s public equity offering completed in November 2021, the Company issued
pre-fundedwarrants to purchase 3,125,000 shares of common stock at a price of $3.9999 per share. These
pre-fundedwarrants have an exercise price of $0.0001 per share, were fully exercisable upon issuance, and have no expiration date. A holder will not be entitled to exercise any portion of any
pre-fundedwarrant if the holder’s ownership of the Company’s common stock would exceed 4.99% to 14.99% following such exercise. The Company determined that the
pre-fundedwarrants should be equity classified because they are freestanding financial instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such
pre-fundedwarrants do not provide any guarantee of value or return. Accordingly, the proceeds from the issuance of the warrants were recorded as additional
paid-incapital on the Company’s condensed consolidated balance sheet as of March 31, 2022.
None of the
pre-fundedwarrants were exercised since they were issued in November 2021, and therefore remain outstanding as of March 31, 2022.
In July 2020, the Company filed a $200.0 million registration statement on Form
S-3with the SEC and entered into an
facility (ATM) to sell up to $75.0 million of common stock under the registration statement. To date, the Company has not sold any shares of common stock under the ATM.
No definition available.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef