STOCKHOLDERS’ EQUITY |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY |
5. STOCKHOLDERS’ EQUITY
AT-THE-MARKET OFFERING
On September 2, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Barclays Capital Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., ThinkEquity LLC, H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC, as our sales agents (collectively, the “Agents”) to conduct an at-the-market (“ATM”) equity offering program, pursuant to which we may publicly issue and sell from time to time shares of our common stock having an aggregate offering price of up to $250,000 through the Agents. On November 16, 2023, we entered into an Amendment to the Sales Agreement, effective as of November 2, 2023 (the “Amendment”), with the Agents. The Amendment revised the term “Registration Statement,” as used in the Sales Agreement, to our new shelf registration statement on Form S-3, as amended (File No. 333-275123), and revised the term “Prospectus Supplement,” as used in the Sales Agreement, to our prospectus supplement dated November 2, 2023, relating to the ATM equity offering program contemplated by the Sales Agreement. During the nine months ended September 30, 2024, the Company sold an aggregate of shares of common stock aggregate gross proceeds of $25,651, less issuance costs of $581, for net proceeds of $25,070. As of September 30, 2024, the Company has approximately $100,000 available under this ATM program.
COMMON STOCK
During the nine months ended September 30, 2024, the Company issued an aggregate of shares of common stock for services to an employee with an issuance date fair value of $2 and will be recognized ratably over the vesting term. On the grant date, shares vested immediately, shares vested on April 1, 2024, and the remainingshares will vest on April 1, 2025. Expenses related to this award are included within compensation expense on the condensed consolidated statements of operations.
During the nine months ended September 30, 2024, the Company issued an aggregate of shares of common stock upon vesting of restricted stock units to employees for services with an aggregate grant date fair value of $1,455. Expenses related to this award were included within compensation expense on the condensed consolidated statements of operations.
STOCK-BASED COMPENSATION
The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three months and nine months ended September 30, 2024, $ and $ respectively, which is included within compensation expense on the condensed consolidated statements of operations. The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three and nine months ended September 30, 2023 of $ and $, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of September 30, 2024, there was $ of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of years.
During the nine months ended September 30, 2024, the Company granted an aggregate of shares of restricted stock with an aggregate grant date fair value of $ which will be recognized ratably over the vesting terms. The restricted stock has vesting dates ranging from . Expenses related to this award are included within compensation expense on the condensed consolidated statements of operations.
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