Risks Related to This Offering
You may experience future dilution as a result of future equity issuances.
In order to raise additional capital, we may at any time, including during the pendency of this offering, offer additional shares of our Common
Stock or other securities convertible into, exercisable or exchangeable for our Common Stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other offering at a price per
share that is less than the price per share paid by investors in this offering, which would result in those newly issued shares being dilutive. If we obtain further funds through a credit facility or through the issuance of debt or preferred
securities, these securities would likely also have rights senior to your rights as a holder of Common Stock, which could impair the value of our Common Stock.
Sales of a significant number of shares of our Common Stock in the public markets, or the perception that such sales could occur, could depress the
market price of our Common Stock.
Sales of a substantial number of shares of our Common Stock in the public markets or the
perception that such sales could occur, could depress the market price of our Common Stock and impair our ability to raise capital through the sale of additional equity securities. We may sell a significant number of shares of our Common Stock at
any time pursuant to this prospectus supplement and the accompanying prospectus or in one or more separate offerings. We cannot predict the effect that future sales of our Common Stock would have on the market price of our Common Stock. In addition,
the sale of substantial amounts of our Common Stock could adversely impact the price of Common Stock.
As of September 30, 2024, we
had outstanding (a) 31,395,903 shares of our Common Stock, (b) 5,784,602 shares of Common Stock subject to stock options granted under the 2020 Incentive Plan at a weighted-average exercise price of $0.94 per share, (c) 909,732 shares available for
future issuance under our 2020 Incentive Plan, (d) 1,470,314 shares issuable upon the settlement of outstanding restricted stock units, (e) 14,276,000 shares issuable upon the exercise of outstanding
pre-funded warrants to purchase Common Stock, with an exercise price of $0.0001 per share, which have been fully exercised subsequent to September 30, 2024, (f) 22,000,000 shares issuable upon the exercise of
outstanding warrants to purchase Common Stock, with an exercise price of $1.00 per share, (g) 3,295,000 shares issuable upon the exercise of outstanding private warrants to purchase Common Stock, with an exercise price of $11.50 per share and
(f) up to 6,000,000 shares of Common Stock that may be issuable as Earnout Shares. The shares issuable upon the exercise of outstanding warrants does not include 10,904,140 shares issuable upon the exercise of outstanding warrants to purchase
Common Stock, with an exercise price of $0.1839, which warrants were issued on December 27, 2024 pursuant to the Purchase Agreement in a registered direct offering. In addition, the shares reserved for future issuance referenced above does not
include 2,239,580 shares available for future issuance under the 2020 Incentive Plan and 447,916 shares available for future issuance under our 2021 Employee Stock Purchase Plan, which shares became available for issuance as of January 1, 2025
pursuant to evergreen provisions contained in the respective plans. Subsequent to September 30, 2024, 94,901 shares of Common Stock were issued under our 2021 Employee Stock Purchase Plan, 992,555 shares of Common Stock were issued
pursuant to the vesting of restricted stock units, 14,276,000 shares of Common Stock were issued pursuant to the exercise of pre-funded warrants to purchase Common Stock, with an exercise price of $0.0001 per
share, and 2,624,411 shares of Common Stock were issued upon the exercise of pre-funded warrants to purchase Common Stock that were issued pursuant to the Purchase Agreement. The sale or the availability for
sale of a large number of shares of our Common Stock in the public market could cause the price of our Common Stock to decline.
The actual number
of shares we will sell under the Sales Agreement, at any one time or in total, as well as the gross proceeds resulting from those sales, is uncertain.
Subject to certain limitations in the Sales Agreement and compliance with applicable law, we have the discretion to deliver a placement notice
to Wainwright at any time throughout the term of the Sales Agreement. The number of shares that are sold by Wainwright under the Sales Agreement and upon delivery of a placement
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