Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common stock is listed and traded on the Nasdaq Global Market under the symbol “HRMY.”
Holders
As of February 16, 2024, we had 35 holders of record of our common stock. Because many of our shares of common stock are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of beneficial owners of our common stock represented by these holders.
Performance Graph
The following graph shows a comparison of the total cumulative shareholder returns of an investment of $100 in cash from August 19, 2020, the day we began trading, through December 31, 2023, in (i) our common stock, (ii) the Nasdaq Biotechnology Index, and (iii) the Nasdaq Composite Index. The shareholder returns in the graph below are based on historical data and are not indicative of, nor intended to forecast, future performance.
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Purchases of Equity Securities
The following table summarizes information about our purchases of shares of our common stock for each of the months during the fourth quarter ended December 31, 2023.
Maximum Approximate
Dollar Value
Total Number of Shares
of Shares of
Weighted Average
Shares of Common
Common Stock that May
Total Number of
Price Paid
Stock Purchases
Yet to be Purchased
Shares of Common
per Share of
as Part of Publicly
under the Program
Period
Stock Purchased
Common Stock (1)
Announced Program (2)
(in thousands) (3)
October 1, 2023, through October 31, 2023
—
$
—
—
$
200,000
November 1, 2023, through November 31, 2023
1,436,666
$
26.57
1,436,666
$
161,821
December 1, 2023, through December 31, 2023
377,987
$
31.27
377,987
$
150,000
Total
1,814,653
$
27.55
1,814,653
$
150,000
(1) The weighted average price paid per share of common stock excludes commissions and transaction fees.
(2) On October 27, 2023, the Company’s Board of Directors approved a program providing for the repurchase of shares of common stock in an aggregate amount of up to $200.0 million, excluding commissions and transaction fees. The repurchase program may be suspended, terminated or modified at any time for any reason. Such repurchases may be pursuant to Rule 10b-18 or Rule 10b5-1 agreements as determined by our management and in accordance with the requirements of the SEC. All repurchased shares of common stock shown in the table above were retired.
(3) The dollar amount shown (in thousands), represents, as of the end of each period, the approximate dollar value of shares of common stock that may yet be purchased under our publicly announced share repurchase program, exclusive of any commissions and transaction fees. The share repurchase program does not obligate us to repurchase any minimum dollar amount or number of shares of common stock.
Dividend Policy
We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay our debt obligations, therefore we do not anticipate declaring or paying any cash dividends on our common stock in the foreseeable future. Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors, subject to compliance with contractual restrictions and covenants in the agreements governing our current and future indebtedness. Any such determination will also depend upon our business prospects, results of operations, financial condition, cash requirements and availability, industry trends and other factors that our board of directors may deem relevant.
Initial Public Offering
In August 2020, we completed the IPO of our common stock, in which we issued and sold 6,151,162 shares, including 802,325 shares pursuant to the underwriters’ over-allotment option at a price of $24.00 per share for an aggregate price of approximately $147.6 million. The offer and sale of the shares in our IPO was registered under the Securities Act pursuant to a registration statement on Form S-1 (File No. 333-240122), which was declared effective by the SEC on August 18, 2020 (the “Registration Statement”). We raised approximately $135.4 million, after deducting underwriting discounts and commissions and offering expenses of approximately $12.2 million. None of these expenses consisted of direct or indirect payments made by us to (i) our directors, officers or their associates, (ii) persons owning 10% or more of our common stock or (iii) to our affiliates.
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As of December 31, 2023, we have applied all of the proceeds from our IPO.
Recent Sales of Unregistered Securities
Unless otherwise stated, the sales of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or Regulation S promulgated thereunder), or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates issued in these transactions.
Item 6. [Reserved].