Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In April 2017, we completed an underwritten public offering of 6,325,000 shares of our common stock, including the exercise in full by the underwriters of their option to purchase 825,000 shares from us, at a public offering price of $4.00 per share. After deducting the underwriting discounts and commissions and estimated offering expenses, the net proceeds to us were approximately $23.3 million.

In April 2017, we entered into a services agreement with a third party supplier for the development of a manufacturing process. The services agreement, which may, subject to the payment of certain cancellation fees, be canceled at our discretion, may result in a total commitment of up to $4.3 million.

In April 2017, we entered into a financing lease agreement with a third party supplier for the purchase of information technology equipment for approximately $0.3 million. The effective date of the lease is upon delivery of the equipment, which is expected to be received in May 2017 and the term of the lease is three years. This financing agreement was accounted for as a capital lease due to the bargain purchase option at the end of the lease.