Common Stock

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Common Stock

14. Common Stock

In July 2013, the Company sold an aggregate of 5.8 million shares of its common stock at a price to the public of $5.00 per share in an underwritten public offering and received net proceeds of approximately $26.7 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.

In July 2015, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”) to sell shares of the Company’s common stock having an aggregate sales price of up to $40.0 million through an “at the market offering” program under which Cowen acted as the sales agent. The Company concluded sales under this program in September 2015, having sold approximately 3.8 million shares of common stock and generating approximately $38.6 million in net proceeds, after deducting commissions and offering expenses.

As of December 31, 2015 and 2014, the Company had 200.0 million shares of $0.01 par value common stock authorized. There were approximately 115.9 million and 106.7 million shares of common stock issued and outstanding as of December 31, 2015 and 2014, respectively. The shares reserved for future issuance as of December 31, 2015 and 2014 consisted of the following:

(in thousands)	December 31, 2015		December 31, 2014
Common stock warrants		—		2,381
Outstanding options to purchase common stock		19,211		19,567
Shares available for future issuance under 2011 Stock Incentive Plan		2,462		1,983
Conversion of the Convertible Notes		25,000		25,000