Subsequent Events

12 Months Ended

Dec. 31, 2017

22.	subsequent events

In January 2018, we issued and sold 4,300,000 shares of our common stock at a public offering price of $15.25 per share. In addition, we granted the underwriters a 30-day option to purchase up to an additional 645,000 shares of common stock. On February 27, 2018, the underwriters partially exercised their option to purchase an additional 465,000 shares of common stock at the offering price of $15.25 per share. Net proceeds were approximately $68.1 million, after deducting underwriting discounts and commissions and offering expenses of approximately $4.5 million.

In December 2017, we entered into a license agreement with Almirall, pursuant to which we granted to Almirall an exclusive, sublicensable license of certain of our intellectual property for the development and commercialization of topical products containing KX-01 for the treatment of AK in the United States and substantially all European countries. In February 2018, the Company obtained antitrust approval of the Almirall license, commencing the term of the agreement. In March 2018, in accordance with the agreement, the Company received an upfront payment of $30.0 million from Almirall. Of this amount, $25.0 million is non-refundable.