Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In April 2020, we completed an underwritten public offering of common stock generating gross proceeds of approximately $57.6 million and net proceeds of approximately $53.7 million through the issuance of 25,587,500 shares of common stock at an offering price of $2.25 per share.

In April 2020, we were approved to receive loan proceeds in the amount of $1.3 million under the Paycheck Protection Program (“PPP”), established as part of the Coronavirus Aid, Relief and Economic Security Act to provide loans to qualifying businesses. We applied for the loan based on the initial criteria established by the PPP and guidance of the U.S. Department of the Treasury (“Treasury Department”). Because additional guidance recently issued by the Treasury Department after we had been approved for the PPP loan indicated that public companies may not be eligible for PPP loans, we did not accept the PPP loan.