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Subsequent Event
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Event

16. Subsequent Event

On October 1, 2019, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with accredited investors (the “Investors”), pursuant to which the Company issued and sold to the Investors in a private placement an aggregate of 7,647,057 shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), at a price of $8.50 per share (the “Offering”). The Offering closed on October 3, 2019.

The Company received aggregate gross proceeds of approximately $65.0 million, before deducting offering expenses of $0.1 million. The Company intends to use the net proceeds to fund research and development expenses, including the clinical development of CPI-0610, CPI-1205 and CPI-0209, to advance the current pipeline of preclinical candidates, to discover and develop additional preclinical product candidates using its platform, as well as for working capital and other general corporate purposes.