Stockholders’ Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders’ Equity

8. Stockholders’ Equity

At-the-Market Sales Agreement

In May 2016, the Company entered into an “at-the-market” sales agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, through which the Company may offer and sell shares of its common stock having an aggregate offering of up to $100.0 million from time to time through Cowen, acting as the Company’s sales agent. The issuance and sale of these shares by us pursuant to the Sales Agreement are deemed an “at-the-market” offering under the Securities Act of 1933, as amended. Under the Sales Agreement, the Company has agreed to pay Cowen a commission of up to 3% of the gross proceeds of any sales made pursuant to the Sales Agreement. During the three and nine months ended September 30, 2016, the Company received net proceeds of $31.8 million, after deducting commissions and expenses payable by the Company, from the sale of 2,180,477 shares of common stock pursuant to the Sales Agreement. As of September 30, 2016, the Company had an aggregate of $67.2 million available to be offered under the Sales Agreement, subject to the continued effectiveness of its current shelf registration statement or an effective replacement shelf registration statement.