Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Shareholders' Equity

6. Shareholders’ Equity

On September 29, 2020, the Company entered into a Subscription Agreement with TCM Strategic Partners L.P. to issue and sell 2,542 shares of its common stock in a private placement at a price of $14.37 per share. The closing of the sale of common stock occurred the same day. The offering was made without an underwriter or placement agent. The Company received $36,530 of cash proceeds and paid $190 in stock issuance costs.

On October 1, 2020, the Company also issued and sold 17 shares of its Series B Convertible Preferred Stock, par value $0.001 per share, for $16,970 of cash proceeds under the same Subscription Agreement and paid $84 in stock issuance costs.

On December 10, 2020, the Company held a Special Meeting of Shareholders that approved the issuance of 1,198 shares of the Company’s common stock upon the conversion of the Series B Convertible Preferred Stock, fully paid and non-assessable shares of common stock at a conversion price equal to $14.37 per share.

In May 2019, the Company entered into an Equity Distribution Agreement, whereby the Company may sell from time to time through Wells Fargo Securities, LLC, as its sales agent, the Company’s common stock having an aggregate offering price of up to $30,000.

There were no shares sold for the nine months ended September 30, 2021.

For the nine months ended September 30, 2020, the Company sold 162 shares at an average price of $16.80 under the Equity Distribution Agreement totaling $2,718 of cash proceeds, less $61 of commissions and $394 of stock issuance costs, for net cash proceeds of $2,263.

As of September 30, 2021, $6,932 remained available for future issuance under the Equity Distribution Agreement.