Stockholders' equity

9 Months Ended

Sep. 30, 2019

8. Stockholders’ equity

Preferred stock

As of September 30, 2019, the Company had 25,000,000 shares of authorized preferred stock. No shares of preferred stock have been issued.

Common stock

The holders of the common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors (the Board).

In March 2019, the Company completed a follow-on public offering in which the Company issued and sold an aggregate of 24,437,500 shares of its common stock at the public offering price of $4.00 per share, which included the exercise in full of the underwriters’ option to purchase additional shares of common stock. The net proceeds from the offering were $92,162.

At September 30, 2019 and December 31, 2018, there were 5,205,407 and 3,856,932 shares of common stock, respectively, reserved for the exercise of outstanding stock options and warrants.


	September 30,	December 31,
	2019	2018
Warrants	39,474	110,365
Restricted stock units	447,336	—
Stock options	4,718,597	3,746,567
	5,205,407	3,856,932

At-the-market equity offering program

On July 2, 2018, the Company established an at-the-market equity offering program (ATM) pursuant to which it is able to offer and sell up to $75,000 of its common stock from time to time at prevailing market prices. As of September 30, 2019, the Company had not sold any shares under the ATM.

Warrants

In connection with a 2013 Series A-1 Preferred Stock issuance, the Company granted to certain investors warrants to purchase 129,491 shares of common stock. The warrants have a $0.05 per share exercise price and a contractual life of 10 years. The fair value of these warrants was recorded as a component of equity at the time of issuance. As of September 30, 2019, warrants to purchase 39,474 shares of common stock were outstanding. During the quarter ended September 30, 2019, the Company issued 69,680 shares of common stock upon the exercise of warrants.