Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events

Subsequent Events

15. Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates and to identify matters that require additional disclosure. Subsequent events have been evaluated as required.

Sales Agreement

Subsequent to December 31, 2018, the Company sold an aggregate of 353,746 shares of common stock pursuant to its current ATM program, at an average price of $5.96 per share, for gross proceeds of $2.1 million, resulting in net proceeds of $2.0 million after deducting sales commissions and offering expenses.

On February 6, 2019, the Company sold 4,000,000 shares of the Company’s common stock, par value $0.001 per share, and accompanying warrants with an exercise price of $6.25 to purchase up to 2,000,000 shares of common stock, at a combined price to the public of $5.00 per unit (each unit consisting of one share of common stock and 0.5 of a warrant to purchase one share of common stock), for gross proceeds of approximately $20.0 million, and net proceeds of $18.5 million after deducting sales commissions and offering expenses.