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Liquidity
9 Months Ended
Sep. 30, 2020
Cash And Cash Equivalents [Abstract]  
Liquidity

Note 2. Liquidity

The Company had a net loss of $21.8 million during the nine months ended September 30, 2020 and has an accumulated deficit of $179.6 million at September 30, 2020 resulting from having incurred losses since its inception. The Company had $56.1 million of cash and cash equivalents on hand at September 30, 2020 and used $18.4 million of cash in its operating activities during the nine months ended September 30, 2020. The Company has financed its operations principally through issuances of equity securities. On June 26, 2020, the Company sold 34,848,484 shares of common stock in an underwritten public offering at a price of $1.65 per share for net proceeds of $53.7 million. The Company expects to continue incurring losses for the foreseeable future. However, the Company expects that its current cash and cash equivalents balance are sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.