Liquidity

6 Months Ended

Jun. 30, 2021

Cash And Cash Equivalents [Abstract]

Liquidity

Note 2. Liquidity

The Company had a net loss of $19.9 million during the six months ended June 30, 2021 and has an accumulated deficit of $202.4 million at June 30, 2021 resulting from having incurred losses since its inception. The Company had $33.6 million of cash and cash equivalents on hand at June 30, 2021 and used $15.5 million of cash in its operating activities during the six months ended June 30, 2021. 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. On July 16, 2021, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. (Cantor) pursuant to which the Company may offer and sell, from time to time, shares of its common stock through Cantor up to an aggregate purchase price of $25.0 million (the ATM Offering). 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.