Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Public Offering

In June 2019, the Company entered into an underwriting agreement with SVB Leerink LLC, Wells Fargo Securities LLC, and William Blair & Company LLC (collectively, the 2019 Underwriters), pursuant to which the Company issued and sold 14,375,000 shares of common stock, including 1,875,000 shares sold pursuant to the 2019 Underwriters’ exercise in full of their option to

purchase additional shares. The price to the public in the offering was $4.00 per share, and the 2019 Underwriters purchased the shares from the Company at a price of $3.76 per share. The net proceeds to the Company from this public offering were approximately $53.8 million, after deducting underwriting discounts and commissions and other offering expenses.

In April 2020, the Company entered into an underwriting agreement with Citigroup Global Markets, Inc., or the Underwriter, pursuant to which the Company issued and sold 5,750,000 shares of common stock, including 750,000 shares sold pursuant to the Underwriter’s exercise in full of their option to purchase additional shares. The price to the public in the offering was $6.25 per share, and the Underwriter purchased the shares from the Company at a price of $5.88 per share. The net proceeds to the Company from this public offering were approximately $33.5 million, after deducting underwriting discounts and commissions and other offering expenses.

At-the-Market Offerings

In August 2017, the Company entered into a sales agreement with Cowen and Company LLC, or Cowen, as sales agent and underwriter, pursuant to which the Company could issue and sell shares of its common stock with an aggregate maximum offering price of $50.0 million under an at-the-market offering program, or the 2017 ATM program. The Company paid Cowen up to 3% of gross proceeds for any common stock sold through the sales agreement. In December 2019, the Company terminated its sales agreement with Cowen.

In December 2019, the Company entered into a sales agreement with Jefferies LLC, or Jefferies, as sales agent and underwriter, pursuant to which the Company could issue and sell shares of its common stock with an aggregate maximum offering price of $50.0 million under an at-the-market offering program, or the 2019 Jefferies ATM program. The Company paid Jefferies up to 3% of gross proceeds for any common stock sold through the sales agreement.

During the year ended December 31, 2019, the Company sold an aggregate of 9,929,742 shares under its 2017 and 2019 ATM programs at an average price of approximately $4.54 per share for gross proceeds of $45.1 million, resulting in net proceeds of $44.0 million after underwriting fees and offering expenses.

During the three months ended March 31, 2020, the Company sold an aggregate of 1,160,425 shares at an average price of approximately $6.51 per share for gross proceeds of $7.6 million, resulting in net proceeds of $7.4 million after underwriting fees and offering expenses. As of March 31, 2020, the Company had sold all available shares under the 2019 ATM program.

In August 2020, in connection with its S-3 filing, the Company entered into a sales agreement with Jefferies for $75.0 million, or the August 2020 ATM. The Company will pay Jefferies up to 3% of gross proceeds for any common stock sold through the sales agreement. During the year ended December 31, 2021, the Company sold 5,245,410 shares under the ATM program at an average price per share of $2.18 for gross proceeds of $11.4 million, resulting in net proceeds of $10.7 million after deducting commissions and offering expenses. As of December 31, 2021, $451,000 in proceeds was receivable from unsettled trades and reflected as a reduction in additional paid-in-capital. As of December 31, 2021, a total of 5,245,410 shares had been sold under the August 2020 ATM and $63.6 million of common stock remained available for sale under the August 2020 ATM program.