Stockholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

At-the-Market Offering

In August 2017, the Company entered into a sales agreement with 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 (“ATM program”). The Company will pay Cowen up to 3% of gross proceeds for any common stock sold through the sales agreement. During the nine months ended September 30, 2018, the Company sold an aggregate of 1,201,464 shares at an average price of approximately $4.89 per share for gross proceeds of $5.9 million, resulting in net proceeds of $5.6 million after underwriting fees and offering expenses. As of September 30, 2018, $42.5 million of common stock remained available for sale under the ATM program.