Common Stock and Preferred Stock

12 Months Ended

Dec. 31, 2019

Common Stock

The Company is authorized to issue 160,000,000 shares of common stock. Holders of common stock are entitled to one vote per share. Holders of common stock are entitled to receive dividends, if and when declared by the Board of Directors.

On December 17, 2019, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”) pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $50.0 million under an “at the market” offering program (the “ATM Offering”). The Sales Agreement provides that Cowen will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. As of December 31, 2019, the Company had sold an aggregate of 447,847 shares under the ATM Offering at an average price of $8.57 per share for net proceeds of $3.5 million after deducting sales commissions and offering expenses.

Preferred Stock

The Company is authorized to issue 5,000,000 shares of undesignated preferred stock in one or more series. As of December 31, 2019, no shares of preferred stock were issued or outstanding.

Shares Reserved for Future Issuance

As of December 31, 2019 and 2018, the Company had reserved for future issuance the following number of shares of common stock (in thousands):



	December 31,
	2019	2018
Shares reserved for vesting of restricted stock awards	—	7
Shares reserved for vesting of restricted stock units	460	371
Shares reserved for exercises of outstanding stock options	5,735	5,023
Shares reserved for future issuances under the 2017 Stock Option and Incentive Plan	1,288	1,114
Total shares reserved for future issuance	7,483	6,515