Common Stock and Preferred Stock

3 Months Ended

Mar. 31, 2020

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. From the initiation of the ATM Offering through March 31, 2020, the Company has sold an aggregate of 648,845 shares at an average price of $8.54 per share for net proceeds of $5.2 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 March 31, 2020, no shares of preferred stock were issued or outstanding.

Shares Reserved for Future Issuance

As of March 31, 2020 and December 31, 2019, the Company had reserved for future issuance the following number of shares of common stock (in thousands):



	March 31,	December 31,
	2020	2019
Shares reserved for vesting of restricted stock units	760	460
Shares reserved for exercises of outstanding stock options	6,643	5,735
Shares reserved for future issuance under the 2017 Stock Option and Incentive Plan	1,320	1,288
Total shares reserved for future issuance	8,723	7,483