The Company had 103.9 million and 90.3 million authorized Common Shares as of December 31, 2019 and 2018, respectively, with a par value of CHF 0.03 per share. Share Capital consisted of the following (in thousands):

		As of December 31,
Type of Share Capital	Conditional Capital	2019		2018
Common shares	Registered share capital		61,037		52,268
Common shares	Authorized share capital		19,246		17,577
Common shares	Conditional share capital - Bonds or similar debt instruments		4,920		4,920
Common shares	Conditional share capital - Employee benefit plans		18,698		15,579
	Total		103,901		90,344

Included in registered share capital are 1,230,729 shares registered, which are held by the Company and its subsidiaries and are reserved for future issuance for financings.

In October 2016, the Company sold 4.4 million common shares through an initial public offering (inclusive of shares sold pursuant to an overallotment option granted to the underwriters in connection with the offering) at a price of $14.00 per share for proceeds of $53.7 million, which were net of equity issuance costs of $8.3 million. Concurrent with the initial public offering, the Company sold 2.5 million common shares to Bayer BV in a private placement, at a price of $14.00 per share, resulting in aggregate net proceeds of $35.0 million.

In January 2018, the Company sold 5.7 million common shares through an underwritten public offering (inclusive of shares sold pursuant to an overallotment option granted to the underwriters in connection with the offering) at a price of $22.75 per share for proceeds of $122.6 million, which were net of equity issuance costs of $8.2 million.

In September 2018, the Company sold 4.2 million common shares through an underwritten public offering at a price of $47.50 per share for proceeds of $184.5 million, which were net of equity issuance costs of $15.5 million.

In the first quarter of 2019, the Company began to sell securities under an Open Market Sale Agreement^SM it entered into with Jefferies LLC (“Jefferies”) in August 2018 (“2018 ATM”), under which the Company was able to offer and sell, from time to time, common shares having aggregate gross proceeds of up to $125.0 million. During year ended December 31, 2019, the Company issued and sold an aggregate of 2.8 million common shares at an average price of $44.38 per share for aggregate proceeds of $120.6 million, which were net of equity issuance costs of $4.4 million.

In November 2019, the Company sold 4.9 million common shares through an underwritten public offering (inclusive of shares sold pursuant to the exercise of the option to purchase additional shares granted to the underwriters in connection with the offering) at a price of $64.50 per share for proceeds of $294.4 million, which were net of equity issuance costs of $20.7 million.

In addition, in August 2019, following the termination of the 2018 ATM by its terms, the Company entered into a new Open Market Sale Agreement^SM with Jefferies (the “2019 ATM”), under which the Company may offer and sell, from time to time, common shares having aggregate gross proceeds of up to $200.0 million. The Company has not yet issued or sold any securities under the 2019 ATM.

The holders of Common Shares are entitled to one vote for each Common Share held at all meetings of shareholders.

The holders of Common Shares are entitled to receive dividends, if and when resolved upon by the general meeting of shareholders based on a respective proposal by the Board of Directors and provided that the Company disposes of sufficient freely distributable reserves. As of December 31, 2019, no dividends have been declared or paid since the Company’s inception.

The holders of the Common Shares are entitled to share ratably in the Company’s assets available for distribution to shareholders in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or upon the occurrence of a deemed liquidation event.