Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders’ Equity

Preferred Stock

As of September 30, 2020 and December 31, 2019, the Company had 10,000,000 shares of preferred stock, par value $0.0001 authorized and no shares issued and outstanding.

Common Stock

As of September 30, 2020 and December 31, 2019, the Company had authorized 200,000,000 shares of common stock, par value $0.0001. As of September 30, 2020 and December 31, 2019, the Company had 87,228,586 shares and 86,069,263 shares issued and outstanding, respectively.

The holders of shares of the Company’s common stock are entitled to one vote per share on all matters to be voted upon by the Company’s stockholders and there are no cumulative rights. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of shares of the Company’s common stock are entitled to receive ratably any dividends that may be declared from time to time by the Company’s Board out of funds legally available for that purpose. In the event of the Company’s liquidation, dissolution or winding up, the holders of shares of the Company’s common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock then outstanding. The Company’s common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Company’s common stock. The outstanding shares of the Company’s common stock are fully paid and non-assessable.

December 2019 Offering

On December 23, 2019, the Company sold 10,000,000 shares of its common stock at the public offering price of $2.75 per share in an underwritten public offering, for gross proceeds of $27,500 and estimated net proceeds of

$25,344 after deducting underwriting discounts and commission and other offering expenses payable by the Company (the “December 2019 Offering”). In addition, the Company granted the underwriters a 30-day option to purchase an additional 1,500,000 shares of common stock offered in the common stock offering. On January 6, 2020, the underwriters partially exercised the option to purchase an additional 1,081,184 shares of common stock at the public offering price of $2.75 per share for additional gross proceeds of $2,973 and net proceeds of $2,766 after deducting underwriting discounts and commission and other offering expenses.

The shares sold in the December 2019 Offering were sold pursuant to a registration statement on Form S-3 that was declared effective by the SEC on July 24, 2019.

August 2019 Offering

On August 2, 2019, the Company completed the sale of 31,625,000 shares of its common stock at a public offering price of $2.00 per share in an underwritten public offering, which included the exercise in full of the underwriters’ option to purchase an additional 4,125,000 shares at the public offering price (the “August 2019 Offering”). The Company received gross proceeds of $63,250 in the August 2019 Offering before deducting underwriting discounts and commissions and offering expenses of $4,384.

The shares sold in the August 2019 Offering were sold pursuant to a shelf-registration the Company filed on Form S-3 with the SEC which was declared effective by the SEC on July 24, 2019.

Common Stock Warrants

As of September 30, 2020, warrants to purchase 413,320 shares of common stock at a price of $3.00 per share remain outstanding. The Warrants expire as follows: 163,174 warrants expire on March 27, 2021; 132,884 expire on April 28, 2021; and 117,262 expire on May 3, 2021. The Warrants are classified as a liability which is remeasured each period at fair value. See Note 12, Fair Value Measurements for more information on the fair value of the common stock warrant liability.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net of tax, for 2020:


	Unrealized gains (losses) on short-term investments		Total
Balance at December 31, 2019	$	(27)	$	(27)
Other comprehensive income (loss) before reclassifications	10		10
Net current period other comprehensive income	10		10
Balance at March 31, 2020	$	(17)	$	(17)
Other comprehensive income (loss) before reclassifications	352		352
Net losses (gains) reclassified from accumulated other comprehensive loss	3		3
Net current period other comprehensive income	355		355
Balance at June 30, 2020	$	338	$	338
Other comprehensive income (loss) before reclassifications	(138)		(138)
Net current period other comprehensive income	(138)		(138)
Balance at September 30, 2020	$	200	$	200

The net loss reclassified from accumulated other comprehensive loss during the nine months ended September 30, 2020 resulted from sales of available-for-sale securities prior to maturity. The gross realized gains and gross realized losses of these sales for the nine months ended September 30, 2020 were $23 and $6, respectively. The basis on which the cost of the securities was determined was specific identification. Proceeds related to these sales were $9,404.