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Stockholders’ Equity (Deficit)
12 Months Ended
Dec. 31, 2019
Stockholders Equity [Abstract]  
Stockholders' Equity (Deficit)

Note 11—Stockholders’ Equity

Common stock—The Company has one class of stock outstanding: common shares. The Company issued 316,080 shares of stock in exchange for $7.9 million that related to the private placements which took place in 2018.

The Company’s Registration Statement on Form S-1 for its initial public offering was effective September 26, 2018 and the transaction closed on October 1, 2018, at which time the Company issued 4,485,000 shares of common stock in exchange for net proceeds of approximately $67.3 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.

Preferred stock— At December 31, 2019 and 2018, the Company has no shares of preferred stock outstanding.