Common and Preferred Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Common and Preferred Stock

12. Common and Preferred Stock

The Company is authorized to issue 400,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of undesignated preferred stock, par value $0.01 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. As of September 30, 2022 and December 31, 2021, 263,156,165 and 251,477,562 shares of common stock, respectively, were issued and outstanding and no shares of preferred stock were outstanding.

In February 2018, the Company entered into a controlled equity offering sales agreement (the “CF Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Cantor Fitzgerald, shares of the Company’s common stock having an aggregate offering price of up to $50.0 million or such other amount as may be permitted by the Sales Agreement. Under the Sales Agreement, Cantor Fitzgerald may sell shares by any method deemed to be an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933, as amended. For the nine months ended September 30, 2022, the Company sold 5,059,856 shares of common stock at a weighted average purchase price of $3.91 per share for gross proceeds of approximately $19.8 million pursuant to the CF Sales Agreement. For the nine months ended September 30, 2021, the Company sold 578,063 shares of the Company’s common stock at a weighted average purchase price of $3.26 per share for gross proceeds of approximately $1.9 million pursuant to the CF Sales Agreement.  

In the second quarter of 2022, Mann Group converted  $10.0 million of principal and capitalized interest into 4,000,000 shares of common stock. In addition, the Company paid quarterly interest by issuing Mann Group 31,541 shares of common stock.

In the third quarter of 2022, the Company paid quarterly interest by issuing Mann Group 25,950 shares of common stock.

For the nine months ended September 30, 2022, the Company received $0.7 million from the market price stock purchase plan (“MPSPP”) for 252,176 shares. The Company received $0.1 million from the MPSPP for 25,000 shares during the three and nine months ended September 30, 2021.

For shares of common stock issued pursuant to the ESPP, see Note 14 – Stock-Based Compensation Expense.