Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

We have 10.0 million shares of preferred stock authorized for issuance, par value of $0.001 per share. As of December 31, 2021 and 2020, no shares of preferred stock were issued and outstanding.

Common Stock

In May 2021, our stockholders approved and we filed an amendment to our Fifth Amended and Restated Certificate of Incorporation, as amended, to increase the total number of authorized shares of common stock from 100.0 million to 200.0 million. Each holder of our common stock, par value of $0.001 per share, is entitled to one vote for each share of such stock held. As of December 31, 2021 and 2020, there were 56.1 million and 55.7 million shares of common stock issued and outstanding.

The following table presents common stock reserved for future issuance for the following financial instruments:

	December 31,
(In thousands)	2021	2020
Outstanding stock options and stock unit awards	7,790	5,703
Warrants to purchase common stock	—	28
Reserved for future grants under employee equity plans	6,914	3,899
Reserved for issuance upon conversion of convertible senior notes	12,313	12,313
Total	27,017	21,943

At December 31, 2021, we had approximately 116.9 million shares of authorized and unreserved common stock available for issuance.

Sale of Common Stock

At-the-Market Offerings

We have an at-the-market sales agreement (the ATM Sales Agreement) with Cantor Fitzgerald & Co. (Cantor) pursuant to which Cantor agreed to act as a sales agent in connection with sales of our common stock from time to time pursuant to an effective registration statement.

In December 2017, we filed a prospectus supplement to our automatic “shelf” registration statement on Form S-3 registering the offering, issuance and sale of up to $75.0 million in gross aggregate proceeds of common stock under the ATM Sales Agreement. For the year ended December 31, 2019, we sold approximately 0.9 million shares of common stock resulting in net proceeds of approximately $42.6 million, after deducting commissions and other offering costs.

In June 2020, we filed a prospectus supplement to our automatic “shelf” registration statement on Form S-3 registering the offering, issuance and sale of up to $200.0 million in gross aggregate proceeds of our common stock under the ATM Sales Agreement. During 2020, we sold approximately 0.2 million shares of common stock and realized net proceeds of approximately $4.9 million, after deducting commissions and other offering costs.

Underwritten Public Offerings

In March 2020, we completed an underwritten public offering of 9.8 million shares of our common stock at an offering price of $23.50 per share, including 1.3 million shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. Net proceeds realized from the offering amounted to approximately $221.7 million, after deducting commissions and other offering costs.

Accumulated Other Comprehensive Income

A summary of changes in the balances of each component of accumulated other comprehensive loss, net of tax, follows:

(In thousands)	Net Unrealized Gains (Losses) on Marketable Securities		Foreign Currency Translation Adjustments		Accumulated Other Comprehensive Income
Balance at December 31, 2018	3		—		3
Amounts arising during the period	702		—		702
Reclassification adjustments	(326)		—		(326)
Balance at December 31, 2019	379		—		379
Amounts arising during the period	(197)		(260)		(457)
Reclassification adjustments	7		—		7
Balance at December 31, 2020	$	189	$	(260)	$	(71)
Amounts arising during the period	(202)		288		86
Balance at December 31, 2021	$	(13)	$	28	$	15