Liquidity

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity

Liquidity

The Company incurred a net loss of approximately $27.1 million for the year ended December 31, 2021. As of December 31, 2021, cash and cash equivalents totaled approximately $28.2 million which includes restricted cash of approximately $0.2 million.

On December 11, 2021, the Company amended its financing agreement with Western Alliance Bank increasing the aggregate principal amount available under the line of credit from $7.0 million to $10.0 million, subject to the terms and conditions of the agreement, and extended the maturity date to November 12, 2023, among other amendments. For more information, see Note 9, Line of Credit.

The Company anticipates that its current cash, cash equivalents and cash to be generated from net sales will be sufficient to meet its projected operating plans through at least the next twelve months from the issuance date of these financial statements. Additionally, the Company has an available line of credit up to $10.0 million from Western Alliance Bank. The Company may, however, seek additional capital within the next twelve months, both to fund its projected operating plans after the next twelve months and/or to fund the Company’s longer-term strategic objectives. Additionally, in June 2020, the Company filed a $125.0 million registration statement on Form S-3 with the Commission, utilizing a “shelf” registration process. Under this shelf registration process, the Company may sell securities from time to time up to $50.0 million pursuant to the At Market Issuance Sales Agreement, dated as of June 12, 2020, with B. Riley FBR, Inc. and Raymond James & Associates, Inc. (ATM Facility). During the second quarter of 2021, the Company sold an aggregate of 0.2 million shares of its common stock under the ATM Facility resulting in proceeds of $1.9 million, net of offering costs of $0.3 million. The shares sold at an average price of $10.56 per share. As of December 31, 2021, approximately $47.8 million remains available under the ATM Facility.