Stockholders' Deficit

9 Months Ended

Sep. 30, 2021

Stockholders' Deficit

Stockholders' Deficit

9. Stockholders’ Deficit

In November 2019, the Company entered into an Open Market Sale Agreement with Jefferies LLC which allows the Company to issue and sell up to $50.0 million in gross proceeds of its common stock. During the nine months ended September 30, 2021 the Company sold 12,830,333 shares of common stock under the Open Market Sale Agreement, resulting in gross proceeds of $48.4 million. During the nine months ended September 30, 2020, the Company sold 175,289 shares of common stock under the Open Market Sale Agreement, resulting in gross proceeds of $0.1 million.

During the nine months ended September 30, 2021, in addition to the shares sold under the Open Market Sale Agreement above, the Company sold 99,740,259 shares of common stock, of which 59,740,259 shares of common stock were sold in the Offering and 40,000,000 shares of common stock were sold in the Registered Direct Offering. During the nine months ended September 30, 2020, the Company did not sell any shares of common stock, other than the shares sold under the Open Market Sale Agreement. For additional information on the Offering and the Registered Direct Offering, see Note 2—Liquidity and Capital Resources.