Stockholders’ Equity |
12. Stockholders’ Equity The following tables present changes in stockholders’ equity for the nine-month periods ended September 30, 2021 and 2020 (in thousands, except share data):
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Additional |
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Accumulated Other |
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Total |
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Common |
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Paid-In |
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Comprehensive |
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Accumulated |
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Stockholders’ |
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Shares |
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Amount |
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Capital |
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Income (Loss) |
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Deficit |
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Equity |
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Balance at December 31, 2020 |
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66,234,056 |
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$ |
7 |
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$ |
962,173 |
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$ |
1 |
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|
$ |
(435,109 |
) |
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$ |
527,072 |
|
Issuance of common stock through at-the-market offerings, net of issuance costs of $52 |
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641,709 |
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- |
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45,255 |
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- |
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- |
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45,255 |
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Exercise of stock options |
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1,014,569 |
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- |
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13,340 |
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- |
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- |
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13,340 |
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Equity-based compensation |
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- |
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- |
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6,424 |
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- |
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- |
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6,424 |
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Other comprehensive loss |
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- |
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- |
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- |
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(13 |
) |
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- |
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(13 |
) |
Net loss |
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- |
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|
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- |
|
|
|
- |
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|
- |
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(46,205 |
) |
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(46,205 |
) |
Balance at March 31, 2021 |
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67,890,334 |
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7 |
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1,027,192 |
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(12 |
) |
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(481,314 |
) |
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545,873 |
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Exercise of stock options |
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394,801 |
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- |
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6,163 |
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- |
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- |
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6,163 |
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Vesting of restricted stock units |
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26,235 |
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- |
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- |
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- |
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- |
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- |
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Issuance of shares under employee stock purchase plan |
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20,410 |
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- |
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|
970 |
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- |
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- |
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|
970 |
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Equity-based compensation |
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- |
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- |
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10,614 |
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- |
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- |
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10,614 |
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Other comprehensive loss |
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- |
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- |
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- |
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(1 |
) |
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- |
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(1 |
) |
Net loss |
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- |
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- |
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- |
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- |
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(68,806 |
) |
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(68,806 |
) |
Balance at June 30, 2021 |
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68,331,780 |
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7 |
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1,044,939 |
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(13 |
) |
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(550,120 |
) |
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494,813 |
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Issuance of common stock through follow-on offering, net of issuance costs of $284 |
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4,758,620 |
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- |
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648,315 |
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- |
|
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- |
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648,315 |
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Exercise of stock options |
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1,227,067 |
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- |
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20,365 |
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- |
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- |
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20,365 |
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Vesting of restricted stock units |
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24,711 |
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- |
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- |
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- |
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- |
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|
- |
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Equity-based compensation |
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- |
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- |
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15,410 |
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- |
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- |
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15,410 |
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Other comprehensive loss |
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- |
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- |
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- |
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(161 |
) |
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- |
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(161 |
) |
Net loss |
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- |
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- |
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- |
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- |
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(71,644 |
) |
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(71,644 |
) |
Balance at September 30, 2021 |
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74,342,178 |
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$ |
7 |
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$ |
1,729,029 |
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$ |
(174 |
) |
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$ |
(621,764 |
) |
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$ |
1,107,098 |
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Additional |
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Accumulated Other |
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Total |
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Common |
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Paid-In |
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Comprehensive |
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Accumulated |
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Stockholders’ |
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Shares |
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Amount |
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Capital |
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Income |
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Deficit |
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Equity |
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Balance at December 31, 2019 |
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50,198,044 |
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$ |
5 |
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$ |
570,493 |
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$ |
261 |
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$ |
(300,878 |
) |
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$ |
269,881 |
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Issuance of common stock through at-the-market offerings, net of issuance costs of $48 |
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351,252 |
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- |
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5,079 |
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- |
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- |
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|
5,079 |
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Exercise of stock options |
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53,579 |
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- |
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|
336 |
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- |
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- |
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|
336 |
|
Equity-based compensation |
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- |
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|
- |
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4,157 |
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- |
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- |
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|
4,157 |
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Other comprehensive income |
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- |
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- |
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- |
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|
112 |
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- |
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|
112 |
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Net loss |
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- |
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- |
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- |
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- |
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(31,806 |
) |
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(31,806 |
) |
Balance at March 31, 2020 |
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50,602,875 |
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5 |
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580,065 |
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373 |
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(332,684 |
) |
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247,759 |
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Issuance of common stock through follow-on offering, net of issuance costs of $369 |
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6,301,370 |
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1 |
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107,731 |
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- |
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- |
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|
107,732 |
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Issuance of common stock in private placement with Regeneron |
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925,218 |
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|
- |
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12,580 |
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- |
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|
- |
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|
12,580 |
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Issuance of common stock through at-the-market offerings, net of issuance costs of $23 |
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755,848 |
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|
- |
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|
9,643 |
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|
- |
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|
- |
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|
9,643 |
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Exercise of stock options |
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83,631 |
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|
|
- |
|
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|
1,035 |
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|
- |
|
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|
- |
|
|
|
1,035 |
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Issuance of shares under employee stock purchase plan |
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55,296 |
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|
|
- |
|
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|
685 |
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|
- |
|
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|
- |
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|
685 |
|
Equity-based compensation |
|
- |
|
|
|
- |
|
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|
4,764 |
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|
- |
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|
- |
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|
4,764 |
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Other comprehensive loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(218 |
) |
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|
- |
|
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|
(218 |
) |
Net loss |
|
- |
|
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|
- |
|
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|
- |
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|
- |
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(32,393 |
) |
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|
(32,393 |
) |
Balance at June 30, 2020 |
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58,724,238 |
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6 |
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716,503 |
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|
155 |
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(365,077 |
) |
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|
351,587 |
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Exercise of stock options |
|
67,974 |
|
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|
- |
|
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|
597 |
|
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|
- |
|
|
|
- |
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|
597 |
|
Equity-based compensation |
|
- |
|
|
|
- |
|
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|
5,400 |
|
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|
- |
|
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|
- |
|
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|
5,400 |
|
Other comprehensive loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(124 |
) |
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|
- |
|
|
|
(124 |
) |
Net loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
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(27,840 |
) |
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|
(27,840 |
) |
Balance at September 30, 2020 |
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58,792,212 |
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$ |
6 |
|
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$ |
722,500 |
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$ |
31 |
|
|
$ |
(392,917 |
) |
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$ |
329,620 |
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Follow-on Offering On June 29, 2021, the Company entered into an underwriting agreement related to a public offering of 4,758,620 shares of its common stock (inclusive of shares sold pursuant to the exercise of the underwriters’ option to purchase additional shares) at a public offering price of $145.00 per share. The offering closed on July 2, 2021, for aggregated net proceeds of $648.3 million after deducting $41.7 million in underwriting discounts and offering costs. At-the-Market Offering Programs In August 2019, the Company entered into an Open Market Sale Agreement (the “2019 Sales Agreement”) with Jefferies, under which Jefferies was able to offer and sell, from time to time in “at-the-market” offerings, common stock having aggregate gross proceeds of up to $150.0 million. The Company agreed to pay Jefferies cash commissions of 3.0% of the gross proceeds of sales of common stock under the 2019 Sales Agreement. Please refer to the Company’s Annual Report for the year ended December 31, 2020 for additional information regarding these offerings. During the first half of 2021, the Company issued 641,709 shares of its common stock in a series of sales at an average price of $72.79 per share in accordance with the 2019 Sales Agreement, for aggregate net proceeds of $45.3 million after payment of cash commissions to Jefferies and approximately $0.1 million related to legal, accounting and other fees in connection with the sales. There was no activity under the 2019 Sales Agreement in the third quarter of 2021. During the nine months ended September 30, 2020, the Company issued 1,107,100 shares of its common stock in a series of sales at an average price of $13.78 per share in accordance with the 2019 Sales Agreement, for aggregate net proceeds of $14.7 million after payment of cash commissions to Jefferies and approximately $0.1 million related to legal, accounting and other fees in connection with the sales. As of September 30, 2021, $47.4 million in shares of common stock remain eligible for sale under the 2019 Sales Agreement.
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