Stockholders’ Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders’ Equity

13. Stockholders’ Equity

The following tables present changes in stockholders’ equity for the three-month periods ended March 31, 2022 and 2021 (in thousands, except share data):

					Additional		Accumulated Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders’
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2021		74,485,883	$	7	$	1,745,870	$	(2,632	)	$	(703,001	)	$	1,040,244
Issuance of common stock through    at-the-market offerings, net of    issuance costs of $164		579,788		1		38,885		-			-			38,886
Exercise of stock options		503,830		-		8,435		-			-			8,435
Vesting of restricted stock units		54,666		-		-		-			-
Equity-based compensation		-		-		18,491		-			-			18,491
Other comprehensive loss		-		-		-		(5,430	)		-			(5,430	)
Net loss		-		-		-		-			(146,872	)		(146,872	)
Balance at March 31, 2022		75,624,167	$	8	$	1,811,681	$	(8,062	)	$	(849,873	)	$	953,754
					Additional		Accumulated Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders’
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2020		66,234,056	$	7	$	962,173	$	1		$	(435,109	)	$	527,072
Issuance of common stock through    at-the-market offerings, net of    issuance costs of $52		641,709		-		45,255		-			-			45,255
Exercise of stock options		1,014,569		-		13,340		-			-			13,340
Equity-based compensation		-		-		6,424		-			-			6,424
Other comprehensive loss		-		-		-		(13	)		-			(13	)
Net loss		-		-		-		-			(46,205	)		(46,205	)
Balance at March 31, 2021		67,890,334	$	7	$	1,027,192	$	(12	)	$	(481,314	)	$	545,873

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 Sale 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 Sale Agreement.

During the year ended December 31, 2019, the Company issued 287,231 shares of its common stock, in a series of sales, at an average price of $16.48 per share, in accordance with the 2019 Sale Agreement for aggregate net proceeds of $4.4 million, after payment of cash commissions to Jefferies and approximately $0.2 million related to legal, accounting and other fees in connection with the sales. During the year ended December 31, 2020, the Company issued 2,270,161 shares of its common stock in a series of sales at an average price of $22.53 per share in accordance with the 2019 Sale Agreement, for aggregate net proceeds of $49.5 million after payment of cash commissions to Jefferies and approximately $0.2 million related to legal, accounting and other fees in connection with the sales. During the year ended December 31, 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 Sale 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.

During the three months ended March 31, 2022, the Company issued 579,788 shares of its common stock, in a series of sales, at an average price of $69.43 per share, in accordance with the 2019 Sale Agreement for aggregate net proceeds of $38.9 million, after payment of cash commissions to Jefferies and approximately $0.2 million related to legal, accounting and other fees in connection with the sales. As of March 31, 2022, $7.2 million in shares of common stock remain eligible for sale under the 2019 Sale Agreement.

In February 2022, the Company entered into an Open Market Sale Agreement (the “2022 Sale Agreement”) with Jefferies, under which Jefferies will be able to offer and sell, from time to time in “at-the-market” offerings, common stock having aggregate gross proceeds of up to $400.0 million. The Company agreed to pay Jefferies cash commissions of 3.0% of the gross proceeds of sales of common stock under the 2022 Sale Agreement. No shares of common stock were sold in the quarter ended March 31, 2022 under the 2022 Sale Agreement.