Stockholders’ Equity

3 Months Ended

Mar. 31, 2021

11.	Stockholders’ Equity

The following tables present changes in stockholders’ equity for the three-month periods ended March 31, 2021 and 2020 (in thousands, except share data):

					Additional		Accumulated Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders’
	Shares		Amount		Capital		Income (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

					Additional		Accumulated Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders’
	Shares		Amount		Capital		Income			Deficit			Equity
Balance at December 31, 2019		50,198,044	$	5	$	570,493	$	261		$	(300,878	)	$	269,881
Issuance of common stock through at-the-market offerings, net of issuance costs of $48		351,252		-		5,079		-			-			5,079
Exercise of stock options		53,579		-		336		-			-			336
Equity-based compensation		-		-		4,157		-			-			4,157
Other comprehensive income		-		-		-		112			-			112
Net loss		-		-		-		-			(31,806	)		(31,806	)
Balance at March 31, 2020		50,602,875	$	5	$	580,065	$	373		$	(332,684	)	$	247,759

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 three months ended March 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 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. During the three months ended March 31, 2020, the Company issued 351,252 shares of its common stock in a series of sales at an average price of $15.05 per share in accordance with the 2019 Sales Agreement, for aggregate net proceeds of $5.1 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 March 31, 2021, $47.4 million in shares of common stock remain eligible for sale under the 2019 Sales Agreement.