(8) Stockholders’ Equity

In May 2016, the Company entered into a controlled equity offering sales agreement (the “Cantor Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to allow the Company to issue and sell shares of its common stock from time to time through Cantor, acting as agent. During the nine months ended September 30, 2020, the Company issued 7.1 million shares of common stock pursuant to the Cantor Agreement resulting in net proceeds of $29.6 million after deducting commission and offering expenses. At September 30, 2020, the Company had $13.8 million remaining in aggregate gross offering price available under a prospectus supplement filed pursuant to the agreement.

During the second quarter of 2020, the Company issued 15,384,614 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $141.4 million, after deducting underwriting fees and offering expenses.

The changes in Stockholders’ Equity during the three and nine months ended September 30, 2020 and 2019 are summarized below:


						Accumulated
	Common	Common		Additional		Other				Total
	Stock	Stock Par		Paid-In		Comprehensive		Accumulated		Stockholders’
	Shares	Value		Capital		Income		Deficit		Equity
	(In thousands, except share amounts)
Consolidated Balance at December 31, 2019	16,972,077	$	17	$	1,104,706	$	2,619	$	(1,013,316)	$	94,026
Shares Issued under Stock Option and Employee Stock Purchase Plans	12,573		—		24		—		—		24
Shares Issued in Connection with Cantor Agreement	746,152		1		1,613		—		—		1,614
Share-Based Compensation	—		—		686		—		—		686
Unrealized Loss on Marketable Securities	—		—		—		(22)		—		(22)
Net Loss	—		—		—		—		(12,625)		(12,625)
Consolidated Balance at March 31, 2020	17,730,802	$	18	$	1,107,029	$	2,597	$	(1,025,941)	$	83,703
Shares Issued in Connection with Cantor Agreement	5,978,452		6		23,686		—		—		23,692
Shares Issued in Underwritten Offering	15,384,614		15		141,346		—		—		141,361
Share-Based Compensation	—		—		722		—		—		722
Unrealized Loss on Marketable Securities	—		—		—		(3)		—		(3)
Net Loss	—		—		—		—		(11,031)		(11,031)
Consolidated Balance at June 30, 2020	39,093,868	$	39	$	1,272,783	$	2,594	$	(1,036,972)	$	238,444
Shares Issued under Stock Option and Employee Stock Purchase Plans	68,204		-		194		-		-		194
Shares Issued in Connection with Cantor Agreement	400,400		1		4,296		-		-		4,297
Share-Based Compensation	-		-		1,250		-		-		1,250
Unrealized Gain on Marketable Securities	-		-		-		14		-		14
Net Loss	-		-		-		-		(14,224)		(14,224)
Consolidated Balance at September 30, 2020	39,562,472	$	40	$	1,278,523	$	2,608	$	(1,051,196)	$	229,975

						Accumulated
	Common	Common		Additional		Other				Total
	Stock	Stock Par		Paid-In		Comprehensive		Accumulated		Stockholders’
	Shares	Value		Capital		Income		Deficit		Equity
	(In thousands, except share amounts)
Consolidated Balance at December 31, 2018	11,957,635	$	12	$	1,083,903	$	2,583	$	(962,438)	$	124,060
Shares Issued under Stock Option and Employee Stock Purchase Plans	3,507		—		9		—		—		9
Shares Issued in Connection with Cantor Agreement	883,569		1		4,150		—		—		4,151
Share-Based Compensation	—		—		1,693		—		—		1,693
Unrealized Gain on Marketable Securities	—		—		—		19		—		19
Net Loss	—		—		—		—		(17,239)		(17,239)
Consolidated Balance at March 31, 2019	12,844,711	$	13	$	1,089,755	$	2,602	$	(979,677)	$	112,693
Shares Cancelled under Stock Option and Employee Stock Purchase Plans	(222)		—		—		—		—		—
Shares Issued in Connection with Cantor Agreement	1,972,428		2		7,210		—		—		7,212
Share-Based Compensation	—		—		1,464		—		—		1,464
Unrealized Gain on Marketable Securities	—		—		—		36		—		36
Net Loss	—		—		—		—		(11,779)		(11,779)
Consolidated Balance at June 30, 2019	14,816,917	$	15	$	1,098,429	$	2,638	$	(991,456)	$	109,626
Shares Issued in Connection with Cantor Agreement	1,087,603		1		2,462		—		—		2,463
Share-Based Compensation	—		—		707		—		—		707
Unrealized Loss on Marketable Securities	—		—		—		(3)		—		(3)
Net Loss	—		—		—		—		(11,413)		(11,413)
Consolidated Balance at September 30, 2019	15,904,520	$	16	$	1,101,598	$	2,635	$	(1,002,869)	$	101,380