Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity

Stockholders' Equity

(7) Stockholders’ Equity

In May 2016, the Company entered into a controlled equity offering sales 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. At June 30, 2021, the Company had $50.0 million remaining in aggregate gross offering price available under the Company’s November 2020 prospectus.

In July 2021, the Company issued 6,845,238 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of approximately $270.0 million, after deducting underwriting fees and offering expenses.

The changes in Stockholders’ Equity during the three and six months ended June 30, 2021 and 2020 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, 2020	39,603,771	$	40	$	1,279,824	$	2,589	$	(1,073,096)	$	209,357
Shares issued under stock option and employee stock purchase plans	10,867		—		74		—		—		74
Stock-based compensation	—		—		1,275		—		—		1,275
Unrealized loss on marketable securities	—		—		—		(2)		—		(2)
Net loss	—		—		—		—		(16,538)		(16,538)
Consolidated balance at March 31, 2021	39,614,638	$	40	$	1,281,173	$	2,587	$	(1,089,634)	$	194,166
Shares issued under stock option and employee stock purchase plans	2,058		—		(25)		—		—		(25)
Stock-based compensation	—		—		1,509		—		—		1,509
Unrealized gain on marketable securities	—		—		—		5		—		5
Net loss	—		—		—		—		(13,373)		(13,373)
Consolidated balance at June 30, 2021	39,616,696		40		1,282,657		2,592		(1,103,007)		182,282

						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 at the market agreement	746,152		1		1,613		—		—		1,614
Stock-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 at the market agreement	5,978,452		6		23,686		—		—		23,692
Shares issued in underwritten offering	15,384,614		15		141,346		—		—		141,361
Stock-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