Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity

Stockholders' Equity

(7) Stockholders’ Equity

In November 2023, the Company filed an automatic shelf registration statement with the SEC to register for sale any combination of the types of securities described in the shelf registration statement, including shares of its common stock. Also in November 2023, the Company issued 8,538,750 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $216.2 million, after deducting underwriting fees and offering expenses.

On February 26, 2024, the Company entered into a controlled equity offering sales agreement (“ATM 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. Also on February 26, 2024, the Company terminated its pre-existing controlled equity offering sale agreement dated May 19, 2016 with Cantor. At March 31, 2024, the Company had registered $300.0 million of its common stock to be sold pursuant to the Company’s ATM Agreement, all of which remained unsold as of that date.

In March 2024, the Company issued 9,798,000 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $432.3 million, after deducting underwriting fees and offering expenses.

The changes in Stockholders’ Equity during the three months ended March 31, 2024 and 2023 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, 2023	55,883,377	$	56	$	1,823,168	$	3,308	$	(1,397,361)	$	429,171
Shares issued under stock option and employee stock purchase plans	229,171		—		3,814		—		—		3,814
Shares issued in underwritten offering, net	9,798,000		10		432,288		—		—		432,298
Stock-based compensation	—		—		7,202		—		—		7,202
Unrealized loss on marketable securities	—		—		—		(1,064)		—		(1,064)
Net loss	—		—		—		—		(32,808)		(32,808)
Consolidated balance at March 31, 2024	65,910,548	$	66	$	2,266,472	$	2,244	$	(1,430,169)	$	838,613

						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, 2022	47,200,695	$	47	$	1,580,829	$	1,260	$	(1,255,932)	$	326,204
Shares issued under stock option and employee stock purchase plans	43,986		—		694		—		—		694
Stock-based compensation	—		—		4,340		—		—		4,340
Unrealized gain on marketable securities	—		—		—		863		—		863
Net loss	—		—		—		—		(29,361)		(29,361)
Consolidated balance at March 31, 2023	47,244,681	$	47	$	1,585,863	$	2,123	$	(1,285,293)	$	302,740