Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

As of the date of this filing the Company has on file a shelf registration statement that allows it to raise up to an additional $100.0 million from the sale of common stock, preferred stock, debt securities and/or warrants. Specific terms of any offering under the shelf registration statements and the securities involved would be established at the time of sale.

In March 2015, the Company entered into license and stock purchase agreements with Astellas, granting the Company an exclusive worldwide license to develop and commercialize a novel antifungal, VL-2397, formally known as ASP2397.  VL-2397 is a potential therapeutic for invasive fungal infections, including invasive aspergillosis.  Astellas received 861,216 shares of unregistered Company common stock and $250,000 in cash.  The $250,000 cash payment and the fair value of the common stock issued of $775,094 were included in research and development expenses during the year ended December 31, 2015.

In April 2014, the Company entered into an At-the-Market Issuance Sales Agreement, or ATM Agreement, with Meyers Associates, L.P. (doing business as Brinson Patrick, a division of Meyers Associates, L.P.), or Brinson Patrick, under which the Company could issue and sell up to $25.0 million of shares of its common stock from time to time. During the year ended December 31, 2014, the Company sold 3,291,521 shares under the Sales Agreement and received gross proceeds of $4,067,751. There were no shares sold during the year ended December 31, 2015. This agreement expired in May 2015.