Stockholders' Equity |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Equity [Abstract] | |
| Stockholders' Equity |
NOTE 8 —Stockholders’ Equity On September 15, 2021, the Company effected a 1-for-10 stock split (the “Reverse Stock Split”) of its issued and outstanding shares of common stock on that date. Additionally, the number of shares of the Company’s common stock subject to outstanding stock options and restricted stock units, the exercise price of all of its outstanding stock options, and the number of shares of common stock reserved for future issuance pursuant to its equity compensation plans were adjusted proportionately in connection with the Reverse Stock Split. The number of authorized shares of common stock under the Company’s Amended and Restated Certificate of Incorporation and the par value per share of its common stock were unchanged. All historical share and per share amounts presented herein have been adjusted retrospectively to reflect these changes. On June 30, 2021, we entered into an At Market Issuance Sales Agreement (“Sales Agreement”) with B. Riley Securities, Inc. and EF Hutton, a division of Benchmark Investments, LLC (“Sales Agents”) to sell shares of our common stock, $0.001 par value per share, having an aggregate offering price of up to $10,000, from time to time, through an “at-the-market offering” program (the “June 2021 ATM Program”). Under the terms of the Sales Agreement, we paid the Sales Agents a commission equal to 3.0% of the gross proceeds from each sale of common stock sold through it under the Sales Agreement. We exhausted this June 2021 ATM Program on July 14, 2021, selling an aggregate of 1,820,785 shares of our common stock at an average price per share of $4.59 and for net proceeds of approximately $8,363 during the three and nine months ended September 30, 2021.
On September 23, 2021, we entered into a new At Market Issuance Sales Agreement with the same B. Riley Securities, Inc., as sales agent, to sell shares of our common stock, $0.001 par value per share, having an aggregate offering price of up to $41,637 from time to time, through a new “at the market offering” program (the “ATM Program”). Under the terms of the Sales Agreement, we will pay B. Riley Securities, Inc. a commission equal to 3.0% of the gross proceeds from each sale of common stock sold through it under the Sales Agreement. From September 27, through September 30, 2021, we issued and sold an aggregate of 735,003 shares of our common stock at an average price per share of $2.69 under the ATM Program for net proceeds of approximately $1,974. All proceeds were received by September 30, 2021, with exception of $1,291, which were received by October 4, 2021. The outstanding net proceeds were classified as long term other assets since the cash was collected prior to the issuance of our financial statements, and as such, the statement of cashflows reflects $9,046 in cash collected as of September 30, 2021.
As of October 31, 2021, we had approximately $24.8 million available for future issuances under the ATM Program. |