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Equity

6 Months Ended

Jun. 30, 2019

12. Equity

The changes in shareholder’s equity for the three and six months ended June 30, 2019 are as follows:


						Additional						Total
	Common Stock					Paid- In			Accumulated			Shareholders’
	Shares			Amount		Capital			Deficit			Equity (Deficit)
Balance, December 31, 2018	33,265,629		$	33		$	428,729		$	(337,177)		$	91,585
Exercise of common stock options	18,693			—			246			—			246
Issuance for employee stock purchase plan	32,826			—			444			—			444
Vesting of restricted stock units ("RSUs")	101,483			—			—			—			—
Shares withheld for employee taxes upon vesting of RSUs	(33,503)			—			(488)			—			(488)
Stock-based compensation	—			—			4,263			—			4,263
Net loss	—			—			—			(9,700)			(9,700)
Balance, March 31, 2019	33,385,128		$	33		$	433,194		$	(346,877)		$	86,350
Exercise of common stock options	8,218			—			58			—			58
Vesting of RSUs	26,304			—			—			—			—
Shares withheld for employee taxes upon vesting of RSUs	(3,097)			—			(35)			—			(35)
Stock-based compensation	—			—			4,162			—			4,162
Net loss	—			—			—			(4,712)			(4,712)
Balance, June 30, 2019	33,416,553		$	33		$	437,379		$	(351,589)		$	85,823

The changes in shareholder’s equity for the three and six months ended June 30, 2018 ended were as follows:


						Additional						Total
	Common Stock					Paid- In			Accumulated			Shareholders’
	Shares			Amount		Capital			Deficit			Equity (Deficit)
Balance, December 31, 2017	32,770,678		$	33		$	402,096		$	(298,049)		$	104,080
Exercise of common stock options	183,987			—			2,373			—			2,373
Issuance for employee stock purchase plan	50,151			—			510			—			510
Vesting of RSUs	32,573			—			—			—			—
Shares withheld for employee taxes upon vesting of RSUs	(9,810)			—			(216)			—			(216)
Stock-based compensation	—			—			2,728			—			2,728
Net loss	—			—			—			(18,652)			(18,652)
Balance, March 31, 2018	33,027,579		$	33		$	407,491		$	(316,701)		$	90,823
Exercise of common stock options	137,419			—			1,532			—			1,532
Vesting of RSUs	20,887			—			—			—			—
Shares withheld for employee taxes upon vesting of RSUs	(6,205)			—			(140)			—			(140)
Stock-based compensation	—			—			3,526			—			3,526
Net loss	—			—			—			(13,060)			(13,060)
Balance, June 30, 2018	33,179,680		$	33		$	412,409		$	(329,761)		$	82,681

Controlled Equity Offering Sales Agreement

In March 2017, the Company entered into a Controlled Equity Offering Sales Agreement (the “ATM Sales Agreement”), with Cantor Fitzgerald & Co., as sales agent (“Cantor Fitzgerald”), pursuant to which the Company may issue and sell, from time to time, through Cantor Fitzgerald, shares of the Company’s common stock, up to an aggregate offering price of $60,000 (the “ATM Shares”). Under the ATM Sales Agreement, Cantor Fitzgerald may sell the ATM Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on The NASDAQ Global Select Market, on any other existing trading market for the ATM Shares or to or through a market maker. In addition, under the ATM Sales Agreement, Cantor Fitzgerald may sell the ATM Shares by any other method permitted by law, including in privately negotiated transactions. The Company is not obligated to make any sales of the ATM Shares under the ATM Sales Agreement. The Company or Cantor Fitzgerald may suspend or terminate the offering of ATM Shares upon notice to the other party and subject to other conditions. The Company will pay Cantor Fitzgerald a commission of up to 3.0% of the gross proceeds from the sale of the ATM Shares pursuant to the ATM Sales Agreement and has agreed to provide Cantor Fitzgerald with customary indemnification and contribution rights.

No shares were sold pursuant to the ATM Sales during the six months ended June 30, 2019 or the year ended December 31, 2018.

Warrants

As of June 30, 2019, the warrant issued to Assertio in November 2018 was the Company’s only outstanding warrant, which is described in greater detail in Note 8.