7. Stockholders’ Equity

Preferred Stock

As of December 31, 2020, the Company had 5,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, with none issued or outstanding. Preferred stock may be issued from time to time in one or more series, each series to have such terms as stated or expressed in the resolutions providing for the issue of such series adopted by the board of directors of the Company. Preferred stock which may be redeemed, purchased or acquired by the Company may be reissued except as otherwise provided by law.

Common Stock Warrants

February 2019 Warrants

In the February 2019 Financing, the Company issued warrants to purchase 2,000,000 shares of common stock with an exercise price of $6.25 per share, which were immediately exercisable upon issuance and expire in February 2024.

The terms of the warrants include certain provisions related to fundamental transactions, a cashless exercise provision in the event registered shares are not available, and do not include any mandatory redemption provisions. Therefore, the warrants have been classified in stockholders’ equity. Any changes to the fair value of the warrants will not be recognized so long as the warrants continue to be equity classified.

As of December 31, 2020, warrants to purchase 1,991,300 shares that were issued in the February 2019 Financing were outstanding with a remaining contractual life of 3.1 years.

June 2018 Warrants

On June 19, 2018, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc. relating to an underwritten public offering of 4,200,000 shares of the Company's common stock, par value $0.001 per share, and accompanying warrants to purchase up to 4,200,000 shares of common stock. The warrants have an exercise price of $12.00 per share, were immediately exercisable upon issuance and expire in June 2023.

The terms of the warrants include certain provisions related to fundamental transactions, a cashless exercise provision in the event registered shares are not available and do not include any mandatory redemption provisions. Therefore, the warrants have been classified in stockholders’ equity. Any changes to fair value of the warrants will not be recognized so long as the warrants continue to be equity classified.

As of December 31, 2020, all warrants related to this transaction were outstanding with a remaining contractual life of 2.5 years.

Common Stock

As of December 31, 2020, the Company had 150,000,000 shares of common stock authorized for issuance, $0.001 par value per share, with 20,084,337 shares issued and outstanding. The voting, dividend and liquidation rights of holders of common stock are subject to and qualified by the rights, powers and preferences of the holders of any outstanding preferred stock.

Reserved for Future Issuance

The Company has reserved for future issuance the following shares of common stock:


	December 31,	December 31,
	2020	2019
Warrants for the purchase of common stock	6,193,749	6,193,749
Options outstanding to purchase common stock	1,367,667	785,832
Options available for future issuance to purchase common stock	1,936,173	525,484
Shares reserved for the employee stock purchase plan	148,951	112,481
Total	9,646,540	7,617,546