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Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' Equity

Note 7. Stockholders’ Equity

 

Public Offering of Common Stock

In January 2020, the Company issued and sold 16,866,667 shares of common stock, par value $0.001 per share, at $3.75 per share in an underwritten public offering. The total proceeds from this offering were approximately $62.7 million, net of the underwriting discount and other issuance costs.

Sales Agreement

On August 4, 2017, the Company entered into Amendment No. 3 to the Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald & Co. (as amended on August 4, 2017, the “Amended Cantor Agreement”). Under the Amended Cantor Agreement, Cantor also acted as the Company’s sales agent and receives compensation based on an aggregate of 2% of the gross proceeds on the sale price per share of its common stock. The issuance and sale of these shares by the Company pursuant to the Amended Cantor Agreement are deemed an “at-the-market” offering and are registered under the Securities Act of 1933, as amended. During the nine months ended September 30, 2020, 2.5 million shares of the Company’s common stock were sold under the Amended Cantor Agreement for net proceeds of $13.9 million, after which time  the Amended Cantor Agreement was fully utilized and automatically terminated.