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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders' Equity
9.
Stockholders’ Equity

2022 Private Placement

 

On August 8, 2022, we entered into an agreement to sell 16.1 million shares of our common stock in a private placement at a purchase price of $3.10 per share. In addition, as a component of the private placement, we agreed to sell 8.5 million pre-funded warrants to purchase shares of our common stock at a purchase price of $3.0999 per share. The pre-funded warrants have an exercise price of $0.0001 per share. The total net proceeds from the sale of the common stock and pre-funded warrants is $75.1 million (net of $1.4 million in issuance costs). In October 2022, we filed a registration statement with the SEC to register for resale 24.6 million shares of our common stock. The registration statement was declared effective on October 18, 2022.

Public Offering Warrants

 

In June 2014, as a component of our public offering, we sold 600,000 pre-funded warrants to purchase shares of our common stock. The pre-funded warrants have an exercise price of $0.01 per share and expire on June 30, 2021. During the year ended December 31, 2019, warrant holders exercised 132,130 warrants, which resulted in the issuance of 132,130 shares for net cash proceeds of $1,321. During the year ended December 31, 2020, warrant holders exercised 267,870 warrants, which resulted in the issuance of 267,870 shares for net cash proceeds of $2,679. In April 2021, warrant holders exercised 195,574 warrants using the cashless exercise provision, which resulted in the issuance of 195,461 shares and no cash proceeds. As of December 31, 2021, no warrants from the June 2014 public offering remain outstanding.

Common Stock Reserved for Future Issuance

 

Shares of our common stock reserved for future issuance as of December 31, 2022 were as follows:

 

 

 

Number of

 

 

 

Shares

 

Stock options outstanding

 

 

20,749

 

Restricted stock units outstanding

 

 

3,167

 

Stock options available for grant

 

 

985

 

Employee Stock Purchase Plan

 

 

645

 

Shares of common stock underlying warrants

 

 

8,548

 

Shares of common stock underlying convertible notes outstanding (see Note 8)

 

 

9,819

 

Total shares reserved for future issuance

 

 

43,913