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Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following is a summary of the Company's authorized and issued common and preferred stock as of March 31, 2023 and December 31, 2022:
   Outstanding as of
 AuthorizedIssuedMarch 31, 2023December 31, 2022
Common Stock, par value $0.001 per share
600,000,000 262,739,126 262,739,126 253,091,319 
Series C Preferred Stock, par value $0.001 per share
1,091 1,091 9 9 
Issuances of Common Stock
On November 9, 2021, the Company entered into an ATM Equity OfferingSM Sales Agreement (the “2021 Sales Agreement”) with outside sales agents (collectively, the “Sales Agents”) for the offer and sale of its common stock for an aggregate offering price of up to $300.0 million. The 2021 Sales Agreement provides that the Sales Agents will be entitled to compensation in an amount equal to up to 3.0% of the gross sales proceeds of any common stock sold through the Sales Agents under the 2021 Sales Agreement. No shares were sold under the 2021 Sales Agreement during the three months ended March 31, 2023. For the three months ended March 31, 2022, the Company sold 8,480,483 shares of its common stock under the 2021 Sales Agreement at a weighted average price of $3.52 per share, resulting in aggregate net proceeds of $29.4 million. As of March 31, 2023 there was $167.4 million of remaining capacity under the 2021 Sales Agreement.
During the three months ended March 31, 2023, the Company issued 9,121,000 shares of common stock pursuant to the securities class action settlement, as described in Note 13.
Stock Options and Restricted Stock Units
The Company has a stock-based incentive plan, the 2016 Omnibus Incentive Plan (as amended to date, the "2016 Incentive Plan"), pursuant to which the Company may grant stock options, restricted stock awards, restricted stock units ("RSUs") and other stock-based awards or short-term cash incentive awards to employees, directors and consultants.
The 2016 Incentive Plan was originally approved by the Company's stockholders on May 13, 2016, and an amendment to the plan to increase the number of shares available for issuance was approved by the stockholders on May 8, 2019. As of March 31, 2023, the maximum number of shares of the Company’s common stock available for issuance over the term of the 2016 Incentive Plan was 24,000,000 shares. On the first business day of each calendar year, such maximum number of shares shall be increased by 2,000,000 shares of common stock unless the Company's board of directors determines, prior to January 1 for any such calendar year, to increase the maximum amount by a lesser amount. On January 1, 2022 and again on January 1, 2023, the maximum number of shares increased by 2,000,000. At March 31, 2023, the Company had 2,761,477 shares of common stock available for future grant under the 2016 Incentive Plan, 1,994,799 shares underlying outstanding but unvested RSUs and options outstanding to purchase 13,239,324 shares of common stock under the 2016 Incentive Plan. The awards granted and available for future grant under the 2016 Incentive Plan generally vest over three years and have a maximum contractual term of ten years. The 2016 Incentive Plan terminates by its terms on March 9, 2026.
In March 2023, the Company's board of directors approved a new 2023 Omnibus Incentive Plan, subject to stockholder approval. If approved, no further grants will be made under the 2016 Incentive Plan.
On June 24, 2022, the Company's board of directors adopted a stock-based incentive plan (the "2022 Inducement Plan"), which provides for the discretionary grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards, and other awards to individuals as a material inducement to entering into employment with the Company. The aggregate number of shares of the Company’s common stock that may be issued under the 2022 Inducement Plan will not exceed 2,000,000 shares. At March 31, 2023, the Company had 1,573,125 shares of common stock available for future grant under the 2022 Inducement Plan, 155,000 shares underlying outstanding but unvested RSUs and options outstanding to purchase 271,875 shares of common stock under the 2022 Inducement Plan. The 2022 Inducement Plan can be terminated by the Company's board of directors at any time.
The Amended and Restated 2007 Omnibus Incentive Plan (the "2007 Incentive Plan") was adopted on March 31, 2007 and terminated by its terms on March 31, 2017. At March 31, 2023, the Company had options outstanding to purchase 1,748,245 shares of common stock under the 2007 Incentive Plan. The awards granted under the 2007 Incentive Plan generally vest over three years and have a maximum contractual term of ten years.