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Stockholders' Equity
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022:
   Outstanding as of
 AuthorizedIssuedJune 30, 2023December 31, 2022
Common Stock, par value $0.001 per share
600,000,000 268,073,202 268,073,202 253,091,319 
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. During the six months ended June 30, 2023, the Company sold 5,105,152 shares of its common stock under the 2021 Sales Agreement at a weighted average price of $0.58 per share, resulting in aggregate net proceeds of $2.9 million. As of June 30, 2023 there was $164.4 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 12.
Stock Options and Restricted Stock Units
The Board of Directors adopted the 2023 Omnibus Incentive Plan (the “2023 Plan”) on March 24, 2023, 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 2023 Plan was approved by stockholders on May 16, 2023. The aggregate number of shares of the Company’s common stock that may be issued under the 2023 Plan will not exceed the sum of 14,000,000 shares plus any shares that may return from time to time from the 2016 Omnibus Incentive Plan (as amended, the “2016 Plan”) as a result of expirations, terminations or forfeitures of awards outstanding under the 2016 Plan as of May 16, 2023. At June 30, 2023, the Company had 14,098,753 shares of common stock available for future grant under the 2023 Plan, 0 shares underlying outstanding RSUs and 1,875 shares underlying options outstanding to purchase common stock under the 2023 Plan. The awards granted and available for future grant under the 2023 Plan generally vest over three years and have a maximum contractual term of ten years. The 2023 Plan terminates by its terms on March 24, 2033.
At June 30, 2023, the Company had 3,545,212 shares underlying outstanding but unvested RSUs and options outstanding to purchase 13,181,949 shares of common stock under the 2016 Plan. The outstanding awards granted under the 2016 Plan generally vest over three years and have a maximum contractual term of ten years. Following adoption of the 2023 Plan, no further awards may be made under the 2016 Plan, but outstanding awards continue to be governed by their existing terms.
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 June 30, 2023, the Company had 1,557,500 shares of common stock available for future grant under the 2022 Inducement Plan, 120,000 shares underlying outstanding but unvested RSUs and options outstanding to purchase 287,500 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 June 30, 2023, the Company had options outstanding to purchase 1,695,370 shares of common stock under the 2007 Incentive Plan. The outstanding awards granted under the 2007 Incentive Plan are fully vested and generally have a maximum contractual term of ten years.