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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

The following table summarizes common stock share activity for the three and six months ended June 30, 2023 and 2022 (dollars in thousands):


	Three Months Ended June 30, 2023
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ (Deficit) Equity
Balance, March 31, 2023		33,327,627	$	36	$	426,214	$	(456,164	)	$	(29,914	)
Net income		—		—		—		122,260			122,260
Stock-based compensation expense		—		—		728		—			728
Common stock issued, net of expenses		3,787,400		4		—		—			4
Common stock issued for vested restricted stock units		60,638		—		—		—			—
Balance, June 30, 2023		37,175,665	$	40	$	426,942	$	(333,904	)	$	93,078

	Three Months Ended June 30, 2022
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
Balance, March 31, 2022		29,221,158	$	32	$	403,825	$	(364,930	)	$	38,927
Net loss		—		—		—		(13,345	)		(13,345	)
Stock-based compensation expense		—		—		1,100		—			1,100
Common stock issued, net of expenses		3,358,333		4		18,794		—			18,798
Common stock issued for vested restricted stock units		16,912		—		—		—			—
Balance, June 30, 2022		32,596,403	$	36	$	423,719	$	(378,275	)	$	45,480

	Six Months Ended June 30, 2023
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
Balance, December 31, 2022		32,682,342	$	36	$	425,485	$	(422,288	)	$	3,233
Net income		—		—		—		88,384			88,384
Stock-based compensation expense		—		—		1,435		—			1,435
Common stock issued through employee stock purchase plan		2,662		—		4		—			4
Common stock issued, net of expenses		4,150,400		4		—		—			4
Common stock issued for vested restricted stock units		340,261		—		18		—			18
Balance, June 30, 2023		37,175,665	$	40	$	426,942	$	(333,904	)	$	93,078

	Six Months Ended June 30, 2022
	Shares of Common Stock		Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity
Balance, December 31, 2021		28,705,334	$	32	$	400,705	$	(359,479	)	$	41,258
Net loss		—		—		—		(18,796	)		(18,796	)
Stock-based compensation expense		—		—		2,022		—			2,022
Common stock issued through employee stock purchase plan		3,120		—		10		—			10
Common stock issued, net of expenses		3,845,943		4		20,911		—			20,915
Common stock issued for vested restricted stock units		42,006		—		—		—			—
Vested Loan Agreement warrants		—		—		71		—			71
Balance, June 30, 2022		32,596,403	$	36	$	423,719	$	(378,275	)	$	45,480

Common Stock Reserved For Future Issuances

The Company had reserved shares of common stock for future issuance as follows:


	June 30, 2023		December 31, 2022
Outstanding stock options		1,970,536		1,740,308
Outstanding restricted stock units		2,194,251		633,270
Warrants to purchase common stock associated with March 2018 public offering – Series 2		—		798,810
Warrants to purchase common stock associated with December 2020 public offering - Series 2		6,800,000		6,800,000
Prefunded warrants to purchase common stock associated with December 2020 public offering		3,200,000		3,200,000
Warrants to purchase common stock associated with April 2022 Public Offering		15,000,000		15,000,000
Prefunded warrants to purchase common stock associated with April 2022 Public Offering		7,516,267		11,666,667
Warrants to purchase common stock associated with Loan Agreement		198,811		198,811
Warrant to purchase common stock associated with Danforth		50,000		50,000
For possible future issuance for the conversion of the March 2019 Notes		1,138,200		1,138,200
For possible future issuance under 2014 Plan (Note 10)		504,074		712,020
For possible future issuance under employee stock purchase plan		279		—
For possible future issuance under 2015 Plan (Note 10)		572,975		550,964
Total common shares reserved for future issuance		39,145,393		42,489,050