Stockholders' Equity |
9 Months Ended |
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Sep. 30, 2018 | |
| Equity [Abstract] | |
| Stockholders' Equity |
Stockholders´ Equity
The Company had 54,149,719 shares of common stock and 2,907 shares of preferred stock outstanding as of September 30, 2018, both with a par value of $0.001 per share. During the first quarter of 2018, 2,056 shares of preferred stock were converted into 2,056,000 shares of common stock. During the three and nine months ended September 30, 2018, respectively, the Company issued 75,634 and 594,769 shares of common stock upon option exercises, resulting in cash proceeds of $0.1 million and $1.0 million, respectively. For the three and nine months ended September 30, 2017, 142,555 and 232,017 options were exercised, resulting in cash proceeds of $0.2 million and $0.4 million, respectively. During the three and nine months ended September 30, 2018, respectively, the Company issued 66,029 and 156,888 shares of common stock upon exercise of warrants, resulting in cash proceeds of $0.1 million and $0.3 million, respectively. There were 721,385 and 1,364,878 warrants exercised during the corresponding 2017 periods, resulting in cash proceeds of $1.8 million and $3.1 million, respectively.
At our Annual Shareholder Meeting, held on July 24, 2018, the shareholders approved both the 2018 Employee, Director and Consultant Equity Incentive Plan, or the 2018 Plan, and the 2018 Employee Stock Purchase Plan, or the 2018 ESPP. Upon approval of the 2018 Plan, the 2016 Employee, Director and Consultant Equity Incentive Plan, or the 2016 Plan, was terminated and no additional awards will be made thereunder, however, all outstanding awards under the 2016 Plan will remain in effect. There were approximately 74,000 shares remaining and available for grant under the 2016 Plan that terminated pursuant to the approval of the 2018 Plan. The 2018 Plan permits the Company to issue up to 9,975,000 shares, including 3,000,000 shares reserved for issuance pursuant to the 2018 Plan and up to 6,975,000 additional shares which may be issued if awards outstanding under the Registrant’s 2016 Employee, Director and Consultant Equity Incentive Plan and 2014 Employee, Director and Consultant Equity Incentive Plan are canceled or expire. The 2018 ESPP provides eligible employees with the opportunity to purchase shares of our common stock at a discount, on a tax-favored basis, through regular payroll deductions in compliance with federal tax regulations. The Company has reserved 500,000 shares of common stock for the administration of the 2018 ESPP.
Underwritten Public Offering
In February 2018, the Company completed an underwritten public offering of its common stock in which it sold 6,325,000 shares of common stock, including the exercise in full by the underwriters of their option to purchase an additional 825,000 shares of common stock, to the public at a price of $8.00 per share (the "2018 Offering"). The 2018 Offering was completed under the Company's shelf registration statement that was filed on Form S-3 and declared effective by the SEC on August 3, 2016. Net proceeds of the 2018 Offering, after deducting the underwriting discounts and commissions, were $47.6 million, excluding offering expenses of approximately $0.4 million incurred by the Company.
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