Stockholders' Equity |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Equity [Abstract] | |
| Stockholders' Equity |
7. Stockholders’ Equity On May 9, 2022, the Company entered into an At-The-Market (“ATM”) equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jeffries”) (the “2022 Equity Distribution Agreement”). The 2022 Equity Distribution Agreement provides that the Company may offer and sell up to 17.5 million shares of its common stock from time to time through JMP or Jeffries, as its sales agents. Sales of the Company’s common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2022 Equity Distribution Agreement replaces the ATM equity distribution agreement between the Company and JMP executed on July 2, 2020 (the “2020 Equity Distribution Agreement”). Under the 2020 Equity Distribution Agreement, the Company sold no shares and approximately 5.6 million shares, respectively, of common stock during the three and nine months ended September 30, 2022. From the sale of shares under the 2020 Equity Distribution Agreement during the nine months ended September 30, 2022, the Company received total accumulated net proceeds of approximately $98.5 million, including $1.1 million of offering expenses. Under the 2022 Equity Distribution agreement, the Company sold common stock shares of approximately 2.9 million and 6.2 million for the three and nine months ended September 30, 2022. From the sale of shares, the Company received total accumulated net proceeds of approximately $42.9 million and $91.5 million including $0.4 million and $1.0 million of offering expenses for the three and nine months ended September 30, 2022. During the three and nine months ended September 30, 2021, there were no shares sold under the existing equity distribution agreement. The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of September 30, 2022, approximately 11.3 million shares remain available for issuance and sale under the 2022 Equity Distribution Agreement. The 2020 Equity Distribution Agreement is no longer effective. The Company has issued stock options for common stock subject to future issuance, of which 207,794 and 210,569 were outstanding as of September 30, 2022 and December 31, 2021, respectively. |