11.
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Stockholders Equity (continued).
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Common Stock
The Company has 150,000,000 shares of authorized common stock, par value $0.001 per share. At March 31, 2020 and December 31, 2019,
103,408,699 and 103,397,033 shares, respectively, of common stock were issued and outstanding. Each holder of common stock is entitled to one vote of each share of common stock held of record on all matters on which stockholders generally are
entitled to vote.
2017 Shelf Registration Statement
On July 12, 2017, the Company filed a universal shelf Registration Statement on Form S-3 (the 2017
Shelf Registration Statement) with the SEC to sell up to $150 million of common stock, preferred stock, warrants to purchase common stock, or debt securities (including debt securities that may be convertible or exchangeable for common stock or
other securities), which securities may be offered separately or together in units or multiple series. The 2017 Shelf Registration Statement (file No. 333-219259) was declared effective by the SEC on
July 26, 2017.
On November 28, 2017, the Company filed a prospectus supplement and offered for sale 16,428,572 shares of its
common stock at a price of $3.50 per share in an underwritten public offering under the 2017 Shelf Registration. The Company received gross proceeds in the public offering of approximately $57.5 million before underwriting commission and
incurred expenses of approximately $3.7 million.
At March 31, 2020, there is approximately $92.5 million available for
future sale under the 2017 Shelf Registration Statement.
For the three-month periods ended March 31, 2020 and 2019, the Company recorded stock-based compensation expense as follows:
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Three months ended
March 31,
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2020
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2019
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Research and development
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$
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418,053
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$
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287,721
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Selling, general and administrative
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1,101,298
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645,690
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Total stock-based compensation
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$
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1,519,351
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$
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933,411
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Stock Options
As of March 31, 2020, there were outstanding stock options to purchase 12,201,668 shares of common stock, of which stock options to
purchase 6,687,980 shares of common stock were exercisable as of March 31, 2020.
During the three-month periods ended March 31,
2020 and 2019, the Company granted seven-year term options to purchase an aggregate of 735,000 and 207,000 shares, respectively, of the Companys common stock to employees and directors. The Company recorded stock-based compensation related to
stock options totaling $1,383,672 and $933,411, respectively, during the three-month periods ended March 31, 2020 and 2019. During the three-month periods ended March 31, 2020 and 2019, respectively, 854,831 and 984,164 options vested.
During the three-month periods ended March 31, 2020 and 2019, options to purchase 11,666 shares and 65,000 shares, respectively, of
the Companys common stock were exercised, with proceeds of $26,149 and $89,350 respectively, to the Company.
As of March 31,
2020, there was approximately $10.4 million of unrecognized compensation expense related to non-vested stock option awards granted under the 2014 and 2018 Stock Incentive Plans. The cost is expected to be
recognized over a weighted average period of approximately 2.23 years.
23