Note 15 – Subsequent Events

On January 14, 2020, the Company closed on an underwritten public offering of 32.3 million shares of its common stock at a purchase price of $1.55 per share. The company generated gross proceeds of approximately $50.0 million and net proceeds of approximately $46.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses. In addition, the Company granted the underwriters a 30-day option to purchase up to approximately 4.8 million additional shares of its common stock on the same terms and conditions. No additional shares of the Company’s common stock were sold pursuant to this option. All of the shares in the offering are being sold by the Company.

On February 19, 2020, the Company provided notice of its termination of the Controlled Equity Offering^SM Sales Agreement, dated as of April 28, 2017 (the “Equity Sales Agreement”), by and between the Company and Cantor Fitzgerald & Co. (“Cantor”). The termination of the Equity Sales Agreement was effective on February 29, 2020. Pursuant to the terms of the Equity Sales Agreement, the Company could offer and sell shares of its common stock, par value $0.0001 per share (the “Common Stock”), having an aggregate offering price of up to $30.0 million from time to time through Cantor. Through December 31, 2019, the Company raised net proceeds of approximately $10.4 million under the Equity Sales Agreement. The Company is not subject to any termination penalties related to the termination of the Equity Sales Agreement.