Stockholders’ Equity |
9 Months Ended |
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Sep. 30, 2021 | |
| Equity [Abstract] | |
| Stockholders’ Equity |
Note 8 – Stockholders’ Equity
During the nine months ended September 30, 2021, we granted shares of our common stock and issued a combination of warrants and stock options for the purchase of 180,000 shares of common stock to consultants in accordance with consulting agreements for services that will be provided in 2021 and 2022. The total value of these issuances was $797,216. We are amortizing this amount over the related contract lives and at September 30, 2021, we included $107,193 as a prepaid expense, representing the portion of services yet to be provided. We also granted RSAs to an employee in accordance with their employment agreement.
On February 24, 2021, we sold in a private placement shares of our common stock to accredited and institutional investors for gross proceeds of $10.2 million. Net proceeds from the offering were $9.9 million. In connection with the placement, we issued warrants for the purchase of 79,268 shares of our common stock to our placement agent. These warrants are exercisable for cash at $9.30 per share and expire on February 24, 2023.
On June 16, 2021, we issued shares of our common stock to Ocuphire Pharma, Inc. pursuant to the Ocuphire Agreement (see Note 2).
In August 2020, we issued RSAs. Of these, shares were forfeited during the nine months ended September 30, 2021 to pay for federal, state and local income taxes or upon employment termination. similar forfeiture occurred during the nine months ended September 30, 2020.
On August 20, 2021, we entered into an equity distribution agreement (the “Sales Agreement”) with Oppenheimer & Co. Inc. (the “Sales Agent”) under which we may issue and sell in a registered “at-the-market” offering shares of our common stock having an aggregate offering price of up to $ million from time to time through or to our Sales Agent (the “ATM Offering”). We expect to use net proceeds, if any, from the ATM Offering over time as a source for working capital and general corporate purposes. We are not obligated to make any sales of our common stock under the Sales Agreement and no assurance can be given that we will sell any shares under the Sales Agreement, or, if we do, as to the price or amount of shares that we will sell, or the dates on which any such sales will take place. We will pay the Sales Agent an aggregate of up to 3.0% of the gross proceeds of the sales price per share of common stock sold through the Sales Agent under the Sales Agreement. The shares under the ATM Offering will be sold and issued pursuant to our S-3 shelf registration statement. We sold no shares under the ATM Offering during August and September 2021.
There were issued or outstanding shares of preferred stock at September 30, 2021 or December 31, 2020.
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