| Stockholders’ Equity |
Note
4 – Stockholders’ Equity
Common
Stock
Financings
During
the year ended December 31, 2024, we issued 2,356,549 shares of our common stock through several fundraising efforts described below:
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Public
Offering – On January 30, 2024, we closed a public offering (the “Offering”) for the sale of 476,000 shares
of common stock, Pre-Funded Warrants to purchase
up to 1,079,555 shares of common stock in lieu of shares of common stock, and Common Warrants to purchase up to 1,555,555 shares
of our common stock. The Common Warrants have an exercise price of $4.50, are immediately exercisable and expire on January 30, 2029.
The shares of common stock were offered at a combined public offering price of $4.50 per share and accompanying Common Warrant and
$4.4999 per Pre-Funded Warrant and accompanying Common Warrant. The Pre-Funded Warrants had an exercise price of $0.0001 and were
exercised in full simultaneously with the closing of the Offering in exchange for 1,079,555 shares of our common stock. Gross proceeds
in connection with the Offering were $7.0 million. We received $6.3 million in net proceeds from the Offering, after deducting the
fees of the placement agent and other offering-related expenses.
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ATM
Offering – We sold 800,994 shares at an average price of $1.93 per share for aggregate net proceeds of $1.5 million. |
We
also issued to the placement agent warrants to purchase 62,222 shares of common stock, exercisable at $5.625 per share that expire on
February 1, 2027.
During
the year ended December 31, 2023, we issued 421,611 shares of our common stock through several fundraising efforts described below:
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ATM
Offering – On February 5, 2023, in connection with our Registered Direct Offering discussed below, we terminated our ATM
and suspended the Sales Agreement with Oppenheimer & Co. Inc., but we may reinstate it in the future. During the year ended December
31, 2023, we sold 28,483 shares at an average price of $24.40 per share for aggregate gross proceeds of $693,000 (net proceeds of
$672,000) prior to deducting sales commissions. |
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Lincoln
Park Capital Fund, LLC Purchase Agreement –
During the year ended December 31, 2023, we sold 2,500 shares at an average price of $21.60
per share for aggregate gross proceeds of $54,000 under the purchase agreement with Lincoln Park.
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Registered
Direct Offering – On February 14, 2023, we closed a registered direct offering (the “Offering”) for the sale
of 390,628 shares of common stock at a purchase price of $16.00 per share for gross proceeds of $6.3 million (net proceeds of $5.6
million). |
We
paid Spartan a cash fee of 8.0%
of the gross proceeds from the Offering, excluding proceeds received from our insiders, and reimbursed Spartan for legal fees of
$60,000.
The engagement agreement with Spartan required us to indemnify Spartan and certain of its affiliates against certain customary
liabilities. On February 14, 2023, we amended the consulting agreement with Spartan originally entered into on August 24, 2022,
extending the term of the consulting agreement until February 10, 2024. As compensation for services under the agreement, on April
17, 2023, we granted Spartan warrants to purchase 158,007
shares of our common stock with an exercise price of $20.40.
The warrants will expire April
17, 2026 and contain both call and cashless exercise provisions.
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