Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Federal Home Loan Banks [Abstract]  
Stockholders' Equity
5. STOCKHOLDERS’ EQUITY
Follow-On
Public Offering
On February 23, 2022, the Company completed the
Follow-On
Offering, in which it issued 388,000
 
shares of its common stock,
Pre-Funded
Warrants to purchase up to 388,000
 
shares of its common stock, and Common Warrants to purchase up to 776,000 shares of its common stock. The aggregate offering price for each share of common stock and accompanying Common Warrant was $14.10. The aggregate offering price for each
Pre-Funded
Warrant and accompanying Common Warrant was $14.099. In the aggregate, the Company received net proceeds of $10.0 million, after deducting approximately $0.9 million of underwriting discounts and estimated other offering expenses.
Pre-Funded
Warrants
Each
Pre-Funded
Warrant entitled the holder to purchase one share of the Company’s common stock at an exercise price of $0.0001 per share. While outstanding, the
Pre-Funded
Warrants were recorded as a component of stockholders’ equity within additional
paid-in
capital. The
Pre-Funded
Warrants were exercised in full on May 4, 2022
,
and subsequently settled with the counterparty.
Common Stock Warrants
Each Common Warrant entitles the holder to purchase one share of common stock at an exercise price of $14.10 per share. The Common Warrants became exercisable on August 23, 2022
,
and expire on August 23, 2027. The Common Warrants are recorded as a liability in the Company’s consolidated balance sheet. Per the terms of the Common Warrants, a holder of an outstanding warrant is not entitled to exercise any portion of such warrant if, upon exercise of such portion of the warrant, the holder’s ownership of the Company’s common stock (together with its affiliates) or the combined voting power of the Company’s securities beneficially owned by such holder (together with its affiliates) would exceed the 4.99 percent after giving effect to the exercise.
 
Warrant transactions for the three months ended March 31, 2023, are as follows:
 
    
Number of
Common Stock
Warrant Units
Outstanding
     
Weighted-Average

Exercise
Price Per Share
  
Outstanding as of December 31, 2022:
      776,000      $ 14.10  
Issued
      —          —    
Forfeited/canceled
      —          —    
Exercised
      —             
    
 
 
     
 
 
  
Outstanding as of March 31, 2023:
      776,000      $ 14.10  
    
 
 
     
 
 
  
Exercisable as of March 31, 2023:
      776,000      $ 14.10  
    
 
 
     
 
 
  
ATM Facility
On September 21, 2021, the Company entered into an ATM Facility with Jefferies LLC, as sole selling agent. The Company issued approximately 140,000 shares of common stock under the ATM Facility in 2021. In the aggregate, the Company received net proceeds from the ATM Facility of $4.1 million through early January 2022.
On October 3, 2022, the Company entered into an amendment to the Open Market Sale Agreement that enables it, subject to the applicable baby shelf rules, to offer and sell up to 1,566,100 shares of its common stock. At its discretion, the Company determines the timing and number of shares to be issued under the ATM Facility. From January 1, 2023, through the date of this report, the Company has not issued any additional shares under the ATM Facility.