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Subsequent Events
3 Months Ended
Mar. 31, 2024
Subsequent Events:  
Subsequent Events

12.            Subsequent Events

At-The-Market Offering Agreement – On April 4, 2024, the Company entered into an At-The-Market Offering Agreement (the “Offering Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Wainwright, shares of its common stock. Under the Offering Agreement, Wainwright may sell shares by any method deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act, as amended, or any other method permitted by law, including in privately negotiated transactions. The Company or Wainwright may suspend or terminate the offering of shares upon notice to the other party and subject to other conditions. The Company will pay Wainwright a commission of 3.0% of the aggregate gross proceeds from each sale of shares under the Offering Agreement and have agreed to provide Wainwright with customary indemnification and contribution rights. The Company has also agreed to reimburse Wainwright for certain specified expenses. On April 4, 2024, in connection with the execution of the Offering Agreement, the Company filed with the SEC a prospectus supplement (the “Initial ATM Prospectus Supplement”) to the base prospectus contained in the Company’s Registration Statement on Form S-3 (File No. 333-265282), which was declared effective by the SEC on June 14, 2022 (the “2022 Shelf Registration Statement”), which Initial ATM Prospectus Supplement related to the offering of up to $2.0 million of shares of the Company’s common stock under the Offering Agreement. Subsequent to entering into the Offering Agreement, the Company offered and sold 436,511 shares of its common stock for gross proceeds of approximately $2.0 million and terminated the offering under the Initial ATM Prospectus Supplement on April 19, 2024. The net proceeds from such offering, after deducting commissions and the Company’s offering expenses, were approximately $1.9 million. On April 19, 2024, the Company determined to increase the amount of shares available for sale under the Offering Agreement, up to an additional aggregate offering price of approximately $1.1 million, which shares are being offered and sold pursuant to the 2022 Shelf Registration Statement and a prospectus supplement and accompanying prospectus filed with the SEC on April 19, 2024 (the “Subsequent ATM Prospectus Supplement”). As of May 14, 2024, we have offered and sold 90,929 shares of common stock under the Subsequent ATM Prospectus Supplement for gross proceeds of approximately $0.3 million. The net proceeds from such offering, after deducting commissions and the Company’s offering expenses, were approximately $0.2 million.

April 2024 Registered Direct Offering and April 2024 Private Placement – On April 18, 2024, the Company entered into a securities purchase agreement with certain institutional and accredited investors pursuant to which the Company agreed to sell, in a registered direct offering, an aggregate of 375,000 shares of our common stock for gross proceeds of approximately $1.2 million under the base prospectus contained in the 2022 Shelf Registration Statement and a related prospectus supplement filed with the SEC on April 19, 2024 (the “April 2024 Registered Direct Offering”). In a concurrent private placement, the Company also agreed pursuant to the securities purchase agreement to issue to such investors warrants to purchase up to 375,000 shares of its common stock at an exercise price of $3.10 per share (the “April 2024 Private Placement”). The April 2024 Registered Direct Offering and the April 2024 Private Placement closed on April 19, 2024. The net proceeds from the offerings, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offerings, were approximately $1.0 million.