Common Stock and Warrants

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Common Stock and Warrants

Note 7 — Common Stock and Warrants

On August 29. 2023, the Company completed a public equity offering, selling 5,413,334 shares of common stock and 1,920,000 pre-funded warrants at $0.60 per share, or at $0.5999 per warrant, generating proceeds after fees and expenses of approximately $3.9 million. Each pre-funded warrant is exercisable for one share of the Company's common stock at a nominal exercise price of $0.0001 per share.

On January 17, 2023, the Company completed a public equity offering, selling 13,169,074 shares of common stock and 6,830,926 pre-funded warrants at $0.325 per share or at $0.3249 per warrant, generating proceeds after fees and expenses of approximately $5.7 million. Each pre-funded warrant is exercisable for one share of the Company's common stock at a nominal exercise price of $0.0001 per share.

No pre-funded warrants have been exercised as of September 30, 2023.

On August 2, 2022, (the "Agreement Date") the Company entered into a Purchase Agreement with Keystone, establishing an equity line facility under which the Company, at its sole discretion, could direct Keystone to purchase up to $5.0 million of the Company's common stock (the "Maximum Amount") from time to time through delivery of a purchase notice ("Notice"). The Company could sell shares of common stock to Keystone up to the Maximum Amount, provided that the Company agreed to issue no more than 1,399,334 shares of common stock (the "Minimum Shares"), representing 19.99% of the Company's outstanding shares on the Agreement Date (the "Exchange Cap"), of which 50,000 shares were issued to Keystone as a commitment fee after closing of the transaction. In conjunction with the public equity offering in August 2023, the Company terminated the Purchase Agreement with Keystone. There were no sales under the Purchase Agreement during the three and nine months ended September 30, 2023.

In June 2021, the Company entered into an ATM Facility with Alliance Global Partners ("AGP"). Under the ATM Facility, the Company may sell up to an aggregate of $15 million of the Company’s common stock from time to time and shall pay to AGP cash commissions of 3.0% of the gross proceeds of sales of common stock under the ATM Facility. There were no sales under the ATM Facility during the three and nine months ended September 30, 2023. In conjunction with the public equity offering in August 2023, the Company reduced the amount available to sell under the ATM Facility to $1,000. This amount remains available for sale at September 30, 2023.

The Company issued warrants to investors as part of its public equity offering in February 2020. The warrants are being accounted for as equity. Each warrant entitles the holder to purchase one share of the Company's common stock at an exercise price of $7.50 per share. 688,250 warrants remain outstanding as of September 30, 2023. There were no exercises of these warrants during the three and nine months ended September 30, 2023. The warrants expire on February 13, 2025.

In conjunction with the Company's public equity offering in August 2023, the Company agreed to not sell any shares of its common stock under its ATM Facility for a period of one year from the closing date.

During the three and nine months ended September 30, 2023, 10,099 and 199,163 restricted stock units vested, respectively. During the three and nine months ended September 30, 2022, 25,961 and 133,270 restricted stock units vested, respectively.