Subsequent Events |
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Subsequent Events | Note 9. Subsequent Events On September 26, 2023, the Company announced positive top-line data from the randomized withdrawal period of Study C602 which triggered the mandatory exercise of the May 2023 Tranche A warrants. As of September 30, 2023, the Company had received $15.0 million. In addition, certain investors exercised their December 2022 Tranche B warrants, and the Company received $17.5 million in October 2023. On October 2, 2023, the Company announced the closing of the underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $20.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $69.0 million, before deducting the underwriting discount and other estimated offering expenses. The Company also announced the closing of approximately $60.0 million of shares of its common stock and pre-funded warrants in a concurrent private offering pursuant to the securities purchase agreement with certain investors, including entities affiliated with existing stockholders, at a price per share of common stock equal to the public offering price of $20.00 and a price per pre-funded warrant of $19.99. Of these proceeds, the Company had received $16.0 million prior to the end of the quarter and included these amounts in cash and cash equivalents and current liabilities as of September 30, 2023. The remaining gross proceeds of $113.0 million were received in October 2023. The following table summarizes the Company's outstanding common stock and common stock warrants as of October 31, 2023:
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