COMMON STOCK

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

COMMON STOCK

12. COMMON STOCK

On February 14, 2023, the Company completed a 1-for-30 reverse stock split of its outstanding common stock. The Reverse Stock Split did not change the number of authorized shares of common stock or par value. All references in these condensed consolidated financial statements to shares, share prices, exercise prices, and other per share information in all periods have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.

The Company has authorized 300,000,000 shares of common stock, $0.0001 par value per share, of which 4,423,683 and 4,171,297 shares were issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.

On May 31, 2023, the Company entered into the May 2023 Sale Agreement with Jefferies pursuant to which Jefferies is serving as the Company’s sales agent to sell shares of the Company’s common stock through an “at the market offering.” As of June 13, 2023, the Company was authorized to offer and sell up to $16,800,000 of its common stock pursuant to the May 2023 Sale Agreement. During the three and nine months ended September 30, 2023, the Company sold 942 and 14,106 shares of its common stock for which the Company received gross proceeds of approximately $7,500 and $114,000, respectively. The Company incurred total issuance costs of approximately $266,000. These costs will be deferred to prepaid expenses and other current assets and will offset proceeds as common stock is issued. As of September 30, 2023, approximately $5,200 has been recorded to additional paid-in capital to offset proceeds.

During the three and nine months ended September 30, 2023, the Company issued 0 and 43,836 shares of common stock upon the exercise of stock options to purchase common stock and the Company received proceeds of $0 and $129,740 from those exercises, respectively.

During the three and nine months ended September 30, 2022, the Company issued no shares of common stock upon the exercise of stock options to purchase common stock and the Company received no proceeds.

During the three and nine months ended September 30, 2023, the Company issued no shares of common shares from the vesting of shares from restricted stock under the 2014 Plan.

During the three and nine months ended September 30, 2022, the Company issued 416 and 1,666 common shares from the vesting of shares from restricted stock under the 2014 Plan.

No warrants were exercised during the three and nine months ended September 30, 2023 and 2022.