STOCKHOLDERS’ EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | NOTE 4 STOCKHOLDERS’ EQUITY
On February 4, 2022, the Company entered into an At-The-Market Equity Offering Sales Agreement with Truist Securities, Inc. and Oppenheimer & Co, Inc. (the “2022 ATM”), allowing the Company to sell its common stock for aggregate sales proceeds of up to $50.0 million from time to time and at various prices, subject to the conditions and limitations set forth in the 2022 ATM. If shares of the Company’s common stock are sold, there is a 3% fee paid to the sales agent.
For the six months ended September 30, 2023, the Company received net proceeds of $6.5 million from the sale of shares of common stock. As of September 30, 2023, there were $39.8 million in funds available under the 2022 ATM. For the six months ended September 30, 2022, the Company received net proceeds of $0.2 million from the sale of shares of common stock.
The Company received net proceeds of $0.2 million for shares of common stock from the exercise of stock options in May 2023.
Stock Option Plans
The Company’s Fifth Amended and Restated 2013 Beyond Air Equity Incentive Plan (the “2013 BA Plan”) allows for awards to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of the Company’s common stock. On January 9, 2023, the Company’s Board of Directors approved an amendment to the 2013 BA Plan to increase the number of shares in the 2013 BA Plan by , which was approved by the Company’s stockholders at the 2023 annual stockholder meeting on March 9, 2023. The 2013 BA Plan has shares authorized for issuance. As of September 30, 2023, shares were available under the 2013 BA Plan.
Restricted Stock Units
The fair value for the restricted stock unit awards was valued at the closing price of the Company’s common stock on the date of grant. Restricted stock units vest annually over five years.
A summary of the Company’s restricted stock unit awards for the quarterly period ended September 30, 2023 is as follows:
Stock-based compensation expense related to these stock issuances for the three months ended September 30, 2023 and September 30, 2022 was $ million and $ million respectively.
Stock-based compensation expense related to these stock issuances for the six months ended September 30, 2023 and September 30, 2022 was $3.6 million and the weighted average remaining service period is years. million and $ million respectively. The unrecognized compensation cost is $
BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 4 STOCKHOLDERS’ EQUITY (continued)
The Company’s 2021 Beyond Cancer Ltd Equity Incentive Plan (the “2021 BC Plan”) allows for awards to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of Beyond Cancer’s common shares. On December 1, 2021, Beyond Cancer’s Board of Directors approved to reserve for issuance common shares. On November 3, 2022, Beyond Cancer’s Board of Directors approved to reserve for issuance an additional common shares. The 2021 BC Plan has common shares authorized for issuance. As of September 30, 2023, common shares were available under the 2021 BC Plan.
As of September 30, 2023, the Company had unrecognized stock-based compensation expense in the 2013 BA Plan of approximately $ million which was expected to be expensed over the weighted average remaining service period of years.
As of September 30, 2023, the Company had unrecognized stock-based compensation expense in the 2021 BC Plan of approximately $ million which is expected to be expensed over the weighted average remaining service period of years. On September 7, 2023, Beyond Cancer’s Board of Directors approved a modification to the exercise prices of all previously issued options to $ per share. For the six months ended September 30, 2023 and September 30, 2022, the weighted average fair value of options granted was $ and $ per share, respectively. In line with ASC718, we have amended the stock compensation expense to reflect this de minimis adjustment.
BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 4 STOCKHOLDERS’ EQUITY (continued)
Warrants
A summary of the Company’s outstanding warrants as of September 30, 2023 is as follows:
Warrants to purchase up to 233,843 of Company common stock were issued to Avenue Venture Opportunities Fund, L.P., a Delaware limited partnership (“Avenue”), and Avenue Venture Opportunities Fund II, L.P, a Delaware limited partnership (“Avenue 2” and, together with Avenue, the “Lenders”) in the six months ended September 30, 2023 and are liability classified. No warrants were exercised in this period. All other warrants outstanding are equity classified. There were warrants issued or exercised in the six months ended September 30, 2022.
BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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