STOCKHOLDERS EQUITY

12 Months Ended

Sep. 30, 2021

STOCKHOLDERS EQUITY

12. STOCKHOLDERS' EQUITY

12.	STOCKHOLDERS’ EQUITY
	Exercise of Warrants
	During the years ended September 30, 2021 and 2020, the Company received proceeds of approximately $6.0 million and $12.1 million, respectively, from the exercise of warrants, as detailed in Note 4. Upon exercise, 1,597,870 and 1,711,873 shares of common stock were issued during the years ended September 30, 2021 and 2020, respectively.
	Sales of Securities
	In June 2021, the Company sold 1,400,000 shares of common stock at a public offering price of $22.62 per share and received aggregate net proceeds of approximately $29.4 million. At that time, the underwriters fully exercised their option to purchase up to 210,000 additional shares of common stock to cover over-allotments, resulting in additional net proceeds to the Company of approximately $4.4 million.
	In December 2020, the Company sold 1,000,000 shares of common stock at a public offering price of $14.65 per share and received aggregate proceeds of approximately $13.6 million.
	In March 2020, the Company sold 630,500 shares of common stock at a public offering price of $12.22 per share and received aggregate net proceeds of approximately $7.1 million. Under the terms of the Underwriting Agreement the Company granted the Underwriters a 45-day option to purchase up to an additional 94,575 shares of common stock solely to cover over-allotments. The underwriter fully exercised this option in May 2020 resulting in additional net proceeds to the Company of approximately $1.1 million.
	In December 2019, the Company sold 606,395 shares of common stock at a public offering price of $9.07 per share and received aggregate net proceeds of approximately $5.0 million. In January 2020, the underwriters of that offering fully exercised the option to purchase 90,959 additional shares of common stock at the public offering price of $9.07 per share for aggregate net proceeds to the Company of approximately $0.8 million.

Other Equity Transactions

The Company entered into Securities Purchase Agreements (SPA) with Ergomed plc, one of the Company’s Clinical Research Organizations responsible for managing the Company’s Phase 3 clinical trial, to facilitate payment of amounts due Ergomed. Under the Agreements, the Company issued Ergomed shares of common stock and the net proceeds from the sales of those shares reduces outstanding amounts due Ergomed. Upon issuance, the Company expenses the full value of the shares as Other non-operating gain/loss and subsequently offsets the expense as amounts are realized through the sale by Ergomed and reduces accounts payable to Ergomed.

During the year ended September 30, 2020, the Company issued Ergomed 150,000 shares. No shares were issued during the year ended September 30, 2021. All outstanding shares have been resold as of September 30, 2021 and the Company has approximately $500,000 in amounts prepaid to Ergomed.

The following table summarizes the Other Non-operating gains (losses) for the years ended September 30 relating to these agreements:

	2021		2020
Amount realized through the resale of shares	$	1,685,379	$	2,652,605
Fair value of shares upon issuance		-		1,769,500
Other non-operating gain	$	1,685,379	$	883,105

As of September 30, 2021, all shares held for resale were sold.