Common Stock

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common Stock

6. Common Stock

ATM Offering

In August of 2021, the Company engaged B. Riley Securities, Inc. to act as sales agent under the Company’s at-the-market program, which allows us to potentially sell up to $50.0 million of its common stock using a shelf registration statement on Form S-3 filed on August 5, 2021. On March 31, 2023, the date we filed our Annual Report on Form 10-K for fiscal year ended December 31, 2022, the Company became subject of the offering limits in General Instruction I.B.6 of Form S-3. As a result, the Company filed a prospectus supplement to the prospectus relating to the registration of offerings under the program that reduced the amount the Company may sell to aggregate proceeds of up to $15 million. For the quarter ended March 31, 2023, the Company has received proceeds of approximately $21 thousand net of fees from the sale of common stock pursuant to the program. As of March 31, 2023, the Company has received proceeds of approximately $7.5 million net of fees from the sales of 1,845 thousand shares of common stock since the inception of the program.