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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Public Offering of Common Stock
In October 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with William Blair, as representative of the several underwriters named in Schedule 1 thereto, pursuant to which the Company issued and sold, in an underwritten public offering (the “October 2021 Offering”), 26,316,000 shares (the “Base Shares”) of the Company’s common stock. In addition, the underwriters have a 30-day option to purchase 3,947,400 additional shares of common stock on the same terms (the “Option Shares,” and together with the Base Shares, the “Shares”). The offering price to the public in the October 2021 Offering was $0.38 per Share, and the underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $0.3534 per Share, representing an underwriting discount of seven percent (7.0%). The October 2021 Offering resulted in net proceeds of approximately $8.9 million, after deducting the underwriting discount and offering expenses payable by the Company. The Company anticipates using the net proceeds from the October 2021 Offering for research and development, including clinical trials, working capital, business development, and general corporate purposes.
The Underwriting Agreement also contains representations, warranties, indemnification, and other provisions customary for transactions of this nature. Pursuant to the Underwriting Agreement, the Company and its directors and officers agreed, for a period of 90 days, subject to certain exceptions, not to offer, sell, pledge, or otherwise dispose of the Company’s common stock and other of the Company’s securities that they beneficially own, including securities that are convertible into shares of common stock and securities that are exchangeable or exercisable for shares of common stock, without the prior written consent of William Blair.