SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

On August 1, 2022, the Company granted 10-year options to purchase 160,000 shares of Common Stock to a new employee of the Company under the Plan. The options have an exercise price equal to $1.06 per share and vest over a four-year period in 16 equal quarterly increments. The Company estimated the fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $124,000 based on the following weighted average assumptions: share price equal to $1.06; dividend yield of 0% for all years; expected volatility of 85.95%; risk-free interest rate of 2.65%; and expected life of six years.

During July and August 2022, the Company sold, in the aggregate, 1,040,457 shares of Common Stock under the Sales Agreement. The Company generated aggregate gross proceeds equal to approximately $1,152,650 in connection with such sales.

On July 17, 2022, the Company collected approximately $1.1 million from sales to Pfizer. On July 18, 2022, the Company collected approximately $1.1 million from expense reimbursements in connection with its collaboration with Chiesi.