STOCKHOLDER'S EQUITY

9 Months Ended

Sep. 30, 2022

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY

3.            STOCKHOLDER’S EQUITY

ATM Programs and Other Offerings

The Company has established multiple “at-the-market” (“ATM”), programs pursuant to a Common Stock Sales Agreement with Wainwright by which Wainwright sold and may continue to sell our common stock at the market prices prevailing at the time of sale. Wainwright is entitled to compensation for its services at a commission rate of 3.0% of the gross sales price per share of common stock sold plus reimbursement of certain expenses. These programs are referred to below as the “May 2020 ATM Program” and the “June 2021 ATM Program” based on when each program was initiated.

May 2020 ATM Program

On May 4, 2020, the Company initiated the May 2020 ATM Program. The Company established the May 2020 ATM with an aggregate offering price of up to $40.0 million. From May 4, 2020 through June 21, 2021, the Company sold an aggregate of 6,027,852 shares of common stock under the May 2020 ATM Program at an average price of approximately $6.15 per share for gross proceeds of approximately $37.1 million. The Company paid cash commissions on the gross proceeds, plus reimbursement of expenses to Wainwright, as well as legal and accounting fees in the aggregate amount of approximately $1.2 million. As of June 21, 2021, the May 2020 ATM Program expired and was replaced with the June 2021 ATM Program described below.

June 2021 ATM Program

On June 21, 2021, the Company initiated the June 2021 ATM Program. The Company established the June 2021 ATM Program with an aggregate offering price of up to $75.0 million. From June 21, 2021 through September 30, 2022, the Company sold an aggregate of 1,607,739 shares of common stock under the June 2021 ATM Program at an average price of approximately $5.86 per share for gross proceeds of approximately $9.4 million. The Company paid cash commissions on the gross proceeds, plus reimbursement of expenses to Wainwright, as well as legal and accounting fees in the aggregate amount of approximately $0.3 million. Additionally, subsequent to September 30, 2022, the Company sold shares under the June 2021 ATM Program (see Note 10 – “Subsequent Events”).

Outstanding Shares

At September 30, 2022, the Company had 24,702,684 shares of common stock issued and outstanding.