STOCKHOLDERS EQUITY

9 Months Ended

Sep. 30, 2022

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY

9. STOCKHOLDERS EQUITY

Preferred Stock

As of September 30, 2022, the Company has 1,000,000 authorized shares of undesignated preferred stock, $0.00001 par value per share, the rights, preferences and privileges of which may be designated from time to time by our board of directors. No shares of preferred stock have been issued or are outstanding.

Common Stock

The Company has authorized 250,000,000 and 2,000,000 shares of common stock, $0.00001 par value per share, as of September 30, 2022 and December 31, 2021, respectively, of which 1,391,160 and 1,370,595, shares were issued and outstanding as of September 30, 2022 and December 31, 2021 respectively.

During the nine months ended September 30, 2022, as part of the adjustment to reflect the 2022 Reverse Stock Split, the Company issued an aggregate of 20,619 shares of common stock to account for the fractional roundup of shareholders.

During the nine months ended September 30, 2022, 54 restricted stock awards that were considered issued and outstanding as of December 31, 2021 were forfeited.

During the three and nine months ended September 30, 2022, there was no exercise activity related to any of the warrants that were issued in 2018, 2019 and 2020.

During the nine months ended September 30, 2021, the Company issued an aggregate of 424,829 and 488 shares of common stock upon the exercise of certain of the October 2020 Series A Warrants and October 2020 Placement Agent Warrants, respectively, for aggregate proceeds of $8.5 million. During the three and nine months ended September 30, 2021, there was no exercise activity related to any of the warrants that were issued in 2018 and 2019.

During the nine months ended September 30, 2021, the Company issued an aggregate of 2 shares of common stock upon vesting of restricted stock units.