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Common Stock
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Common Stock

Note 6 — Common Stock

On February 13, 2020, the Company completed an underwritten public offering (the “ February 2020 Offering”) in which the Company sold 1,660,000 shares of its common stock at a price of $7.00 per share and 483,000 pre-funded warrants at a price of $6.9999 per share, generating net proceeds (including paid and unpaid offering expenses) of approximately $13,475,500. The pre-funded warrants had a nominal exercise price of $0.0001 per share.  Investors also received 2,143,000 warrants (“Investor Warrants”), each entitling the holder to purchase one share of the Company’s common stock at an exercise price of $7.50 per share. The Investor Warrants expire on February 13, 2025.  The underwriters in the February 2020 Offering were entitled to an over-allotment option to purchase to up to 321,450 shares of common stock at $6.99 per share, and 321,450 Investor Warrants at a price of $0.01 per share. The underwriters exercised their option to purchase the additional Investor Warrants concurrent with the closing of the transaction.  All pre-funded warrants issued in the February 2020 Offering were exercised as of March 31, 2020.  

As part of the February 2020 offering, the Company issued to the underwriters, warrants (the “Underwriter Warrants”) to purchase 214,300 shares of common stock. The Underwriter Warrants have an exercise price $7.00 per share. The Underwriter Warrants expire on February 13, 2025.

The Investor Warrants and Underwriter Warrants are being accounted for as equity.   During the three months ended March 31, 2021 and 2020, 826,700 and 21,500 Investor Warrants were exercised.  During the three months ended March 31, 2021, 162,575 Underwriter Warrants were exercised.   Proceeds received from the exercise of warrants were approximately $7,288,300 and $161,200 during the three months ended March 31, 2021 and 2020, respectively.

         

During the three months ended March 31, 2021 and 2020, 10 and 16 shares of restricted stock vested.  During the three months ended March 31, 2021 and 2020,  11,397 and 1,033 restricted stock units vested.