Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

From April 1, 2018 through May 4, 2018, the Company sold 72,208 shares of its Common Stock under the Sales Agreement. The Company received gross proceeds of $1,439 thousand and paid commissions of $43 thousand, resulting in net proceeds of $1,396 thousand.

On April 17, 2018, the Company was awarded a grant of approximately $7.4 million from the National Institutes of Health’s National Institute on Drug Abuse. The grant provides the Company with additional resources for the ongoing development of OPNT003 (intranasal nalmefene), a long-lasting opioid antagonist for the treatment of opioid overdose. The grant includes approximately $2.6 million to be funded for the period ending March 31, 2019, with the balance to be funded over the subsequent two years, subject to available funds and satisfactory progress on the development of OPNT003.

In April 2018, the Company paid $434 thousand to the OORT Net Profit investors based on net milestone payments of $6.1 million received from Adapt on March 1, 2018. (See Note 7 - Royalty Payable).

On April 19, 2018, the Company issued 37,866 shares of its unregistered Common Stock pursuant to the LOI dated November 19, 2015 (see Note 9 - Commitments).