Common Stock

9 Months Ended

Sep. 30, 2022

Common Stock.

Common stock

Note 8 - Common Stock

Authorized Shares

The Company had 300.0 million authorized shares of common stock as of September 30, 2022 and December 31, 2021.

The following table summarizes the Company’s remaining authorized shares available for future issuance:

	September 30, 2022
Authorized shares		300,000,000
Common stock outstanding		15,085,792
Options outstanding		364,125
Warrants outstanding		1,065,137
Reserved for issuance under 2019 Stock and Incentive Plan		387,002
Available shares		283,097,944

ATM Equity Offering Program

In February 2020, the Company entered into a Sales Agreement with two agents to implement an “at the market” (ATM) equity offering program under which the Company, from time to time and at its sole discretion, may offer and sell shares of its common stock having an aggregate offering price up to $50.0 million to the public through the agents until (i) each agent declines to accept the terms for any reason, (ii) the entire amount of shares has been sold, or (iii) the Company suspends or terminates the Sales Agreement. The Sales Agreement includes customary indemnification rights in favor of the agents and provides that the agents will be entitled to an aggregate fixed commission of 4.0% of the gross proceeds (2.0% to each agent) to the Company from any shares sold pursuant to the Sales Agreement. Due to its terms and conditions, the Company does not anticipate any sales of stock under the Sales Agreement while it is evaluating available listing and trading options, including the appeal of the delisting determination by the NYSE American.

The following table summarizes the Company’s sales and related issuance costs incurred under the Sales Agreement during the three and six months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total shares of common stock sold		—		22,059		—		416,406
Gross proceeds	$	—	$	540,000	$	—	$	10,512,000
Commissions earned by placement agents		—		(22,000)		—		(422,000)
Issuance fees		—		(23,000)		—		(70,000)
Net proceeds	$	—	$	495,000	$	—	$	10,020,000

Common Stock Issued for Services

The Company issued an aggregate of 3,604 shares of common stock under the Ampio Pharmaceuticals, Inc. 2019 Stock and Incentive Plan (the “2019 Plan”), valued at an aggregate of $80,000 as partial compensation for the services of four non-employee directors, during the nine months ended September 30, 2021. During the nine months ended September 30, 2022, the Company did not issue any shares of common stock as partial compensation for the services of non-employee directors.