Stockholders’ Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders’ Equity

4. Stockholders’ Equity

Preferred Stock

The Company’s amended and restated certificate of incorporation, as amended, authorizes the Company to issue a total of 20,000,000 shares of preferred stock. No shares have been issued as of June 30, 2024 and December 31, 2023.

Common Stock

The Company’s amended and restated certificate of incorporation, as amended, authorizes the Company to issue a total of 100,000,000 shares of common stock. As of June 30, 2024 and December 31, 2023, the Company had an aggregate of 1,315,489 and 534,238 shares of common stock outstanding, respectively.

On March 6, 2024, the Company sold 119,000 shares of common stock together with warrants to purchase 119,000 shares of common stock (exercise price of $2.43 per share), expiring on March 6, 2029, at a combined public offering price of $2.56.

In addition, the Company sold pre-funded warrants to purchase 662,251 shares of common stock (exercise price of $0.001 per share), together with warrants to purchase 662,251 shares of common stock (exercised price of $2.43 per share), for a combined public offering price of $2.559 per pre-funded warrant and accompanying warrant. Concurrent with the closing, 225,938 shares of common stock were issued upon the exercise of 225,938 pre-funded warrants.

The total proceeds received from the sale of common stock and warrants and the exercise of 225,938 pre-funded warrants was approximately $1.5 million.

In March 2024, 137,313 shares of common stock were issued upon the exercise of 137,313 pre-funded warrants, for proceeds of $137.

During the three months ended June 30, 2024, 299,000 shares of common stock were issued upon the exercise of 299,000 pre-funded warrants, for proceeds of $299.

The Company issued warrants to purchase up to an aggregate of 46,875 shares of common stock to the placement agent, as compensation in connection with the March 2024 offering. The warrants issued to the placement agent have substantially the same terms and conditions as the warrants issued to investors, except that the placement agent warrants have an exercise price of $3.20 per share.