Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

15

: SUBSEQUENT EVENTS

2020

equity distribution agreement

On

February 7, 2020,

Atossa Therapeutics, Inc. entered into an equity distribution agreement with Oppenheimer & Co. Inc., acting as sales agent relating to the “at-the-market” offering and sale by Atossa of common shares, par value

$0.18

per share, having an aggregate gross sales price of up to

$5,000,000.

Sales of the shares, if any, will be made at Atossa’s sole discretion and by means of ordinary brokers’ transactions through the facilities of the Nasdaq Capital Market at market prices, in block transactions or as otherwise agreed between Atossa and Oppenheimer. The Distribution Agreement provides that Oppenheimer will be entitled to a commission of

3.0%

of the gross offering proceeds of the shares sold pursuant to the Distribution Agreement and reimbursement for certain specified expenses. Atossa has

no

obligation to offer or sell any shares under the Agreement, and

may

at any time suspend offers and sales under the Distribution Agreement. As of

March 24, 2020,

no

shares have been issued under the equity distribution agreement. 

Impact of the Novel Coronavirus (COVID-

19

)

The continued spread of the COVID-

19

pandemic is affecting the United States and global economies and

may

affect the Company’s operations and those of

third

parties on which the Company relies, including by causing disruptions in the supply of the Company’s Endoxifen and the conduct of current and future clinical trials. In addition, the COVID-

19

pandemic

may

affect the operations of the Food and Drug Administration and other health authorities including in Sweden and Australia, which could result in delays of meetings, reviews and approvals, including with respect to the Endoxifen. The evolving COVID-

19

pandemic could also directly or indirectly impact the pace of enrollment in the Company’s clinical trials for at least the next several months and possibly longer as patients

may

avoid or

may

not

be able to travel to healthcare facilities and physicians’ offices unless due to a health emergency. Such facilities and offices

may

also be required to focus limited resources on non-clinical trial matters, including treatment of COVID-

19

patients, and

may

not

be available, in whole or in part, for clinical trial services related to Endoxifen. Additionally, while the potential economic impact brought by, and the duration of, the COVID-

19

pandemic is difficult to assess or predict, the impact of the COVID-

19

pandemic on the global financial markets

may

reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-

19

pandemic is highly uncertain and subject to change. The Company does

not

yet know the full extent of potential delays or impacts on its business, financing or clinical trial activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the

third

parties on which we rely.