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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

 

Equity Distribution Agreement

Subsequent to September 30, 2022, the Company sold 256,628 shares for net proceeds of $0.7 million under the New Sales Agreement.

Reverse Stock Split

On October 11, 2022, at the Company’s annual meeting of stockholders, the Company’s stockholders approved an amendment to the Company’s restated certificate of incorporation to effect a reverse stock split of the Company’s common stock. Following the receipt of the stockholders’ approval, the Company’s board of directions approved the reverse stock split at the ratio of 1 post-split share for every 50 pre-split shares, and the amendment to the Company’s restated certificate of incorporation became effective as of October 12, 2022. As a result of the reverse stock split, every 50 shares of issued and outstanding common stock of the Company were automatically reclassified and combined into 1 share of common stock, with any fractional interest in shares being paid out in cash. Immediately after the reverse stock split became effective, the Company had approximately 7,059,144 shares of common stock issued and outstanding. As a result of the reverse split, there was an adjustment of 50 shares for rounding. All common stock amounts and references have been retroactively adjusted for all figures presented to reflect this split unless specifically stated otherwise.

Securities Purchase Agreement

 On October 26, 2022, the private investor in the Company’s Series A redeemable convertible preferred stock redeemed all 3,000 shares of the Series A redeemable convertible preferred stock for an aggregate amount of $0.3 million.