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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

9. Subsequent Events

 

On April 20, 2023, the Company completed a registered direct offering of 353,983 shares of the Company’s common stock at a purchase price per share of $5.65. In a concurrent private placement, the Company also issued five and one-half years Series A warrants to purchase up to 353,983 shares of common stock at an exercise price of $5.40 per share and eighteen months Series B warrants to purchase up to 353,983 shares of common stock at an exercise price of $5.40 per share (collectively, the “April 2023 Financing”). In addition, the Company issued warrants to the placement agent, H.C. Wainwright & Co., LLC, for the April 2023 Financing to purchase a total of 26,549 shares of common stock at an exercise price of $7.0625 per share. Net proceeds to the Company from the April 2023 Financing are estimated to be approximately $1,654,000 after deducting placement agent fees and offering expenses.

 

In connection with the April 2023 Financing, the Company entered into warrant amendment agreements (the “Warrant Amendment Agreements”) with the participating investors to amend the exercise price of certain existing warrants to purchase up to an aggregate of 191,619 shares of common stock that were previously issued in April 2018 through January 2021, such that each of the amended warrants have an exercise price of $5.40 per share. The Company received $24,000 as consideration in connection with the Warrant Amendment Agreements.

 

The Company is currently reviewing the accounting for the warrants issued in the April 2023 Financing and for the warrants amended under the Warrant Amendment Agreements.