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Organization and Description of Business
12 Months Ended
Dec. 31, 2023
Organization and Description of Business [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

 

TFF Pharmaceuticals, Inc. (the “Company”) was incorporated in the State of Delaware on January 24, 2018. The Company’s initial focus is on the development of inhaled dry powder drugs to enhance the treatment of pulmonary diseases and conditions. In December 2019, the Company established a wholly owned Australian subsidiary, TFF Pharmaceuticals Australia Pty Ltd (“TFF Australia”), in order to conduct clinical research. TFF Pharmaceuticals, Inc., along with TFF Australia, are collectively referred to as the “Company”. The Company is in the development stage and is devoting substantially all of its efforts toward technology research and development and the human clinical trials of its initial product candidates.

 

ATM Offering

 

On June 10, 2022, the Company entered into an Open Market Sale Agreement with Jefferies LLC, as agent, under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $35.0 million in an “at-the-market” (“ATM”) offering, to or through the agent. From July 2022 through September 30, 2022, the Company sold 4,160 shares of its common stock at an average price of $149.00 per share resulting in net proceeds of approximately $0.4 million, after deducting sales agent commissions and offering expenses. During 2023, the Company sold 7,062 shares of its common stock through the ATM offering at an average price of $8.80 per share resulting in net proceeds of approximately $60,000. The Company terminated the Open Market Sale Agreement with Jefferies LLC in March 2024.

 

November 2022 Public Offering

 

In November 2022, the Company completed a public offering (“November 2022 Offering”), selling 371,304 shares of common stock and warrants to purchase up to 185,652 shares of common stock at an offering price of $28.75 per share. The Company received gross proceeds of approximately $10.7 million. In addition, the Company granted the underwriter a 45-day option to purchase an additional 15% of the number of shares of common stock and warrants at the public offering price, less underwriting discounts and commissions. The option was exercised in November 2022 and the underwriter purchased an additional 55,696 shares of common stock and warrants to purchase up to 27,848 shares of common stock and the Company received additional gross proceeds of approximately $1.6 million. The Company received net proceeds of approximately $11.2 million, after deducting underwriting discounts and offering-related expenses.

 

August 2023 Public Offering

 

On August 17, 2023, the Company completed an underwritten public offering (“August 2023 Offering”), selling 915,216 shares of common stock, including 119,376 shares of common stock issued pursuant to the full exercise by the underwriter of its over-allotment option, at an offering price of $6.25 per share. The Company received gross proceeds of approximately $5.7 million. The Company received net proceeds of approximately $5.1 million, after deducting underwriting discounts and offering-related expenses.

 

Reverse Stock Split

 

Effective December 19, 2023, the Company effected a one-for-25 reverse stock split of its issued and outstanding common shares. Accordingly, all common share, stock option, per common share and warrant amounts for all periods presented in the consolidated financial statements and notes thereto have been adjusted retrospectively to reflect this reverse stock split.