Note 8 - Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

8. Stockholders’ Equity

In June 2021, the Company issued 10.3 million shares of its common stock related to the acquisition of Trigr Therapeutics, Inc. (“TRIGR”). In the fourth quarter of 2022, 95 thousand of these shares were cancelled due to contractual obligations outstanding prior to the acquisition. See Note 16 for further information on the TRIGR transaction.

In November 2021, the Company sold through an underwritten public offering, 35,715,000 shares of the Company’s common stock, at a price to the public of $3.50 per share, less underwriting discounts and commissions. The Company granted the underwriters a 30-day option to purchase up to an additional 5,357,250 shares of Common Stock, at the public offering price of $3.50, less any underwriting discounts and commissions. In December 2021, pursuant to this 30-day option, the Company sold an additional 3,271,857 shares of our common stock, for a total of 38,986,857 shares of common stock sold as part of the Follow-On Public Offering. The aggregate gross proceeds from the Follow-On Public Offering were approximately $136.5 million. In connection with the Follow-On Public Offering, we paid the underwriters and other legal and accounting costs of $8.5 million, for net proceeds of approximately $128.0 million.

In November 2022, the Company sold through a Private Investment in Public Entity (“PIPE”) offering of 25,000,000 shares of our common stock at a purchase price of $3.21 per share. The gross proceeds to us from the PIPE were $80.3 million. In connection with the PIPE, the Company paid $4.5 million to the underwriters (and for other legal and accounting costs), for net proceeds of $75.7 million.