Common Stock

3 Months Ended

Mar. 31, 2023

Common Stock

Common Stock

7. Common Stock

On April 1, 2022, the Company exercised its right and repurchased 93,750 shares of unvested restricted common stock from an employee upon the employee’s termination of employment.

On February 13, 2023, the Company sold 20,000,000 shares of its common stock in an underwritten public offering at $0.25 per share, less underwriting discounts and commissions, resulting in gross proceeds to the Company of $5.0 million. The net proceeds to the Company, after deducting the underwriting discount and commissions and expenses paid by the Company, was approximately $3.6 million. In addition, pursuant to the Underwriting Agreement, the Company granted the underwriter a 45-day option to purchase up to an additional 3,000,000 shares of common stock, solely to cover over-allotments. This option expired in March 2023, and the underwriter did not exercise its option to purchase any additional shares prior to such expiration.

As of March 31, 2023, no dividends on common stock had been declared by the Company. At March 31, 2023 and December 31, 2022, the Company had reserved shares of common stock for issuance as follows:

	March 31,		December 31,
	2023		2022
Warrants to purchase common stock		1,272,680		272,680
Options issued and outstanding		1,223,850		1,268,850
Shares available for future stock option grants		960,268		456,381
Total		3,456,798		1,997,911