Note 16 - Subsequent Event

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

1

6

. Subsequent Event

Paycheck Protection Program 

We determined that we met the original eligibility requirements per the guidelines original established by the U.S. federal government as part of the CARES Act for the Pursuant to the Paycheck Protection Program (the “PPP”). As such, on

April 20, 2020,

the Company received

$2,175,320

in support from the PPP. Because the U.S. government subsequently changed its position and guidelines related to the PPP and publicly traded companies, the Company repaid the load on

April 29, 2020.

Casdin Financing

On

May 22, 2020,

the Company closed on a share purchase agreement with Casdin Capital LLC, a current stockholder of the Company, pursuant to which Casdin invested

$20

million in the Company at a price per share of

$10.50.

Pursuant to the terms of the share purchase agreement, the Company issued to Casdin

1,904,762

shares of Company common stock. The Company also granted Casdin certain registration rights requiring the Company to file a registration statement with the Securities and Exchange Commission covering the resale by Casdin of the shares issued in the transaction.

Cashless warrant exercises

On

May 14, 2020,

the Company entered into separate warrant exercise agreements with WAVI Holding AG and

Taurus4757

GmbH pursuant to which the warrant holders immediately exercised their respective warrants via a “cashless” exercise as agreed to by the Company. As a result of the cashless exercise, the Company issued an aggregate of

2,747,970

shares of Company common stock upon cashless exercise of an aggregate of

3,871,405

warrants.