Note 8 - Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note

8

- Stockholders' Equity

March 2021

Public Offering

On

March 23, 2021,

we entered into an underwriting agreement with Oppenheimer & Co. Inc. as representative for the several underwriters named therein, relating to the

March 2021

Offering, for an aggregate of

9,230,500

 units with each unit consisting of

one

share of common stock and a warrant, or the

March 2021

Warrants. The

March 2021

Warrants are immediately exercisable for shares of common stock at a price of

$3.60

per share and expire

five

years from the date of issuance. The shares of common stock and the

March 2021

Warrants were immediately separable and were issued separately in the

March 2021

Offering.

The closing of the

March 2021

Offering occurred on

March 25, 2021.

The offering price to the public was

$3.25

 per unit resulting in gross proceeds of 

$30.0

million. After deducting underwriting discounts and commissions and estimated offering expenses payable by us, and excluding the proceeds, if any, from the exercise of the

March 2021

Warrants issued pursuant to the

March 2021

Offering, the net proceeds to us were approximately

$27.4

million.

We have determined that the appropriate accounting treatment under ASC

480,

Distinguishing Liabilities from Equity

, or ASC

480,

is to classify the common stock and the

March 2021

Warrants issued in the

March 2021

Offering as equity. We have also determined that the

March 2021

Warrants are

not

in their entirety a derivative under the scope of ASC

815,

Derivatives and Hedging

, or ASC

815,

due to the scope exception under ASC

815

-

10

-

15

-

74,

nor are there any material embedded derivatives that require separate accounting. We allocated the net proceeds from the

March 2021

Offering based on the relative fair value of the common stock and the

March 2021

Warrants.

At-The-Market Program

On

September 17, 2020,

we entered into an At-The-Market Offering Agreement with Ladenburg, pursuant to which we

may

offer and sell, from time to time at our sole discretion, up to a maximum of

$10.0

 million of shares of our common stock through Ladenburg as agent and/or principal through an at-the-market program, or the ATM Program. When we issue sales notices to Ladenburg, we designate the maximum amount of shares to be sold by Ladenburg daily and the minimum price per share at which shares

may

be sold. Ladenburg

may

sell shares by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule

415

(a)(

4

) under the Securities Act of

1933,

as amended, or in privately negotiated transactions.

We agreed to pay Ladenburg a commission of

3%

 of the gross sales price of any shares sold pursuant to the ATM Program. The rate of compensation will

not

apply when Ladenburg acts as principal.

As of

March 31, 2021

, we sold 

105,083

shares of our common stock under the ATM Program resulting in aggregate gross and net proceeds to us of approximately 

$0.6

million.