Annual report pursuant to Section 13 and 15(d)

Common Stock

Common Stock
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Common Stock

7. Common Stock


As of December 31, 2022, the Company has authorized 150,000,000 shares of common stock, $0.001 par value per share. The Company had approximately 8,143,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively.


The holders of common stock are entitled to one vote for each share of common stock held.


The Company was a party to the At-The-Market Offering Agreement, dated July 1, 2020 (“ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company may issue and sell over time and from time to time, to or through Wainwright, up to $10,000,000 of shares of the Company’s common stock. During January 2021, the Company sold 85,834 shares of its common stock pursuant to the ATM Agreement for net proceeds of approximately $2.1 million. There were no sales under the ATM Agreement during the remainder of 2021 or 2022.


On May 4, 2021, the Company entered into an underwriting agreement with H.C. Wainwright & Co., LLC, pursuant to which the Company agreed to issue and sell 2,167,000 shares of the Company’s common stock at a public offering price of $18.48 per share, less underwriting discounts and commissions (the “Offering”). The Company received approximately $36.4 million in net proceeds from the Offering, after deducting underwriting discounts and estimated offering expenses. The Offering closed on May 7, 2021.