COMMON STOCK |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Equity [Abstract] | |
| COMMON STOCK |
12. COMMON STOCK
On February 14, 2023, the Company completed a 1-for-30 reverse stock split of its outstanding common stock. The Reverse Stock Split did not change the number of authorized shares of common stock or par value. All references in these condensed consolidated financial statements to shares, share prices, exercise prices, and other per share information in all periods have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.
The Company has authorized 300,000,000 shares of common stock, $0.0001 par value per share, of which 4,215,133 and 4,171,297 shares were issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
On August 7, 2020, the Company entered into the August 2020 Sale Agreement with Jefferies pursuant to which Jefferies is serving as the Company’s sales agent to sell shares of the Company’s common stock through an “at the market offering.” As of August 7, 2020, the Company was authorized to sell up to $150,000,000 of shares of the Company’s common stock pursuant to the August 2020 Sale Agreement. During the three months ended March 31, 2023 and 2022, the Company did not sell any shares of its common stock under the August 2020 Sale Agreement.
During the three months ended March 31, 2023 and 2022, the Company issued 43,836 and 0 shares of common stock upon the exercise of stock options to purchase common stock and the Company received proceeds of approximately $129,740 and $0 from these exercises, respectively.
During the three months ended March 31, 2022, the Company issued 833 common shares from the vesting of shares from restricted stock under the 2014 Plan.
No warrants were exercised during the three months ended March 31, 2023 and 2022. |