COMMON STOCK |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Equity [Abstract] | |
| COMMON STOCK |
13.
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 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 4,423,683 and 4,171,297 shares were issued and outstanding as of December 31, 2023 and December 31, 2022, respectively.
On May 31, 2023, the Company entered into the Open Market 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 June 13, 2023, the Company was authorized to offer and sell up to $16,800,000 of its common stock pursuant to the Open Market Sale Agreement. During the year ended December 31, 2023, the Company sold 14,106 shares of its common stock for which the Company received gross proceeds of approximately $114,000. The Company incurred total issuance costs of approximately $295,000. These costs will be deferred to prepaid expenses and other current assets and will offset proceeds as common stock is issued. As of December 31, 2023, approximately $5,200 has been recorded to additional paid-in capital to offset proceeds. See Note 17 for additional information on shares sold subsequent to December 31, 2023. During the year ended December 31, 2022, the Company did not sell any shares of its common stock under the Open Market Sale Agreement with Jefferies.
During the years ended December 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 $129,740 and $0 from those exercises, respectively.
During the years ended December 31, 2023 and 2022, the Company issued 0 and 1,666 shares of common stock upon the vesting of restricted stock units pursuant to a professional services agreement with an investor relations service provider, respectively.
During the years ended December 31, 2023 and 2022, the Company issued 194,444 and 0 shares of common stock in a conversion pursuant to the K2HV Amended Loan and Security Agreement, respectively.
No warrants were exercised during the years ended December 31, 2023 and 2022. |