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Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity  
Stockholders' Equity

7. Stockholders’ Equity

Common Stock

Issuance of Common Stock on April 18, 2022 from an Underwritten Public Offering

On April 12, 2022, we sold 11,274,510 shares of our common stock in an underwritten registered public offering at an offering price of $5.10 per share (the “Offering”).

The Offering closed on April 18, 2022, and we received net proceeds of approximately $54.5 million from the sale of the shares, after deducting the underwriting discounts and commissions and other offering expenses.

Caligan Partners LP (“Caligan”), our largest stockholder, and Paul B. Manning, a member of our Board of Directors, participated in the Offering and purchased shares of common stock in an aggregate amount of $11.0 million at the public offering price per share and on the same terms as the other purchasers in the Offering. Caligan purchased 1,764,705 shares of common stock in the Offering for an aggregate purchase price of $9.0 million and Paul B. Manning purchased 392,156 shares of common stock in the Offering for an aggregate purchase price of $2.0 million.

Issuance of Common Stock on March 31, 2022 from Merger Transaction

On November 18, 2020 (the “Closing Date”), we completed the acquisition of RareGen as contemplated by that certain Agreement and Plan of Merger, dated as of June 29, 2020, as amended by a Limited Waiver and Modification to the Merger Agreement, dated as of August 3, 2020 (the “Merger Agreement”). On the Closing Date, an aggregate of 5,550,000 shares of our common stock, were issued to RareGen members in exchange for all of the issued and outstanding RareGen equity. On March 31, 2022, an aggregate of 616,666 shares of our common stock, which were held back on the Closing Date for indemnification purposes, were issued to RareGen members.

Warrants

During the three months ended March 31, 2023 and 2022, no warrants to purchase shares of common stock were exercised.

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Outstanding warrants consisted of the following March 31, 2023

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Number of

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warrants

   

Exercise Price

   

Expiration Date

A&R SVB Warrant (see Note 12)

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250,000

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$

5.14

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January 6, 2032

SVB Warrant - Initial Tranche (see Note 12)

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100,000

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$

3.05

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February 26, 2031

SVB Warrant - Term B and Term C Tranches (see Note 12)

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100,000

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$

n/a

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February 26, 2031

Other warrants

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65,572

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$

0.02

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December 31, 2026

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