<SEC-DOCUMENT>0001437749-21-002025.txt : 20210204
<SEC-HEADER>0001437749-21-002025.hdr.sgml : 20210204
<ACCEPTANCE-DATETIME>20210204172713
ACCESSION NUMBER:		0001437749-21-002025
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210204
DATE AS OF CHANGE:		20210204
EFFECTIVENESS DATE:		20210204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEMPHARM, INC
		CENTRAL INDEX KEY:			0001434647
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				205894398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-252743
		FILM NUMBER:		21592381

	BUSINESS ADDRESS:	
		STREET 1:		1180 CELEBRATION BOULEVARD, SUITE 103
		CITY:			CELEBRATION
		STATE:			FL
		ZIP:			34747
		BUSINESS PHONE:		(321) 939-3416

	MAIL ADDRESS:	
		STREET 1:		1180 CELEBRATION BOULEVARD, SUITE 103
		CITY:			CELEBRATION
		STATE:			FL
		ZIP:			34747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPHARM INC
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>kmph20210202_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<p style="margin: 0pt; text-align: center; color: rgb(0, 0, 0); text-indent: 0pt; font-family: Times New Roman; font-size: 10pt; background-color: rgb(255, 255, 255);"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>As filed with the Securities and Exchange Commission on February 4</b><b>, 2021</b></font></p>

<p style="margin: 0pt; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Registration No. 333- </b></p>

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<p style="margin: 0pt 54pt 0pt 51.1pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 18pt;"><b>UNITED STATES</b></p>

<p style="margin: 0pt 54pt 0pt 51.15pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt 54pt 0pt 51.15pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>WASHINGTON, D.C. 20549</b></p>

<p style="margin: 0pt 54pt 0pt 51.1pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<p style="margin: 0pt 54pt 0pt 51.1pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 54pt 0pt 51.1pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 18pt;"><b>FORM S-8</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 18pt;"><b>REGISTRATION STATEMENT </b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><i>UNDER&nbsp; </i></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><i>THE SECURITIES ACT OF 1933</i></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; color: rgb(0, 0, 0); text-indent: 0pt; font-family: Times New Roman; font-size: 24pt; background-color: rgb(255, 255, 255);"><b>KemPharm</b><b>, Inc.</b></p>

<p style="margin: 0pt 54pt 0pt 51.15pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(Exact Name of Registrant as Specified in Its Charter)</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Delaware</b></p>
			</td>
			<td style="width: 18%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td style="width: 37.7%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: top;">
			<p style="margin: 0pt 1.8pt 0pt 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>20</b><b>-</b><b>5894398</b></p>
			</td>
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			<td style="width: 44.3%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(State or Other Jurisdiction of Incorporation or Organization)</b></p>
			</td>
			<td style="width: 18%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td style="width: 37.7%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: top;">
			<p style="margin: 0pt 1.8pt 0pt 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(I.R.S. Employer Identification No.)</b></p>
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</table>

<p style="margin: 0pt 54pt 0pt 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>1180&nbsp;Celebration Boulevard, Suite </b><b>103</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Celebration,&nbsp;FL 34747</b></p>

<hr style="margin: 3pt auto; border: currentColor; border-image: none; width: 25%; height: 1px; text-align: center; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(Address of Principal Executive Offices) (Zip Code)</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>2014 Equity Incentive Plan</b></p>

<hr style="margin: 3pt auto; border: currentColor; border-image: none; width: 25%; height: 1px; text-align: center; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);">
<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(Full Title of the Plan)</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>R. LaDuane Clifton, CPA</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Chief Financial Officer, Secretary and Treasurer</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>KemPharm</b><b>, Inc.</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>1180&nbsp;Celebration Boulevard, Suite 103</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Celebration,&nbsp;FL 34747</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(</b><b>321</b><b>) 939</b><b>-3416</b></p>

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<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(Name and Address of Agent for Service) (Telephone Number, Including Area Code, of Agent for Service)</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b><i>Copies to:</i></b></p>

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			<td style="width: 58.5%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: top;">&nbsp;</td>
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			<td colspan="2" style="width: 48.4%; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Brent B. Siler</b></p>

			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Matthew P. Dubofsky</b></p>

			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Cooley LLP</b></p>

			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>380 Interlocken Crescent, Suite 900</b></p>

			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>Broomfield, CO 80021</b></p>

			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><b>(720) 566-4000</b></p>
			</td>
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</table>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;"><i>&nbsp;</i></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;,&nbsp;&#8220;smaller reporting company&#8221; and "emerging growth company" in Rule 12b-2 of the Exchange Act.</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">Large accelerated filer &#9744;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer &#9744;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer &#9746;&nbsp; &nbsp; &nbsp;Smaller reporting company&nbsp;&#9746;&nbsp; &nbsp; &nbsp;Emerging growth company &#9744;&nbsp; &nbsp;&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;Section 7(a)(2)(B)&nbsp;of the Securities Act.&nbsp;&nbsp;&#9744;</font></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div class="PGNUM" style="width: 100%; text-align: center;">&nbsp;</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div class="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>CALCULATION OF REGISTRATION FEE</b></p>

<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL4" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 36.6%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Title of Securities to be Registered</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 17.1%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Amount to be </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Registered (1)</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 16.5%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Proposed </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Maximum Offering</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Price Per Share (2)</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 20%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Proposed </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Maximum Aggregate </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Offering Price (2)</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 14.6%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Amount of</b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Registration Fee</b></p>
			</td>
		</tr>
		<tr>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 36.6%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Common Stock, par value $0.0<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">001 per share</font></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 17.1%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">181,492&nbsp;shares</font></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 16.5%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$6.08</p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 20%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$1,103,471.36</p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 14.6%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$120.39</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL5" style="margin: 0pt; width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">(1)</p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &#8220;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><i>Securities Act</i></b>&#8221;), this Registration Statement shall also cover any additional shares of the Registrant&#8217;s common stock, par value $0.0001 (the &#8220;<b><i>Common Stock</i></b>&#8221;) that become issuable under the 2014 Equity Incentive Plan (the &#8220;<b><i>2014 </i></b><b><i>Plan</i></b>&#8221;) by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the Registrant&#8217;s outstanding shares of Common Stock.</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">(2)</p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) and Rule 457(c) promulg<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">ated under the Securities Act. The offering price per share and the aggregate offering price are based upon the average high and low prices of the Registrant&#8217;s Common Stock as reported on the N<font style="text-transform: lowercase;">ASDAQ</font> Capital Market on&nbsp;February 1, 2021. The chart below details the calculations of the registration fee:</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL6" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 48.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Securities </b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 16.4%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Number of </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Shares</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 18.8%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Offering Price </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Per Share (3)</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 17.2%; vertical-align: bottom;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Aggregate </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Offering Price</b></p>
			</td>
		</tr>
		<tr>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 48.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Additional shares reserved for future grant under the <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">2014 Plan</font></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 16.4%; text-align: center; vertical-align: top;">181,492</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 18.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$6.08</p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 17.2%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$1,103,471.36</p>
			</td>
		</tr>
		<tr>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 48.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Proposed Maximum Aggregate Offering Price</p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 16.4%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 18.8%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 17.2%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$1,103,471.36</p>
			</td>
		</tr>
		<tr>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 48.8%; vertical-align: middle;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><b>Registration Fee</b></p>
			</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 16.4%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 18.8%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="border: thin solid rgb(0, 0, 0); border-image: none; width: 17.2%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">$120.39</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 36pt; text-align: center; text-transform: uppercase; text-indent: -36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table id="TBL5" style="margin:0pt; width:100%; font-size:10pt; border:undefined">

		<tr>
			<td style="width:4%; vertical-align:top">
			<p style="margin: 0; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">(3)</p>
			</td>
			<td style="width:96%; vertical-align:top">
			<p style="margin: 0; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) and Rule 457(c) promulg<font style="font-family:Times New Roman, Times, serif; font-size:10pt">ated under the Securities Act. The offering price per share and the aggregate offering price are based upon the average high and low prices of the Registrant&#8217;s Common Stock as reported on the N<font style="text-transform:lowercase">ASDAQ</font> Capital Market on&nbsp;February 1, 2021.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt 36pt; text-align: center; text-transform: uppercase; text-indent: -36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div class="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">2</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div class="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt 36pt; text-align: center; text-transform: uppercase; text-indent: -36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Explanatory Note</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">This Registration Statement on Form S-8 is being filed for the purpose of registering an <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">additional&nbsp;181,492 shares of the Registrant&#8217;s Common Stock to be issued pursuant to the Registrant&#8217;s 2014 Plan.</font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>INCORPORATION BY REFERENCE OF CONTENTS OF REGISTRATION </b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>STATEMENT ON FORM S-8 </b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The R<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">egistrant is hereby registering an additional&nbsp;181,492 shares of the Registrant&#8217;s Common Stock to be issued pursuant to the Registrant&#8217;s 2014 Plan. The contents of the Registration Statement on <a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312515154390/d913215ds8.htm" style="-sec-extract:exhibit;">Form&nbsp;S-8</a> (File No. 333-203703), as filed with the Securities and Exchange Commission (the &#8220;<b><i>Commission</i></b>&#8221;) on April 29, 2015, are incorporated herein by reference and made a part of this Registration Statement.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In addition, the following documents filed by the Registrant with the Securities and Exchange Commission are incorporated by reference into this Registration Statement:</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width: 2%;">&nbsp;</td>
			<td style="width: 2%; vertical-align: top;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt; text-align: justify; font-size: 10pt;">&#9679;</p>
			</td>
			<td style="vertical-align: top; width: 96%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt; text-align: justify; font-size: 10pt;">the Registrant&#8217;s audited financial statements for the fiscal year ended December 31, 2019 and the Registrant&#8217;s unaudited financial statements for the three and nine month periods ended September 30, 2020 included in the Registrant&#8217;s prospectus dated January 8, 2021, filed pursuant to Rule&nbsp;<a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312521005462/d93666d424b4.htm" style="-sec-extract:exhibit;">424(b)</a>&nbsp;under the Securities Act relating to the Registration Statement on Form S-1 (File No. 333-250945).</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div class="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">3</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div class="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>ITEM</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS</b></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL7" style="margin: 0pt; width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr>
			<td style="width: 10.6%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Exhibit </b></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Number</b></p>
			</td>
			<td style="width: 90.5%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Description</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.1<sup style="vertical-align:top;line-height:120%;font-size:pt">(</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></font></p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312515140072/d911803dex31.htm" style="-sec-extract:exhibit;">Amended and Restated Certificate of Incorporation<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, as currently in effect.</font></a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; text-align: center; vertical-align: top;">4.2<sup style="vertical-align:top;line-height:120%;font-size:pt">(2)</sup></td>
			<td style="width: 90.5%; vertical-align: top;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312518294252/d636304dex31.htm" style="-sec-extract:exhibit;">Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock.</a></td>
		</tr>
		<tr>
			<td style="width: 10.6%; text-align: center; vertical-align: top;">4.3<sup style="vertical-align:top;line-height:120%;font-size:pt">(3)</sup></td>
			<td style="width: 90.5%; vertical-align: top;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312519237105/d759901dex31.htm" style="-sec-extract:exhibit;">Certificate of Designation of Preferences, Rights and Limitations of Series B-1 Convertible Preferred Stock.</a></td>
		</tr>
		<tr>
			<td style="width: 10.6%; text-align: center; vertical-align: top;">4.4<sup style="vertical-align:top;line-height:120%;font-size:pt">(4)</sup></td>
			<td style="width: 90.5%; vertical-align: top;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312521007494/d848409dex31.htm" style="-sec-extract:exhibit;">Amended and Restated&nbsp;</a><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312519237105/d759901dex32.htm" style="-sec-extract:exhibit;">Certificate of Designation of Preferences, Rights and Limitations of Series B-2 Convertible Preferred Stock</a><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312521007494/d848409dex31.htm" style="-sec-extract:exhibit;">.</a></td>
		</tr>
		<tr>
			<td style="width: 10.6%; text-align: center; vertical-align: top;">4.5<sup style="vertical-align:top;line-height:120%;font-size:pt">(5)</sup></td>
			<td style="width: 90.5%; vertical-align: top;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000143774920025891/ex_218888.htm" style="-sec-extract:exhibit;">Certificate of Amendment to Amended and Restated Certification of Incorporation, as currently in effect.</a></td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.6<sup style="vertical-align:top;line-height:120%;font-size:pt">(6</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></font></p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000143774920015351/ex_194015.htm" style="-sec-extract:exhibit;">Amended and Restated Bylaws<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">, as currently in effect.</font></a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">.7<sup style="vertical-align:top;line-height:120%;font-size:pt">(7</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></font></p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312515124387/d793437dex42.htm" style="-sec-extract:exhibit;">Specimen stock certificate evidencing shares of Common Stock.</a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4.8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(8</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></font></p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312515154390/d913215dex47.htm" style="-sec-extract:exhibit;">2014<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"> Equity Incentive Plan.</font></a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4.9<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(9</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></font></p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312515087360/d793437dex1015.htm" style="-sec-extract:exhibit;">Form of Stock Option Grant Notice and Stock Option Agreement under 2014 Equity Incentive Plan.</a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">4.10<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">(10</sup><sup style="vertical-align:top;line-height:120%;font-size:pt">)</sup></font></p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1434647/000119312515087360/d793437dex1016.htm" style="-sec-extract:exhibit;">Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Award Agreement under 2014 Equity Incentive Plan.</a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">5.1</p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a id="Exhibit 5.1" name="Exhibit 5.1"></a><a href="ex_223826.htm" style="-sec-extract:exhibit;">Opinion of Cooley LLP.</a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">23.1</p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="ex_223827.htm" style="-sec-extract:exhibit;">Consent of&nbsp;RSM US<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;LLP, independent registered public accounting firm.</font></a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">23.2</p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="#Exhibit" style="-sec-extract:exhibit;">Consent of Cooley LLP (included in Exhibit 5.1).</a></p>
			</td>
		</tr>
		<tr>
			<td style="width: 10.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">24.1</p>
			</td>
			<td style="width: 90.5%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><a href="#Power" style="-sec-extract:exhibit;">Power of Attorney (included on the signature page of this Form S-8).</a></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL8" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 4%; vertical-align: top; border-top-color: rgb(0, 0, 0); border-top-width: thin; border-top-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(1)</p>
			</td>
			<td style="width: 96%; vertical-align: top; border-top-color: rgb(0, 0, 0); border-top-width: thin; border-top-style: solid;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Previously filed as Exhibit 3.1 to the Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&#8217;s Current Report on Form 8-K (File No.&nbsp;001-36913), filed with the Commission on April&nbsp;21, 2015, and incorporated by reference herein. </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">(2)</td>
			<td style="width: 96%; vertical-align: top;">Previously filed as Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K (File No.&nbsp;001-36913), filed with the Commission on&nbsp;October&nbsp;5, 2018, and incorporated by reference herein.</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">(3)</td>
			<td style="width: 96%; vertical-align: top;">Previously filed as Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K (File No.&nbsp;001-36913), filed with the Commission on&nbsp;September 4, 2019, and incorporated by reference herein.</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">(4)</td>
			<td style="width: 96%; vertical-align: top;">Previously filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-36913), filed with the Commission on January 13, 2021, and incorporated by reference herein.</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">(5)</td>
			<td style="width: 96%; vertical-align: top;">Previously files as Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-36913), filed with the Commission on December 26, 2020, and incorporated by reference herein.</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(6)</p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Previously filed as Exhibit 10.1 to the Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&#8217;s Current Report on Form 8-K (File No.&nbsp;001-36913), filed with the Commission on July 17, 2020, and incorporated by reference herein. </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(7)</p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Previously filed as Exhibit 4.2 to Amendment No.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;2 to the Registrant&#8217;s Registration Statement on Form S-1 (File No.&nbsp;333-202660), filed with the Commission on April&nbsp;9, 2015, and incorporated by reference herein. </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(8<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">)</font></p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Previously filed as Exhibit <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">4.7 to the Registrant&#8217;s Registration Statement on Form S-8 (File No.&nbsp;333-203703), filed with the Commission on April 29, 2015, and incorporated by reference herein. </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(9<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">)</font></p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Previously filed as Exhibit 10.15 to the Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&#8217;s Registration Statement on Form S-1 (File No.&nbsp;333-202660), filed with the Commission on March&nbsp;11, 2015, and incorporated by reference herein. </font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 4%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(10<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">)</font></p>
			</td>
			<td style="width: 96%; vertical-align: top;">
			<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Previously filed as Exhibit 10.16 to the Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&#8217;s Registration Statement on Form S-1 (File No.&nbsp;333-202660), filed with the Commission on March&nbsp;11, 2015, and incorporated by reference herein.</font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div class="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">4</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div class="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>SIGNATURES</b></p>

<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Celebration, State of Florida, on this 4th day of February, 2021.</font></p>

<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt 0pt 0pt auto; width: 50%; font-family: Times New Roman; font-size: 10pt;">

		<tr>
			<td colspan="2" style="width: 5%;"><b>KemPharm, Inc.</b></td>
			<td style="width: 20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 75%;">&nbsp;</td>
			<td style="width: 20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 5%;">By:</td>
			<td style="width: 75%; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">/s/ R. LaDuane Clifton</td>
			<td style="width: 20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 75%;">R. LaDuane Clifton, CPA</td>
			<td style="width: 20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 75%;">Chief Financial Officer, Secretary and Treasurer</td>
			<td style="width: 20%;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-right: 0pt; margin-left: 0pt;">
<div class="PGNUM" style="width: 100%; text-align: center; font-family: &quot;Times New Roman&quot;, Times, Serif; font-size: 10pt;">5</div>

<hr style="border: currentColor; border-image: none; width: 100%; height: 2px; color: rgb(0, 0, 0); page-break-after: always; background-color: rgb(0, 0, 0);">
<div class="PGHDR" style="width: 100%; text-align: left;">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><a id="Power of Attorney Title" name="Power of Attorney Title"></a>POWER OF ATTORNEY</b></p>

<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Travis C. Mickle, Ph.D. and R. LaDuane Clifton, CPA&nbsp;and each or any one of them, his lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.</font></p>

<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman; font-size: 10pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" id="TBL14" style="width: 100%; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td style="width: 32%; text-align: center; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"><b>Signature</b></td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; text-align: center; font-family: Times New Roman; font-size: 10pt; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"><b>Title</b></td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; font-family: Times New Roman; font-size: 10pt; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"><b>Date</b></td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ Travis C. Mickle</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Travis C. Mickle, Ph.D.</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">President, Chief Executive Officer and</p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Chairman of the Board of Directors&nbsp;</font></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><i>(Principal Executive Officer)</i></p>
			</td>
			<td style="width: 2%; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">February 4, 2021</p>
			</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ R. LaDuane Clifton</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">R. LaDuane Clifton, CPA</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Chief Financial Officer, <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Secretary and Treasurer</font></p>

			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;"><i>(Principal </i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Financial </i><i>Officer)</i></font></p>
			</td>
			<td style="width: 2%; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; vertical-align: top;">February 4, 2021</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ Timothy J. Sangiovanni</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
		</tr>
		<tr>
			<td style="padding: 0px; width: 32%; vertical-align: top;">Timothy J. Sangiovanni, CPA</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; text-align: center; vertical-align: middle;">
			<p style="margin: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Vice President, Corporate Controller</p>

			<p style="margin: 0pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>(Principal Accounting Officer)</i></p>
			</td>
			<td style="width: 2%; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; vertical-align: top;">February 4, 2021</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ Matthew R. Plooster</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Matthew R. Plooster</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Director</p>
			</td>
			<td style="width: 2%; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; vertical-align: top;">February 4, 2021</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: middle; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ Richard W. Pascoe</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: middle;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Richard W. Pascoe</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Director</p>
			</td>
			<td style="width: 2%; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; vertical-align: top;">February 4, 2021</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ Joseph B. Saluri</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">Joseph B. Saluri</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Director</p>
			</td>
			<td style="width: 2%; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; vertical-align: top;">February 4, 2021</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">/s/ David S. Tierney</p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 32%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: none;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">David <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">S. Tierney</font></p>
			</td>
			<td colspan="2" style="width: 2%; font-family: Times New Roman; font-size: 10pt; vertical-align: top;">&nbsp;</td>
			<td colspan="2" style="width: 32%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman; font-size: 10pt;">Director</p>
			</td>
			<td style="width: 2%; vertical-align: top;">&nbsp;</td>
			<td colspan="1" style="width: 32%; text-align: center; vertical-align: top;">February 4, 2021</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" style="text-align: center;">6</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex_223826.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html><head>
	<title>ex_102870.htm</title>
	<!-- Generated by ThunderDome Portal - 2/4/2021 3:42:22 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 10px; margin-left: 10px;">
<p style="text-align: right; margin-top: 0; margin-bottom: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exhibit 5.1</b></font></p>

<p style="text-align: left; margin-top: 0; margin-bottom: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</font><img alt="picture2.jpg" src="picture2.jpg"></p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Brent B. Siler</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">+1&nbsp;202&nbsp;728 7040</font></p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">bsiler@cooley.com</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">February 4, 2021</font></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">KemPharm, Inc.</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">1180 Celebration Boulevard, Suite 103</font></p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Celebration,&nbsp;Florida 34747</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Re:<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration on Form S-8</font></b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Ladies and Gentlemen:</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">We have acted as counsel to KemPharm, Inc., a Delaware corporation (the &#8220;Company&#8221;), in connection with the filing of a registration statement on Form&nbsp;S-8 (the &#8220;Registration Statement&#8221;) with the Securities and Exchange Commission covering the offering of up to 181,492 shares of the Company&#8217;s Common Stock, $0.0001 par value (the &#8220;Shares&#8221;), pursuant to the Company&#8217;s 2014 Equity Incentive Plan (the &#8220;2014 Plan&#8221;).</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In connection with this opinion, we have examined and relied upon (a) the Registration Statement and related Prospectus, (b) the Company&#8217;s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, each as amended and as currently in effect, (c) the 2014 Plan and (d) originals or copies certified to our satisfaction of such other records, documents, certificates, memoranda, and other instruments as we deem necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness and authenticity of all documents submitted to us as originals and the conformity to originals of all documents submitted to us as copies thereof, and we have assumed the due execution and delivery of all documents where due execution and delivery are prerequisite to the effectiveness thereof, the accuracy, completeness and authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents by all persons other than the Company where due authorization, execution and delivery are a prerequisite to the effectiveness thereof. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the 2014 Plan, the Registration Statement and related Prospectus, will be validly issued, fully paid, and nonassessable (except as to shares issued pursuant to certain deferred payment arrangements, which will be fully paid and nonassessable when such deferred payments are made in full).</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">We consent to the filing of this opinion as an exhibit to the Registration Statement.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Sincerely,</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: small-caps;">Cooley LLP</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">By:<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><u> </u><u>/s/&nbsp;Brent B. Siler&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p style="margin: 0pt; text-align: justify; text-indent: 22.5pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Brent B. Siler&nbsp;</font></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 7.5pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt 7.5pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Cooley LLP&nbsp;&nbsp;&nbsp;1299 Pennsylvania Avenue, NW, Suite 700&nbsp;&nbsp; Washington, DC&nbsp;&nbsp; 20004-2400</p>

<p style="margin: 0pt 7.5pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">t: (202) 842-7800&nbsp; f: (202) 842-7899&nbsp; cooley.com</p>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ex_223827.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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	<title>ex_102871.htm</title>
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<p style="margin: 0pt; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exhibit 23.1</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: center;"><b>Consent of Independent Registered Public Accounting Firm</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">We consent to the incorporation by reference in this Registration Statement on Form S-8 of KemPharm, Inc. of our report dated February 28, 2020, relating to the financial statements of KemPharm, Inc., appearing in the Annual Report on Form 10-K of KemPharm, Inc. for the year ended December 31, 2019.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">We also consent to the incorporation by reference in this Registration Statement on Form S-8 of KemPharm, Inc. of our report dated February 28, 2020, except for the Reverse Stock Split paragraph of Note A as to which the date is December 27, 2020, relating to the financial statements of KemPharm, Inc. included in the prospectus dated January 8, 2021, filed pursuant to Rule 424(b) under the Securities Act relating to the Registration Statement Form S-1 (No. 333-250945).</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">/s/ RSM US LLP</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Orlando, Florida</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">February 4, 2021</p>

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