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STOCKHOLDER'S EQUITY
 6 Months Ended
Jun. 30, 2024
STOCKHOLDER'S EQUITY  
STOCKHOLDER'S EQUITY

2.            STOCKHOLDER’S EQUITY

ATM Program

The Company established an “at-the-market” program (the “ATM Program”) on June 21, 2021, with an aggregate offering price of up to $75.0 million, pursuant to a Common Stock Sales Agreement with Wainwright by which Wainwright has sold and may continue to sell our common stock at the market prices prevailing at the time of sale.

Wainwright is entitled to compensation for its services at a commission rate of 3.0% of the gross sales price per share of common stock sold plus reimbursement of certain expenses.

From June 21, 2021 through June 30, 2024, the Company sold an aggregate of 3,753,833 shares of common stock under the ATM Program at an average price of approximately $5.63 per share for gross proceeds of approximately $21.1 million. The Company paid cash commissions on the gross proceeds, plus reimbursement of expenses to Wainwright, as well as legal and accounting fees in the aggregate amount of approximately $0.8 million. Additionally, subsequent to June 30, 2024, the Company sold shares under the ATM Program (see Note 9 – “Subsequent Events”).

September 2023 Financing

On September 29, 2023, the Company entered into Securities Purchase Agreements, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Direct Offering”), an aggregate of 4,935,621 shares of its common stock, par value $0.001 per share, at a price per share of $4.66 for an aggregate purchase price of approximately $23.0 million. Each share of common stock offered was sold with a warrant to purchase one share of common stock at an exercise price of $5.70 per share. Each warrant became exercisable beginning six months after issuance and will expire seven years from the date of issuance.

Outstanding Shares

At June 30, 2024, the Company had 31,983,927 shares of common stock issued and outstanding.

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