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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 
From July 1, 2020 through the date of the issuance of this Quarterly Report on Form 10-Q, the Company sold 27,919 shares of common stock at an average price of $5.46 for net proceeds of approximately $0.1 million under the ATM offering.

 

During July 2020, the Company completed an underwritten public offering in which it sold 2,500,000 shares of common stock at a public offering price of $10.00 per share. The 2,500,000 shares sold included the full exercise of the underwriters' option to purchase 326,086 shares at a price of $10.00 per share. Aggregate net proceeds from the underwritten public offering were $23.1 million, net of approximately $1.9 million in underwriting discounts and commissions and offering expenses.

 

During July 2020, the Company granted a consultant 50,000 fully vested warrants with a 5-year term, of which 25,000 warrants had an exercise price of $5.50 per share and 25,000 warrants had an exercise price of $10.00 per share. The fair value of these warrants was approximately $0.4 million. During July 2020, the Company issued the consultant 20,000 shares of common stock with a fair value of approximately $0.2 million and cancelled the 50,000 warrants. The 20,000 shares were issued from the Company's 2019 Incentive Stock Plan of which the Stock Plan was approved by the Company's stockholders at the Company's Annual Meeting of Stockholders held on September 12, 2019.