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Stockholders’ Equity
 3 Months Ended
Jun. 30, 2024
Stockholders’ Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 4 – STOCKHOLDERS’ EQUITY

 

ATM Offering

 

In November 2023, the Company entered into a Sales Agreement (the ATM Agreement) with Leerink Partners LLC (Leerink) under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, for aggregate gross proceeds of up to $6,500,000 through an “at the market offering” program under which Leerink will act as sales agent or principal. The ATM Agreement provides that Leerink will be entitled to compensation for its services equal to 3.0% of the gross proceeds from sales of any shares of common stock under the ATM Agreement. The Company has no obligation to sell any shares under the ATM Agreement and may, at any time, suspend solicitation and offers under the ATM Agreement.

 

Warrants

 

As of June 30, 2024, the Company had the following common stock purchase warrants outstanding (share amounts in thousands):

 

   Number of
Shares		   Exercise
Price		   Expiration
Balance as of March 31, 2024   12,521         
Warrants exercised   (55)  $1.22   May 2028
Balance as of June 30, 2024   12,466         
              
As of March 31, 2024, the Company had the following warrants outstanding (share amounts in thousands):
              
Type  Number of
Shares		   Exercise
Price		   Expiration
Common stock   1,348   $0.01   —
Common stock   4,421    1.22   May 2028
Common stock   535    1.32   May 2027
Common stock   768    6.00   January 2027 - February 2027
Common stock   4,011    6.60   February 2027
Common stock   1,438   $6.60   November 2027
Total   12,521         

 

The 1,348,000 pre-funded warrants with an exercise price of $0.01 per share were included in the weighted average shares outstanding calculation for each of the three-month periods ended June 30, 2024 and 2023. At March 31, 2024, the Company had a receivable from its transfer agent for approximately $142,000 for the proceeds from warrants exercised prior to March 31, 2024. The receivable was recorded in the prepaid and other line in the consolidated balance sheet at March 31, 2024 and was collected during the three months ended June 30, 2024.

 

Other

 

During the three months ended June 30, 2024, the Company issued 10,000 shares of common stock with a fair value of approximately $15,000 to a service provider.