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

10. Subsequent Events

 

On July 10, 2020, the joint steering committee established by the Company and Cipla Technologies, LLC, with whom the Company entered into a development and commercialization agreement on April 15, 2019 for the development and commercialization of Pulmazole, terminated the Company’s Phase 2 clinical study of Pulmazole.

 

On July 9, 2020, the Company entered into letter agreements with certain existing accredited investors to exercise certain existing and outstanding warrants (“Existing Warrants”) to purchase up to an aggregate of 10,085,741 shares of the Company’s common stock at the existing exercise price per share of $1.35. The Existing Warrants were issued in an underwritten public offering pursuant to a registration statement on Form S-1 (File No. 333-230395) and an additional registration statement on Form S-1 filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (File No. 333-230714) that was consummated in April 2019. In consideration for the exercise of the Existing Warrants for cash, we agreed to issue the exercising holders new unregistered warrants to purchase up to an aggregate of 10,085,741 shares of common stock at an exercise price of $1.80 per share and with an exercise period of five years from the closing date. The gross proceeds to the Company from the exercise are expected to be approximately $13,616, prior to deducting placement agent fees and offering expenses. In addition, we agreed to issue placement agents 655,573 unregistered warrants at an exercise price of $2.25 and with an exercise period of five years from the closing date.

 

On July 8, 2020, 270,000 warrants issued in April 2019 were exercised. The Company collected $365 and issued 270,000 shares of common stock.