9.	Stockholders ' Equity

Public Offering

–

February 11, 2021,

we closed an underwritten bought deal public offering of

1,644,000

shares of our common stock, including

204,000

shares sold pursuant to the full exercise of the underwriter's option to purchase additional shares, at a price to the public of

$6.25

per share. Net proceeds after deducting underwriting discounts and commissions and other offering expenses were approximately

$9.4

million. Additionally, we issued to the underwriter, as a portion of the underwriting compensation, warrants to purchase up to a total of

72,000

shares of our common stock. The shares subject to the underwriter's warrant agreement are exercisable at

$6.875

per share, are initially exercisable

180

days after the effective date of the offering and have a term of

three

years from their initial exercise date.

Stock Options

–

We have a stock-based incentive plan (the

“2020

Plan”) pursuant to which our Board of Directors

may

grant stock options and other stock-based awards to our employees, directors and consultants. A total of

1,000,000

shares of our common stock are reserved for issuance pursuant to the

2020

Plan. During the

three

-months ended

March 31, 2021,

there were

transactions related to the

2020

Plan. As of

March 31, 2021,

there were

602,000

stock options outstanding, with a weighted-average exercise price of

$2.79

per share and a weighted-average remaining term of

9.7

years.

Stock Purchase Warrants

–

During the

three

months ended

March 31, 2021,

188,688

stock purchase warrants were exercised on a “cashless” basis, resulting in the issuance of

145,866

shares of our common stock, and

690,034

stock purchase warrants were exercised for cash, resulting in the issuance of

690,034

shares of our common stock for net proceeds to us of

$3,174,156.

As of

March 31, 2021,

there are

2,793,635

stock purchase warrants outstanding, with a weighted-average exercise price of

$5.07

per share and a weighted-average remaining term of

4.4

years.

Other Common Stock Transactions

– During the

three

months ended

March 31, 2021,

we issued

1,472

shares of our common stock pursuant to a consulting agreement for which we recognized

$6,000

of stock-based compensation expense.