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Note 5 - Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Preferred Stock [Text Block] | 5. Stockholders’ Equity January 2022 Private Placement – On January 19, 2022, we closed a private placement of 47,166 shares of common stock, a pre-funded warrant to purchase 157,333 shares of common stock for a nominal exercise price per share and a warrant to purchase 204,499 shares of common stock at an exercise price of $48.90 per share (the “January 2022 Warrant”). Net proceeds after deducting placement agent commissions and other offering expenses were approximately $9.2 million. During March 2022, the pre-funded warrant was exercised in full. May 2022 Private Placement – On May 27, 2022, we closed a private placement of 70,000 shares of common stock, a pre-funded warrant to purchase 738,080 shares of common stock for a nominal exercise price per share, and a warrant to purchase 808,081 shares of common stock at an exercise price of $24.75 per share (the “May 2022 Warrant”). Net proceeds after deducting placement agent commissions and other offering expenses were approximately $18.5 million. The pre-funded warrant was exercised as to 132,020 shares concurrent with the closing and as to the remaining 606,060 shares during June and July of 2022. During August 2022, the May 2022 Warrant was exercised as to 308,081 shares, resulting in net proceeds to us of approximately $7,626,000. December 2023 Warrant Exercise Inducement – On December 2, 2023, we entered into a warrant exercise inducement letter with the holder of the January 2022 Warrant and the May 2022 Warrant, pursuant to which the holder agreed to fully exercise each warrant (aggregate of 704,499 shares) at a reduced exercise price of $6.21 per share in consideration for our agreement to issue a new warrant (the “December 2023 Warrant”) to purchase 1,408,998 shares of common stock at an exercise price of $6.21 per share. Upon exercise of their existing warrants, at the holder’s direction we issued to them 197,467 shares of common stock and held 507,032 shares in abeyance (in the form of a prefunded warrant). Net proceeds to us after deducting placement agent commissions and other offering expenses were approximately $4.1 million. Other Common Stock Transactions – During 2023 and 2022 we issued 24,021 and 9,567 shares, respectively, of our common stock pursuant to consulting agreements. Common Stock Reserved for Future Issuance – Common stock reserved for future issuance consists of the following at December 31, 2023:
|  | Shares |
Stock warrants outstanding |  |  | 2,103,814 |
Stock options outstanding |  |  | 134,609 |
Stock options authorized for future grants |  |  | 200,000 |
Total |  |  | 2,438,423 |
Stock Options We have two stock-based incentive plans (the “Stock Incentive Plans”) pursuant to which our Board of Directors may grant stock options or other stock awards to our employees, directors and consultants. A total of 334,609 shares of our common stock are currently reserved for issuance pursuant to the Stock Incentive Plans. The exercise price for any option granted may not be less than fair value (110% of fair value for ISO’s granted to certain employees). Options have a maximum ten-year term. A summary of the Company’s stock option activity during 2023 is presented below.
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (yrs) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2022 |  |  | 137,276 |  |  | $ | 28.35 |  |  |  | 9.2 |  |  | $ | -0- |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (2,667 | ) |  |  | 22.82 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 134,609 |  |  | $ | 28.41 |  |  |  | 8.2 |  |  | $ | - |
Exercisable at December 31, 2023 |  |  | 97,184 |  |  | $ | 32.35 |  |  |  | 7.9 |  |  | $ | - |
Stock Warrants The table below summarizes information concerning warrants outstanding as of December 31, 2023.
Issue Date |  | Number of Shares |  |  | Exercise Price |  |  | Expiration |
June 2020 |  |  | 8,000 |  |  | $ | 6.21 |  |  | June 2025 |
September 2020 |  |  | 159,781 |  |  |  | 75.00 |  |  | September 2025 |
September 2020 |  |  | 8,534 |  |  |  | 82.50 |  |  | March 2024 |
February 2021 |  |  | 4,800 |  |  |  | 103.13 |  |  | August 2024 |
September 2021 |  |  | 6,668 |  |  |  | 195.00 |  |  | September 2026 |
December 2023 |  |  | 507,032 |  |  |  | -0- |  |  | - |
December 2023 |  |  | 1,408,998 |  |  |  | 6.21 |  |  | June 2029 |
Outstanding at December 31, 2022 |  |  | 2,103,813 |  |  |  |  |  |  |  |
As a result of anti-dilution price adjustments related to our equity transactions in December 2023, the exercise price of the June 2020 Warrants was reduced from $24.75 to $6.21 during 2023.

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