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Stockholders’ Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Stockholders’ Equity | Stockholders’ Equity At The Market Offering Agreement On July 3, 2024, the Company entered into an At The Market Offering Agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company may sell and issue, from time to time, up to $15.0 million of shares of its common stock (the “Shares”) through Wainwright as the Company’s sales agent (the “ATM Offering”). The Company has no obligation to sell any of the Shares and may at any time suspend offers under the Sales Agreement or terminate the Sales Agreement pursuant to its terms. On November 21, 2024, the Company filed a prospectus supplement to reduce the maximum the Company may sell and issue under the Sales Agreement to $7.0 million of its Shares, not including the Shares previously sold under the Sales Agreement. For the three months ended March 31, 2025, the Company issued 141,996 shares of common stock under the ATM Agreement for net proceeds of $0.3 million. Since inception, we have issued 193,816 shares of common stock under the ATM Agreement for net proceeds of $0.5 million. Registered direct offering On November 21, 2024, the Company entered into a Securities Purchase Agreement with a single healthcare focused institutional investor (the “Investor”), pursuant to which the Company agreed to issue and sell, in a registered direct offering by the Company directly to the Investor, 1,237,113 shares of common stock to the Investor, at a price of $2.425 per share, for aggregate gross proceeds of approximately $3.0 million before deducting the placement agents’ fees and related offering expenses. In a concurrent private placement, the Company agreed to issue to the Investor common stock warrants to purchase up to 1,237,113 shares (the “Common Warrants”) at an exercise price of $2.950 per share, with a relative fair value of $1.1 million. Each Common Warrant will be exercisable six months from the issuance date and will expire five and one-half years from the issuance date.

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