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STANDBY EQUITY PURCHASE AGREEMENT | 6 Months Ended
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Jun. 30, 2024
Standby Equity Purchase Agreement |
STANDBY EQUITY PURCHASE AGREEMENT | 15) STANDBY EQUITY PURCHASE AGREEMENT On April 5, 2023, the Company entered into the SEPA with Lincoln Park, pursuant to which Lincoln Park committed to purchase up to $10.0 million of the Company’s common stock, subject to the terms and conditions contained in the appliable agreements. Such sales of common stock by the Company, if any, are subject to certain limitations set forth in the purchase agreement, and may occur from time to time, at the Company’s sole discretion, over a period of up to 24-months, commencing April 25, 2025, which was the date on which each of the conditions to the Lincoln Park’s purchase obligations set forth in the purchase agreement were initially satisfied. In consideration of Lincoln Park’s entry into the purchase agreement, the Company issued to Lincoln Park approximately 74,000 shares of common stock as commitment shares. The value of the commitment shares was recorded as a period expense and included in other expense, net, in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2023. In April 2023, the Company filed a registration statement on Form S-1 (File No. 333-271279) to register the sale from time to time of up to 2,930,237 shares of the Company’s common stock by Lincoln Park, including the approximately 74,000 commitment shares, which was declared effective on April 24, 2023 (the “SEPA S-1”). During the three and six months ended June 30, 2023, the Company issued and sold approximately 214,000 shares of common stock under the SEPA, including the approximately 74,000 commitment shares, for gross proceeds of $0.3 million. No shares have been sold under the SEPA during the three or six months ended June 30, 2024. As of June 30, 2024, there were approximately 2,716,000 shares remaining to be sold under the SEPA that are registered for resale by Lincoln Park under the SEPA S-1.

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