|3 Months Ended|
Mar. 31, 2023
|Subsequent Events [Abstract]|
Note 6 – Subsequent Events
Subsequent to March 31, 2023, a total of 1,016,000 Pre-Funded Warrants (exercisable into one share of common stock at a price per share of $0.001) were exercised by investors in the financing completed on November 30, 2022. In addition, a total of 238,958 Investor Warrants (exercisable into one share of common stock at a price per share of $3.03) were exercised by investors for net proceeds of $724,043 .
Pursuant to the terms of the Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC (collectively, the “Agent”), the Company may sell from time to time, through the Agent, shares of the Company’s common stock with an aggregate sales price of up to $20.0 million. On April 20, 2023, the Company sold 659,677 shares of common stock to the Agent for net proceeds of $1,969,107.
On May 3, 2023, Bettina Cockroft, M.D., M.B.A joined our Board of Directors as an independent director. Dr. Cockroft has not been appointed to any Board committees at this time. Dr. Cockroft will participate in the Company’s standard compensation program for non-employee directors, which was filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended June 30, 2022. In addition, Dr. Cockroft was granted a ten-year option to purchase 8,300 shares of Company common stock at an exercise price of $1.67 vesting in 36 equal monthly installments succeeding the grant date subject to continued service on the Company's Board of Directors on each vesting date.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef