Equity |
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Equity |
Note 4 – Equity
The Company has authorized shares of common stock having a par value of $ per share. In addition, the Company authorized shares of preferred stock to be issued having a par value of $ . The specific rights of the preferred stock shall be determined by the board of directors.
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. During the quarter ended June 30, 2023, the Company sold 1,969,107. shares of common stock to the Agent for net proceeds of $
Stock Options
In 2017, the Board of Directors of the Company approved the CNS Pharmaceuticals, Inc. 2017 Stock Plan (the “2017 Plan”). The 2017 Plan allows for the Board of Directors to grant various forms of incentive awards for up to shares of common stock.
In 2020, the Board of Directors of the Company approved the CNS Pharmaceuticals, Inc. 2020 Stock Plan (the “2020 Plan”). The 2020 Plan allows for the Board of Directors to grant various forms of incentive awards for up to shares of common stock.
On December 30, 2022, the Board of Directors of the Company appointed Faith Charles as an independent member of the Company’s Board of Directors and as Chairperson of the Board of Directors. Ms. Charles will receive an annual retainer for her service as Chairperson of $30,000 and, on the date of her appointment, was granted a ten-year option to purchase shares of Company common stock at an exercise price of $ vesting in 36 equal monthly installments succeeding the issuance date. The total fair value of these option grants at issuance was $ .
On March 29, 2023, the Board of Directors approved, based upon the recommendation of the Compensation Committee, cash bonuses totaling $550,750 to the officers of the Company. In addition, the officers and an employee were awarded a total of options at an exercise price of $ . Of the options issued, % vest over years and % vest upon the Company’s common stock price exceeding various closing prices ranging from $ - $ per share. The total fair value of these option grants at issuance was $ .
On May 3, 2023, the Board of Directors of the Company appointed Bettina M. Cockroft, M.D., M.B.A as an independent member of the Company’s Board of Directors. Dr. Cockroft was granted a ten-year option to purchase 1.67 vesting in 36 equal monthly installments succeeding the issuance date. The total fair value of these option grants at issuance was $ . shares of Company common stock at an exercise price of $
During the six months ended June 30, 2023 and 2022, the Company recognized $ and $ of stock-based compensation, respectively, related to outstanding stock options. At June 30, 2023, the Company had $ of unrecognized expenses related to outstanding options.
The following table summarizes the stock option activity for the six months ended June 30, 2023:
As of June 30, 2023, the outstanding stock options have a weighted average remaining term of years and aggregate intrinsic value of options vested and outstanding of $ and $ , respectively. As of June 30, 2023, there were no awards remaining to be issued under the 2017 Plan or the 2020 Plan.
Stock Warrants
During the six months ended June 30, 2023, the Company received $725,668 in cash proceeds from the exercise of warrants previously issued at an exercise price of $3.03 and warrants previously issued at an exercise price of $0.001.
The following table summarizes the stock warrant activity for the six months ended June 30, 2023:
As of June 30, 2023, the outstanding and exercisable warrants have a weighted average remaining term of years and had aggregate intrinsic value.
Restricted Stock Units
During the six months ended June 30, 2023, the Company recognized $ of stock-based compensation, related to outstanding RSUs. At June 30, 2023, the Company had $ of unrecognized expenses related to outstanding RSUs.
The following table summarizes the RSUs activity for the six months ended June 30, 2023:
Performance Units
During the six months ended June 30, 2023, the Company recognized $ related to outstanding stock PUs. At June 30, 2023, the Company had $ of unrecognized expenses related to PUs.
The following table summarizes the PUs activity for the six months ended June 30, 2023:
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