Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity [Abstract]  
STOCKHOLDERS’ EQUITY

Note 7 - Stockholders’ Equity

 

Authorized Capital

 

The Company has authorized the issuance and sale of up to 17 million shares of stock, consisting of 12 million shares of common stock having a par value of $0.001 and 5 million shares of preferred stock having a par value of $0.001 per share. As of June 30, 2023 and December 31, 2022, there were no shares of preferred stock outstanding and there were no declared but unpaid dividends or undeclared dividend arrearages on any shares of the Company’s capital stock.

 

At-the-Market Offering

 

During the year ended December 31, 2020, the Company entered into an At-the-Market Offering Sales Agreement (“ATM”) with Virtu Americas, LLC, as sales agent. During the six-months ended June 30, 2022, the Company sold 23.4 thousand shares of its common stock under the ATM program for proceeds of $0.2 million, net of commissions. As of June 30, 2023, the Company had approximately $5.0 million available in its ATM program. The Company’s ATM program expires in September 2023.

 

Stock Options

 

The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of June 30, 2023, there were 0.2 million shares remaining available for issuance under the 2011 Plan.

 

During the six months ended June 30, 2023, stock options to purchase 66.9 thousand shares of common stock were cancelled and returned to the option pool for future issuance.

 

The Company recorded stock-based compensation expense as follows:

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2023     2022     2023     2022  
Research and development   $ 33,211     $ 19,601     $ 44,983     $ 46,409  
General and administrative     299,550       417,355       625,379       844,970  
Total   $ 332,761     $ 436,956     $ 670,362     $ 891,379  

 

The following table represents stock option activity for the six months ended June 30, 2023:

 

                Weighted Average        
    Stock Options     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2022     317,857       194,853     $ 44.53     $ 38.53     $ 38.53       6.99     $
-
  
Granted    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Exercised    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Cancelled     (66,936 )    
-
      
-
      
-
      
-
      
-
      
-
  
Balance – June 30, 2023     250,921       159,706     $ 46.05     $ 35.92     $ 35.92       6.27     $
-
  

 

The following table summarizes information on stock options outstanding and exercisable as of June 30, 2023:

 

Grant Price     Weighted Average     Total     Number     Weighted Average
From     To     Exercise Price     Outstanding     Exercisable     Remaining Contractual Term
$ 6.00     $ 60.60     $ 35.93       218,966       127,751      6.46 years
$ 63.00     $ 138.00     $ 83.77       20,521       20,527      2.69 years
$ 159.00     $ 181.20     $ 172.14       11,434       11,464      4.59 years
                  Totals       250,921       159,742      

 

The following table represents warrant activity for the six months ended June 30, 2023:

 

                Weighted Average        
    Warrants     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2022     1,178,169       1,178,169     $ 30.67     $ 30.67     $ 17.83       3.41     $
       -
  
Granted    
-
      
-
      
-
      
-
      
-
       -      
-
  
Exercised    
-
      
-
      
-
      
-
      
-
       -      
-
  
Cancelled     (854 )    
-
      
-
      
-
      
-
       -      
-
  
Balance – June 30, 2023     1,177,315       1,177,315     $ 30.66     $ 30.66     $ 17.79       2.91     $
-
  

 

Employee Stock Purchase Plan

 

The Company has an Employee Stock Purchase Plan (“ESPP”) in which it purchases shares with the amounts accumulated during the offering period from employee directed payroll deferrals. Purchases of the Company’s common stock are equal to 85% of the closing market price of its common stock on the first day or last day of the offering period, whichever is lower. As of June 30, 2023, there were 10.5 thousand shares remaining available for issuance under the ESPP plan.