Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Public Offering of Common Stock and Warrants
In October 2020, the Company entered into an underwriting agreement with Oppenheimer, as representative of several underwriters, relating to the public offering, issuance and sale of 19,003,510 shares of its common stock, and, to certain investors, pre-funded warrants to purchase 1,829,812 shares of its common stock, and accompanying common stock warrants to purchase up to an aggregate of 20,833,322 shares of its common stock (the “October 2020 Offering”). Each share of common stock and pre-funded warrant to purchase one share of our common stock was sold together with a common warrant to purchase one share of our common stock. The public offering price of each share of the Company’s common stock and accompanying common warrant was $0.72 and $0.719 for each pre-funded warrant and accompanying common warrant, respectively. The pre-funded warrants were immediately exercisable at a price of $0.001 per share of the Company’s common stock. The common warrants were immediately exercisable at a price of $0.72 per share of the Company’s common stock and will expire five years from the date of issuance. The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance. The October 2020 Offering resulted in net proceeds of approximately $13.7 million to the Company after deducting underwriting commissions
and discounts and other offering expenses of $1.3 million and excluding the proceeds, if any, from the exercise of the warrants. The Company anticipates using the net proceeds from the October 2020 Offering for research and development, including clinical trials, working capital, and general corporate purposes.
Sales of Shares under the ATM Agreement
Subsequent to September 30, 2020 and through November 12, 2020, the Company sold 959,749 Shares under the ATM Agreement at a weighted-average price of $0.88 per share, resulting in aggregate net proceeds to the Company of $0.8 million, after giving effect to a 3% commission to Oppenheimer as Agent.