Note 10 – Subsequent Events

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In January 2023, the Pre-Funded warrants from the December 2022 Registered Direct Offering were fully exercised.

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In February 2023, the Company closed on a registered direct offering (the “February 2023 Registered Direct Offering”) with a single institutional investor for the issuance and sale of 1,180,000 shares of its common stock and 248,572 Pre-Funded Warrants. Each Pre-Funded Warrant was exercisable for one share of common stock. The common stock and the Pre-Funded Warrants were sold together with Series A warrants to purchase up to 1,428,572 shares of common stock and Series B warrants to purchase up to 1,428,572  shares of common stock (collectively, the “February 2023 Common Stock Warrants”), at a purchase price of $5.25 per share of common stock and associated February 2023 Common Stock Warrants, and $4.2499 per Pre-Funded Warrant and associated February 2023 Common Warrants. The Pre-Funded Warrants are funded in full at closing except for a nominal exercise price of $0.0001 and are exercisable commencing on the closing date and will terminate when such Pre-Funded Warrants are exercised in full. The Series A warrants are exercisable immediately upon issuance and will expire five years following the issuance date and have an exercise price of $5.00 per share and the Series B warrants are exercisable immediately upon issuance and will expire eighteen months following the issuance date and have an exercise price of $5.00 per share. The Company also issued the placement agent warrants  to purchase up to 85,714 shares of common stock with an exercise price of $6.5625 per share. Net proceeds from the February 2023 Registered Direct Offering were $6.7 million after deducting commissions and other transaction costs.

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In February 2023, the Pre-Funded warrants from the February 2023 Registered Direct Offering were fully exercised.