per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. The underwriter warrants had a fair value of $0.9332 and $1.1946 per share at the
January 31, 2019 and February 4, 2019 issuance date, respectively. Prior to deducting fees and commissions for both offerings, the Company recorded aggregate gross proceeds of approximately $1,170.
Registered Direct Offering
On February 12, 2019,
the Company sold 1,706,484 shares at $1.465 per share. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 and a fair value of $0.5962 per
share, with an expiration date of August 12, 2024. In addition, the Company issued warrants to purchase 110,922 shares of its common stock to underwriters with an exercise price of $1.8313 per share and an expiration date of February 7,
2024. The underwriter warrants had a fair value of $0.5314 per share at the issuance date. The Company recorded gross proceeds of approximately $2,500.
After giving effect to approximately $691 of fees and expenses associated with the CMPOs and the Registered Direct offering, the Company recorded net proceeds
of approximately $2,979.
Exercise of Warrants
All pre-funded warrants issued in the November 2018 securities purchase agreement with an institutional investor were exercised in 2019 and 697,500 common shares were issued. The Company recorded $70 in net proceeds.
On April 8, 2019, the Company
closed its underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters, dated April 3, 2019, the Company issued
and sold an aggregate of (i) 1,719,554 common units, with each common unit being comprised of one share of the Companys common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and
(ii) 8,947,112 pre-funded units with each pre-funded unit being comprised of one pre-funded warrant to purchase one share of
common stock and one common warrant to purchase one share of common stock. The public offering price was $1.35 per common unit and $1.34 per pre-funded unit. The common warrants have an
exercise price of $1.35 per share. In addition, on April 8, 2019, the Company closed on the sale of an additional 1,599,999 common units purchased pursuant to the exercise in full of the underwriters option to purchase additional
securities. Each common unit contains one share of common stock and one common warrant to purchase a share of common stock. The common warrants issued on April 8, 2019 have a fair value of $0.997 per share.
Warrants were also issued to the underwriters to purchase 797,334 shares of common stock with an exercise price of $1.6875 and a fair value of $1.2632 per
share. Both the common and underwriter warrants have an exercise term of five years and are exercisable immediately following their issuance.
All pre-funded warrants issued in the offering were exercised during 2019. 8,647,112 shares of common stock were issued in 2019 and 300,000 shares of common stock were issued in January 2020 which resulted in net
proceeds of $90.
After giving effect to the exercise of the Underwriters overallotment option, the gross aggregate proceeds from the offering on
April 8 was $16,470, prior to deducting underwriting discounts and commissions and other estimated offering expenses. The Company agreed to pay H.C. Wainwright & Co, LLC a commission of 7% of the gross proceeds and also agreed to pay
or reimburse certain expenses on behalf of H.C. Wainwright. A total of $1,904 of commissions and other issuance costs were associated with the public offering.
During 2019, after giving effect to fees, commissions and other expenses of approximately $2,595, the Company recorded net proceeds of $17,705 for the sale of
the CMPOs, the registered direct offering, the public offering