| | |
Per Share
|
| |
Per Pre-Funded
Warrant |
| |
Total(2)
|
| |||||||||
Public offering price
|
| | | $ | 0.51 | | | | | $ | 0.50 | | | | | $ | 8,007,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.03825 | | | | | $ | 0.03825 | | | | | $ | 600,525 | | |
Proceeds to us, before expenses
|
| | | $ | 0.47175 | | | | | $ | 0.46175 | | | | | $ | 7,406,475 | | |
| | | | | i | | | |
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | 1 | | | |
| | | | | 16 | | | |
| | | | | 19 | | | |
| | | | | 21 | | | |
| | | | | 31 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| CAPITALIZATION | | | | | 36 | | |
| | | | | 38 | | | |
| | | | | 40 | | | |
| | | | | 46 | | | |
| | | | | 52 | | | |
| | | | | 58 | | | |
| | | | | 58 | | |
| | |
Six Months Ended June 30,
|
| |
Years Ended December 31,
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2022
|
| |
2021
|
| ||||||||||||
| | |
Unaudited
|
| | | | | | | | | | | | | |||||||||
Statement of Operations Data | | | | | | ||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 5,557,260 | | | | | $ | 4,501,604 | | | | | $ | 10,232,366 | | | | | $ | 2,753,966 | | |
General and administrative
|
| | | | 4,474,688 | | | | | | 3,683,191 | | | | | | 8,433,448 | | | | | | 3,397,169 | | |
Total operating expenses
|
| | | | 10,031,948 | | | | | | 8,184,795 | | | | | | 18,665,814 | | | | | | 6,151,135 | | |
Operating loss
|
| | | | (10,031,948) | | | | | | (8,184,795) | | | | | | (18,665,814) | | | | | | (6,151,135) | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | (867,000) | | |
Change in fair value of warranty liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | (6,109) | | |
Grant income
|
| | | | 868,345 | | | | | | 41,720 | | | | | | 1,080,436 | | | | | | 278,333 | | |
Loss on sale of equipment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,082) | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | (95,070) | | |
Interest income
|
| | | | 5,017 | | | | | | 1,773 | | | | | | 20,410 | | | | | | 664 | | |
Total other income (expense)
|
| | | | 873,362 | | | | | | 43,493 | | | | | | 1,100,846 | | | | | | (692,264) | | |
Loss before income taxes
|
| | | | (9,158,586) | | | | | | (8,141,302) | | | | | | (17,564,968) | | | | | | (6,843,399) | | |
Income tax expense (benefit)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (9,158,586) | | | | | $ | (8,141,302) | | | | | $ | (17,564,968) | | | | | $ | (6,843,399) | | |
Basic and diluted loss per common share(1)
|
| | | $ | (8.97) | | | | | $ | (12.55) | | | | | $ | (27.07) | | | | | $ | (16.24) | | |
Weighted average number of common shares outstanding, basic and diluted(1)
|
| | | | 1,020,644 | | | | | | 648,862 | | | | | | 648,861 | | | | | | 421,294 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
December 31,
|
| |||||||||
| | |
June 30, 2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
Unaudited
|
| | | | | | | | | | | | | |||
Balance Sheet Data | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 3,572,475 | | | | | $ | 4,968,418 | | | | | $ | 20,825,860 | | |
Current assets
|
| | | | 4,892,937 | | | | | | 7,379,405 | | | | | | 22,732,175 | | |
Total assets
|
| | | | 5,881,545 | | | | | | 7,587,986 | | | | | | 22,938,443 | | |
Current liabilities
|
| | | | 3,523,430 | | | | | | 4,347,290 | | | | | | 2,534,097 | | |
Total liabilities
|
| | | | 3,789,082 | | | | | | 4,347,290 | | | | | | 2,534,097 | | |
Total stockholders’ equity
|
| | | | 2,092,463 | | | | | | 3,240,696 | | | | | | 20,404,346 | | |
| | | | | | | | | | | | | | | | | | | |
| | |
June 30, 2023
|
| |||||||||
| | |
(unaudited)
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
Cash
|
| | | $ | 3,572,475 | | | | | $ | 10,403,880 | | |
Stockholders’ equity | | | | | | | | | | | | | |
Preferred stock – $0.0001 par value; 10,000,000 shares authorized actual and as adjusted; no shares issued or outstanding actual or as adjusted
|
| | | | — | | | | | | — | | |
Common stock – $0.0001 par value; 290,000,000 shares authorized;
1,950,674 shares issued and outstanding actual; 17,650,674 shares issued and outstanding as adjusted |
| | | $ | 195 | | | | | $ | 1,765 | | |
Additional paid-in capital
|
| | | | 39,121,104 | | | | | | 45,950,939 | | |
Accumulated deficit
|
| | | | (37,028,836) | | | | | | (37,028,836) | | |
Total stockholders’ equity
|
| | | $ | 2,092,463 | | | | | $ | 8,923,868 | | |
Total capitalization
|
| | | $ | 2,092,463 | | | | | $ | 8,923,868 | | |
| | | | | | | | | | | | | |
|
Public offering price per share
|
| | | | | | | | | $ | 0.51 | | |
|
Net tangible book value per share at June 30, 2023
|
| | | $ | 1.07 | | | | | | | | |
|
Decrease in book value per share attributable to new investors
|
| | | $ | 0.567 | | | | | | | | |
|
As adjusted net tangible book value per share after this offering
|
| | | | | | | | | $ | 0.506 | | |
|
Dilution per share to new investors
|
| | | | | | | | | $ | 0.004 | | |
| | | | | | | | | | | | | | |
Description
|
| |
Number
of Shares |
| |
Exercise Price
Per Share |
| ||||||
IPO Underwriter Warrants
|
| | | | 15,625 | | | | | $ | 100.00 | | |
February 2023 Placement Agent Warrants
|
| | | | 9,962 | | | | | | 13.18 | | |
Consultant Warrants
|
| | | | 6,250 | | | | | | 10.00 | | |
Series A-1 Warrants
|
| | | | 2,000,000 | | | | | | 3.25 | | |
Series A-2 Warrants
|
| | | | 2,000,000 | | | | | | 3.25 | | |
June 2023 Placement Agent Warrants
|
| | | | 140,000 | | | | | | 4.38 | | |
June 2023 Pre-funded Warrants
|
| | | | 950,000 | | | | | | 0.01 | | |
| | | | | | | | | | | | | |
Underwriter
|
| |
Number of
Shares |
| |
Number of
Pre-Funded Warrants |
| ||||||
ThinkEquity
|
| | | | 700,000 | | | | | | 15,000,000 | | |
Total
|
| | | | 700,000 | | | | | | 15,000,000 | | |
| | | | | | | | | | | | | |
| | |
Per Share
|
| |
Per Pre-Funded
Warrant |
| |
Total With No
Over-Allotment |
| |
Total With Full
Over-Allotment |
| ||||||||||||
Public offering price
|
| | | $ | 0.51 | | | | | $ | 0.50 | | | | | $ | 8,007,000 | | | | | $ | 9,199,992 | | |
Underwriting discount (7.5%)
|
| | | $ | 0.03825 | | | | | $ | 0.03825 | | | | | $ | 600,525 | | | | | $ | 689,999 | | |
Proceeds, before expenses, to us
|
| | | $ | 0.47175 | | | | | $ | 0.46175 | | | | | $ | 7,406,475 | | | | | $ | 8,509,993 | | |
Non-accountable expense allowance (1%)
|
| | | $ | 0.0051 | | | | | $ | 0.0050 | | | | | $ | 80,070 | | | | | $ | 92,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |