NOTE 7 – STOCKHOLDERS’ EQUITY

2019 Public Offering of Common Stock and “Pre-Funded” Warrants

On December 24, 2019, we closed an underwritten public offering of 32,382,945 shares of common stock at a public offering price of $2.50 per share. In addition, as part of the offering, we sold “pre-funded” warrants to purchase up to an aggregate of 9,017,055 shares of common stock at a purchase price of $2.4999 per pre-funded warrant, which equals the public offering price per share of the common stock less the $0.0001 per share exercise price of each pre-funded warrant. The gross proceeds to the Company were approximately $103.5 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.

In October 2020, all of the 9,017,055 “pre-funded” warrants were exercised and converted into 9,017,055 shares of common stock. We received a negligible amount of cash from the exercise of these pre-funded warrants during 2020.

“Non-Pre-Funded” Warrants

“Non-pre-funded” warrants to purchase a total of 70,000 shares of common stock were outstanding as of December 31, 2019. These “non-pre-funded” warrants expired unexercised during 2020. We did not receive cash from the exercise of “non-pre-funded” warrants during 2020 or 2019.