Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.20.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity

NOTE 8 – 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 to an existing investor “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.

 

There were 9,017,055 “pre-funded” warrants to purchase a total of 9,017,055 shares of common stock outstanding at December 31, 2019. The “pre-funded” warrants are currently exercisable and have no expiration date.

 

2017 Public Offering of Common Stock

 

On October 19, 2017, we closed an underwritten public offering of 5,750,000 shares of common stock, at a public offering price of $16.00 per share. The gross proceeds to the Company were approximately $92.0 million before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.

 

“Non-Pre-Funded” Warrants

 

“Non-pre-funded” warrants to purchase a total of 70,000 and 1,820,686 shares of common stock were outstanding at December 31, 2019 and 2018, respectively. “Non-pre-funded” warrants to purchase 1,750,686 shares of common stock expired during 2019.

 

We received cash from the exercise of “non-pre-funded” warrants of $0, $3.2 million and $5.9 million during 2019, 2018 and 2017, respectively.

 

The warrants had various exercise prices and terms as follows as of December 31, 2019:

 

Summary of Warrants   Warrants
Outstanding
    Exercise
Price
    Expiration
Date
2015 Financing (a)     20,000     $ 6.05     July 31, 2020
2015 Financing (b)     50,000     $ 11.00     May 11, 2020
Total     70,000              

 

  a) In connection with the offering on July 31, 2015, the placement agent received warrants to purchase 20,000 shares of common stock at $6.05 per share. The warrants are currently exercisable and expire on July 31, 2020.
  b) In connection with the offering on May 11, 2015, the placement agent received warrants to purchase 50,000 shares of common stock at $11.00 per share. The warrants are currently exercisable and expire on May 11, 2020.