Quarterly report pursuant to Section 13 or 15(d)

Capital Stock

Capital Stock
3 Months Ended
Mar. 31, 2022
Capital Stock  
Capital Stock

5. Capital Stock

On January 6, 2021, the Company completed a private placement of 1,531,101 shares of Common Stock and warrants to purchase up to 1,531,101 shares of Common Stock to an affiliate of Armistice Capital, LLC, with a combined purchase price per share and warrant of $5.225. The total net proceeds from the private placement were approximately $8.000 million. Steven J. Boyd and Keith Maher, each of whom were members of the Company’s board of directors through August 3, 2021, are affiliates of Armistice Capital, LLC, and Mr. Boyd holds voting and investment power over such entity.

In connection with the Company’s acquisition of Panoptes Pharma Ges.m.b.H in December 2020 (“Panoptes Acquisition”), the Company held back consideration of 1,500 shares of Series D convertible preferred stock at closing (“Holdback Shares) which was valued at $1.500 million and recorded in Additional Paid-In Capital. These preferred shares are convertible into 403,461 shares of the Company’s common stock. The shares were held back so that if there were any post-closing adjustments or indemnification obligations the number of share issued could have been lower. On the 18-month anniversary of the acquisition or June 2022, the common shares  were issued (see Note 10 for further information).

The following is a summary of the Company’s reserved common stock as of March 31, 2022:

Common Stock Warrants



Holdback Shares



Preferred Stock outstanding