10 unchanged sentences
Stockholders’ Equity:
−Removed: Common Stock, par value $ 0.0001 , 90,000,000 shares authorized, 8,328,629 shares issued and outstanding as of March 31, 2022 and December 31, 2021
+Added: Common Stock, par value $ 0.0001 , 90,000,000 shares authorized, 10,102,214 and 8,328,629 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
Additional paid-in capital
8 unchanged sentences
Statements of Operations
−Removed: For the three months ended
+Added: For the three months ended June 30,
+Added: For the six months ended June 30,
Operating expenses:
5 unchanged sentences
( 1,329,969 )
+Added: ( 5,516,725 )
+Added: ( 3,591,742 )
Other income and expenses:
2 unchanged sentences
$ ( 1,331,792 )
+Added: $ ( 5,516,725 )
+Added: $ ( 3,636,700 )
Net loss per share of common stock, basic and diluted
4 unchanged sentences
Statements of Stockholder’s Equity
−Removed: Stockholders' Equity
+Added: Stockholders’
Balance at December 31, 2021
5 unchanged sentences
$ ( 38,768,426 )
+Added: Issuance of common stock and warrants, net of issuance costs
+Added: Issuance of common stock upon exercise of pre-funded warrants
+Added: Issuance of restricted stock unit awards
+Added: Stock-based compensation
+Added: ( 2,730,573 )
+Added: ( 2,730,573 )
+Added: Balance at June 30, 2022
+Added: $ ( 41,498,999 )
The accompanying notes are an integral part of these financial statements.
1 unchanged sentence
(FORMERLY DERMATA THERAPEUTICS, LLC)
−Removed: Statements of Stockholder’s Equity Continued
+Added: Statements of Stockholder's Equity
Class A Common
5 unchanged sentences
Series 1c Preferred
−Removed: Series 1d Preferred
−Removed: Preferred Stock
−Removed: Preferred Stock Warrants
−Removed: Stockholders' Equity
Balance at December 31, 2020
−Removed: $ ( 28,079,798 )
−Removed: $ ( 3,177,939 )
Series 1d Preferred Units issued
9 unchanged sentences
( 6,500,000 )
−Removed: Conversion of Warrant Units to Preferred Stock
( 4,119,595 )
( 46,553,188 )
+Added: ( 6,491,592 )
+Added: Conversion of Warrant Units to Preferred Stock Warrants
+Added: ( 1,419,228 )
Stock-based Compensation
+Added: Balance at March 31, 2021
+Added: Stock-based Compensation
+Added: Balance at June 30, 2021
+Added: The accompanying notes are an integral part of these financial statements.
+Added: DERMATA THERAPEUTICS, INC.
+Added: (FORMERLY DERMATA THERAPEUTICS, LLC)
+Added: Statements of Stockholder's Equity Unaudited - (Continued)
+Added: Series 1d Preferred
+Added: Preferred Stock
+Added: Stock Warrants
+Added: Balance at December 31, 2020
$ ( 28,079,798 )
$ ( 3,177,939 )
+Added: Series 1d Preferred Units issued
+Added: Conversion of Common Units to Common Stock
+Added: Conversion of Preferred Units to Preferred Stock
+Added: ( 6,065,989 )
+Added: ( 5,034,801 )
+Added: Conversion of Warrant Units to Preferred Stock Warrants
+Added: Stock-based Compensation
+Added: ( 2,304,908 )
+Added: ( 2,304,908 )
Balance at March 31, 2021
( 30,384,706 )
+Added: Stock-based Compensation
+Added: ( 1,331,792 )
+Added: ( 1,331,792 )
+Added: Balance at June 30, 2021
+Added: $ ( 31,716,498 )
+Added: $ ( 505,802 )
The accompanying notes are an integral part of these financial statements.
2 unchanged sentences
Statements of Cash Flows
−Removed: For the three months ended
+Added: For the six months ended
Cash flows from operating activities:
8 unchanged sentences
Accrued and other current liabilities
−Removed: Total adjustments to reconcile net loss to net cash used in operating activities
Net cash used in operating activities:
( 4,447,363 )
+Added: ( 1,679,433 )
Cash flows from financing activities:
+Added: Proceeds from issuance of common stock and warrants, net of issuance costs
+Added: Proceeds from issuance of common stock upon exercise of pre-funded warrants
Payments on debt
2 unchanged sentences
Net cash provided by financing activities:
−Removed: Net increase (decrease) in cash
−Removed: ( 2,607,848 )
+Added: Net decrease in cash
Cash at beginning of period
25 unchanged sentences
Each purchaser in the IPO received one share of common stock and one warrant to purchase one share of common stock at a combined offering price of $ 7.00 .
−Removed: Each warrant to purchase common stock entitles the holder to purchase one share of common stock at a weighted average exercise price of $ 7.05 per share, are immediately exercisable, and expire five years from the date of issuance.
+Added: Each warrant to purchase common stock entitles the holder to purchase one share of common stock, are immediately exercisable, and expire five years from the date of issuance.
The Company evaluated the terms of the warrants issued and determined that they should be classified as equity instruments.
2 unchanged sentences
Prior to the IPO, the Company had 1,911,009 shares of common stock outstanding after giving effect for the Company’s reverse stock split in July 2021.
−Removed: The Company’s total common stock issued and outstanding was 8,328,629 as of December 31, 2021 and March 31, 2022.
Reverse Stock Split
5 unchanged sentences
Since its inception, the Company has devoted substantially all of its resources to research and development activities and has not generated any revenue or commercialized any product candidates.
−Removed: As of March 31, 2022, cash totaled $8.2 million and the Company had an accumulated deficit of $ 38.8 million.
−Removed: For the three months ended March 31, 2022 and the year ended December 31, 2021, the Company used cash of $ 2.6 million and $ 5.7 million, respectively, in operations.
−Removed: The Company’s cash balances are expected to fund operations into the fourth quarter of 2022.
−Removed: Subsequent to March 31, 2022, in April 2022, the Company raised $ 5.0 million from gross proceeds of a securities purchase agreement, or PIPE, from a single institutional investor, which is expected to fund operations into the second quarter of 2023.
−Removed: See Note 12 – Subsequent Events for additional information regarding the Company’s April 2022 PIPE.
+Added: As of June 30, 2022, cash totaled $ 10.6 million and the Company had an accumulated deficit of $ 41.5 million.
+Added: For the six months ended June 30, 2022 and the year ended December 31, 2021, the Company used cash of $ 4.4 million and $ 5.7 million, respectively, in operations.
+Added: The Company’s cash balances are expected to fund operations into the third quarter of 2023.
The Company anticipates that it will continue to incur net losses for the foreseeable future.
38 unchanged sentences
Upon the completion of the IPO in August 2021, approximately $ 2.6 million of offering costs related to the IPO were reclassified to additional paid-in capital.
−Removed: As of March 31, 2022, the Company had deferred financing costs of approximately $ 0.2 million included in other current assets.
+Added: As of December 31, 2021, the Company had deferred financing costs of $ 0.06 million and as of June 30, 2022, the Company had no deferred financing costs.
The Company deposits its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”).
33 unchanged sentences
Forfeitures are accounted for in the period they occur.
+Added: Restricted stock units (“RSUs”) granted under the 2021 Plan are measured at the grant date fair value of the common stock, with corresponding compensation expense recognized ratably over the requisite service period.
Refer to Note 7- Equity Incentive Plan for further discussion.
1 unchanged sentence
Comprehensive loss includes net loss and other comprehensive income (loss) for the periods presented.
−Removed: The Company did not have other comprehensive income (loss) items such as unrealized gains and losses and so for the three months ended March 31, 2022 and March 31, 2021, comprehensive loss was equal to the net loss.
+Added: The Company did not have other comprehensive income (loss) items such as unrealized gains and losses and so for the three and six months ended June 30, 2022, and June 30, 2021, comprehensive loss were equal to the net loss.
Net Loss Per Common Unit/Share
4 unchanged sentences
Net loss per share for periods prior to the conversion to a C-corporation refers to net loss per common unit.
−Removed: Basic net loss per unit/share is calculated by dividing net loss attributable to common unitholders or shareholders by the weighted-average number of units or shares outstanding during the period, without consideration of common unit or share equivalents.
+Added: Basic net loss per unit/share is calculated by dividing net loss attributable to common unitholders or shareholders by the weighted-average number of units or shares outstanding during the period, including pre-funded warrants because their exercise requires only nominal consideration for the delivery of shares, without consideration of common unit or share equivalents.
Diluted net loss per unit or share is calculated by adjusting weighted-average shares outstanding for the dilutive effect of common unit or share equivalents outstanding for the period.
1 unchanged sentence
As the Company has reported a net loss for the periods presented, diluted net loss per common unit or share is the same as the basic net loss per common unit or share for the periods presented.
−Removed: Three Months Ended March 31,
+Added: Three Months Ended
+Added: Six Months Ended
$ ( 2,730,573 )
$ ( 1,331,792 )
−Removed: Basic and diluted net loss per common unit/share
+Added: $ ( 5,516,725 )
+Added: $ ( 3,636,700 )
Weighted-average basic and diluted common units/shares
+Added: Basic and diluted net loss per common unit/share
The common unit or share equivalents that are not included in the calculation of diluted net loss per common unit or share but could potentially dilute basic earnings per share in the future are as follows:
−Removed: As of March 31,
+Added: As of June 30,
Series 1 Preferred Units/Shares
31 unchanged sentences
The Notes were recorded upon issuance net of debt discount costs of $ 28,301 .
−Removed: The Company recognized $ 13,892 of amortized debt discount costs during for the three months ended March 31, 2021.
+Added: The Company recognized $ 13,970 of amortized debt discount costs during the six months ended June 30, 2021.
On January 27, 2021, the Company amended the terms of the Notes to increase the maximum amount of convertible promissory notes to be issued from $ 3,000,000 to $ 5,000,000 , to allow for the conversion of the convertible promissory notes into shares of common stock upon a Qualified Initial Public Offering with aggregate gross proceeds to the Company of at least $ 10,000,000 at a 20% discount to the lowest price per share paid by investors for that financing and to extend the maturity date to December 31, 2021 .
7 unchanged sentences
Upon this conversion, since the conversion contained a 20% discount, the Company measured the beneficial conversion feature and determined that it was not material to the financial statements.
−Removed: As of December 31, 2021 and March 31, 2022, the Company had no promissory notes outstanding.
+Added: As of December 31, 2021, and June 30, 2022, the Company had no promissory notes outstanding.
Long-Term Debt
10 unchanged sentences
The Company also paid the final payment fee of $ 225,000 in February 2021 and the amendment fee of $ 100,000 in March 2021.
−Removed: For the three months ended March 31, 2021, the Company paid a total of $ 556,482 to SVB as final payments for its long-term debt.
−Removed: As of December 31, 2021 and March 31, 2022, the Company had no long-term debt outstanding.
+Added: For the six months ended June 30, 2021, the Company paid a total of $ 556,482 to SVB as final payments for its long-term debt.
+Added: As of December 31, 2021, and June 30, 2022, the Company had no long-term debt outstanding.
Equity Securities
17 unchanged sentences
Prior to the IPO, the Company had 1,911,009 shares of common stock outstanding after giving effect for the Company’s reverse stock split in July 2021.
−Removed: The Company’s total common stock issued and outstanding was 8,328,629 shares as of December 31, 2021 and March 31, 2022.
+Added: On April 25, 2022, the Company closed a private placement (“PIPE”), in which it sold 898,585 shares of its common stock together with 2,875,000 pre-funded warrants to purchase one share of common stock with an exercise price of $ 0.0001 per share (“Pre-funded Warrant”), and 3,773,585 warrants to purchase one share of common stock with an exercise price of $1.325 per share (“PIPE Common Warrant”) at a combined offering price of $ 1.325 .
+Added: The Company received net cash proceeds of approximately $ 4.3 million from the PIPE after deducting underwriters’ discounts and offering expenses of approximately $ 0.7 million.
+Added: The PIPE Common Warrant related to this private placement will expire on May 12, 2027.
+Added: During the quarter ended June 30, 2022, 875,000 of the Pre-funded Warrants were exercised, reducing the outstanding Pre-funded Warrants to 2,000,000 as of June 30, 2022.
+Added: The Company’s total common stock issued and outstanding was 10,102,214 and 8,328,629 shares as of June 30, 2022, and December 31, 2021, respectively.
Series 1 Preferred Units
2 unchanged sentences
Additionally, in August 2021, the Company converted all preferred stock into common stock.
−Removed: No Series 1 Preferred Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Series 1 Preferred Units were outstanding as of December 31, 2021 and June 30, 2022.
Series 1a Preferred Units
5 unchanged sentences
Additionally, in August 2021, the Company converted all preferred stock into common stock.
−Removed: No Series 1a Preferred Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Series 1a Preferred Units were outstanding as of December 31, 2021 and June 30, 2022.
Series 1b Preferred Units
4 unchanged sentences
Additionally, in August 2021, the Company converted all preferred stock into common stock.
−Removed: No Series 1b Preferred Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Series 1b Preferred Units were outstanding as of December 31, 2021 and June 30, 2022.
Series 1c Preferred Units
7 unchanged sentences
Additionally, in August 2021, the Company converted all preferred stock into common stock.
−Removed: No Series 1c Preferred Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Series 1c Preferred Units were outstanding as of December 31, 2021 and June 30, 2022.
Series 1d Preferred Units
3 unchanged sentences
Additionally, in August 2021, the Company converted all preferred stock into common stock.
−Removed: No Series 1d Preferred Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Series 1d Preferred Units were outstanding as of December 31, 2021 and June 30, 2022.
Class A Common Units
1 unchanged sentence
The Class A Common Units outstanding converted to common stock during the first quarter of 2021.
−Removed: No Class A Common Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Class A Common Units were outstanding as of December 31, 2021 and June 30, 2022.
Class B Common Units
7 unchanged sentences
The remaining Class B Common Units outstanding converted to common stock during the first quarter of 2021.
−Removed: No Class B Common Units were outstanding as of December 31, 2021 and March 31, 2022.
+Added: No Class B Common Units were outstanding as of December 31, 2021 and June 30, 2022.
Liquidation Preference
8 unchanged sentences
Upon the issuance of Series A Preferred Units, each Series 1 Preferred Unit, each Series 1a Preferred Unit, each Series 1b Preferred Unit, each Series 1c Preferred Unit and each Series 1d Preferred Unit would have automatically converted into the number of Series A Preferred Units equal to the sum of the unit value of the Series 1, Series 1a, Series 1b, Series 1c or Series 1d Preferred Units plus all accumulated preferred return as of the conversion date that would have been due with respect to such Series 1, Series 1a, Series 1b, Series 1c or Series 1d Preferred Units in the case of a liquidity event.
−Removed: As of December 31, 2021 and March 31, 2022, no Series A Preferred Units had been issued, and no preferred stock remained outstanding.
+Added: As of December 31, 2021 and June 30, 2022, no Series A Preferred Units had been issued, and no preferred stock remained outstanding.
Conversion Rights
3 unchanged sentences
The Company considered the classification of the Preferred Units and concluded that they were appropriately included as a component of equity since each class of Preferred Units participates in the same form of consideration received upon a change in control.
−Removed: As of December 31, 2021 and March 31, 2022, no preferred units or stock remained outstanding.
+Added: As of December 31, 2021 and June 30, 2022, no preferred units or stock remained outstanding.
Stockholders’ Agreements
10 unchanged sentences
Effective January 1, 2022, an evergreen provision contained in the Company's 2021 Omnibus Equity Incentive Plan, or the 2021 Plan, added one percent of common shares outstanding as of December 31, 2021 to the 2021 Plan.
−Removed: This evergreen provision resulted in an increase of 83,286 shares to the 2021 Plan, increasing shares authorized for issuance under the 2021 Plan to 1,731,499 as of March 31, 2022.
+Added: This evergreen provision resulted in an increase of 83,286 shares to the 2021 Plan, increasing shares authorized for issuance under the 2021 Plan to 1,731,499 as of January 1, 2022.
On June 29, 2021, the Company’s board of directors approved a 1-for-20.5 reverse split of all outstanding shares of common stock, effected on July 1, 2021 (no fractional shares were issued).
13 unchanged sentences
On August 14, 2021, the Company’s board of directors approved an amendment to the Company’s Certificate of Incorporation to increase the number of shares of Common Stock authorized to 90,000,000 .
+Added: Refer to Note 12 Subsequent Event for further discussion.
Warrants issued at IPO
5 unchanged sentences
The fair value of each warrant on August 17, 2021 was $ 0.9995 based on the closing trading price on that day.
−Removed: As of March 31, 2022, the Company had 2,957,142 warrants outstanding resulting from the IPO with an exercise price of $7.00 and which expire August 17, 2026.
+Added: As of June 30, 2022, the Company had 2,957,142 warrants outstanding resulting from the IPO with an exercise price of $7.00 and which expire August 17, 2026 .
Underwriter IPO Warrants
−Removed: Upon the closing of the Company's IPO in August 2021, the Company issued to the underwriters warrants which entitles the underwriters to purchase 128,571 of shares of common stock at an exercise price equal to 115 % of the public offering price, or $ 8.05 per share, exercisable for a period of five years, or until August 2026.
+Added: Upon the closing of the Company's IPO in August 2021, the Company issued to the underwriters warrants to purchase 128,571 of shares of common stock at an exercise price equal to 115 % of the public offering price, or $ 8.05 per share, exercisable for a period of five years, or until August 2026.
Warrants issued with Class B Common Units
2 unchanged sentences
These Common Stock Warrants issuances were considered a modification under ASC 718, Stock Compensation, in which the fair value of the Class B Common Units profits interests were measured at the modification date and compared to the fair value of the common stock warrants, with the difference of $ 279,812 recorded as stock-based compensation expense in the first quarter of 2021.
−Removed: As of March 31, 2022, the Company had 65,303 common warrants outstanding related to the prior Class B Common Units with an exercise price of $ 5.74 and which expire December 31, 2024.
+Added: As of June 30, 2022, the Company had 65,303 common warrants outstanding related to the prior Class B Common Units with an exercise price of $ 5.74 and which expire December 31, 2024.
Warrants issued with Series 1a Preferred Units
9 unchanged sentences
In August 2021, in connection with the Company’s IPO, the outstanding Series 1a preferred warrants were converted into 69,212 common warrants.
−Removed: As of March 31, 2022, the Company had 69,212 common warrants outstanding related to the prior Series 1a preferred warrants with an exercise price of $ 20.50 and which expire November 15, 2026.
+Added: As of June 30, 2022, the Company had 69,212 common warrants outstanding related to the prior Series 1a preferred warrants with an exercise price of $ 20.50 and which expire November 15, 2026.
+Added: Common and Pre-Funded Warrants issued with PIPE
+Added: In April 2022, the Company completed the PIPE, in which it sold 898,585 shares of its common stock together with 2,875,000 Pre-funded Warrants to purchase one share of common stock with an exercise price of $ 0.0001 per share, and 3,773,585 PIPE Common Warrants to purchase one share of common stock with an exercise price of $ 1.325 per share, at a combined offering price of $ 1.325 .
+Added: During the quarter ended June 30, 2022, 875,000 of the Pre-funded Warrants were exercised.
+Added: Each PIPE Common Warrant is immediately exercisable at the option of the holder and expires May 12, 2027.
+Added: As of June 30, 2022, the Company had 2,000,000 Pre-Funded Warrants outstanding with an exercise price of $0.0001 and no expiration date.
+Added: As of June 30, 2022, the Company had 3,773,585 Common Warrants outstanding with an exercise price of $ 1.325 and which expire May 13, 2027.
Equity Incentive Plan
Under the Company’s 2021 Omnibus Equity Incentive Plan (the “2021 Plan”), the Company may grant options to purchase common stock, restricted stock awards, performance stock awards, incentive bonus awards, other cash-based awards or directly issue shares of common stock to employees, directors, and consultants of the Company.
−Removed: Effective January 1, 2022, an evergreen provision contained in our 2021 Plan increased our common shares outstanding by one percent of the common shares outstanding as of December 31, 2021.
−Removed: This evergreen provision resulted in an additional 83,286 common shares to the 2021 Plan, increasing authorized shares available for issuance under the 2021 Plan to 1,731,499 as of March 31, 2022.
+Added: Effective January 1, 2022, an evergreen provision contained in the Company’s 2021 Plan increased its common shares outstanding by one percent of the common shares outstanding as of December 31, 2021.
+Added: This evergreen provision resulted in an additional 83,286 common shares added to the 2021 Plan, increasing authorized shares available for issuance under the 2021 Plan to 1,731,499 as of January 1, 2022.
Stock awards may be granted at an exercise price per share of not less than 100% of the fair market value at the date of grant.
Stock awards granted are exercisable over a maximum term of 10 years from the date of grant and generally vest over a period of four years for employees and one year for directors of the Company’s board and consultants .
−Removed: As of March 31, 2022, there remain an additional 730,173 shares reserved for issuance under the 2021 Plan.
−Removed: Stock Award Activity
−Removed: A summary of the Company’s Equity Plans stock option activity is as follows:
−Removed: Balance at December 31, 2021
−Removed: Options granted
−Removed: Options exercised
−Removed: Options cancelled
−Removed: Balance at March 31, 2022
−Removed: Options exercisable at March 31, 2022
−Removed: The aggregate intrinsic value of options exercisable as of March 31, 2022 is calculated as the difference between the exercise price of the underlying options and the closing market price of the Company’s common stock on that date, which was $ 1.25 per share.
−Removed: The intrinsic value of options outstanding and exercisable as of March 31, 2022 was zero due to the underlying options exercise price above market value.
+Added: As of June 30, 2022, there remain an additional 683,036 shares reserved for issuance under the 2021 Plan.
Fair Value Measurement
21 unchanged sentences
The following table presents the weighted-average assumptions used for the stock option grants:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Grant date fair value
−Removed: Risk-free interest rate
+Added: Risk-free rate
Dividend yield
6 unchanged sentences
The Company considered the conversion of these Class B Common Units profits interests as a modification under ASC 718, Stock Compensation, in which the fair value of the Class B Common Units profits interests was measured at the modification date and compared to the fair value of the common stock options, with the difference of $ 1,339,993 resulting in incremental stock-based compensation expense.
−Removed: Related to the options, the Company recorded $ 849,564 of stock-based compensation expense in the three months ended March 31, 2021.
−Removed: The remaining stock-based compensation expense related to these options will be recognized over the weighted average period of 2.2 years.
+Added: Related to the options, the Company recorded $ 849,564 of stock-based compensation expense recorded in the first quarter of 2021.
In December 2021, the Company’s board of directors authorized a stock option grant in lieu of a cash bonus for the Company’s Chairman and Chief Executive Officer.
1 unchanged sentence
however, the impact to additional paid-in capital was not booked until the first quarter of 2022, when the stock option award was granted.
−Removed: The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations:
−Removed: Three Months Ended March 31,
+Added: The following table summarizes the total stock-based compensation expense related to stock options and RSUs included in the Company’s statements of operations:
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
Research and development
General and administrative
−Removed: As of March 31, 2022, total unrecognized compensation cost related to stock options was approximately $ 1.5 million and the weighted average period over which this cost is expected to be recognized is 2.7 years.
+Added: Stock Option Award Activity
+Added: A summary of the Company’s Equity Plan stock option activity is as follows:
+Added: Balance at December 31, 2021
+Added: Options granted
+Added: Options exercised
+Added: Options cancelled
+Added: Balance at June 30, 2022
+Added: Options exercisable at June 30, 2022
+Added: The aggregate intrinsic value of options exercisable as of June 30, 2022 is calculated as the difference between the exercise price of the underlying options and the closing market price of the Company’s common stock on that date, which was $ 0.65 per share.
+Added: The intrinsic value of options outstanding and exercisable as of June 30, 2022 was zero due to the underlying options exercise price above market value.
+Added: As of June 30, 2022, total unrecognized compensation cost related to stock options was approximately $ 1.3 million and the weighted average period over which this cost is expected to be recognized is 2.6 years.
+Added: Restricted Stock Unit Award Activity
+Added: A summary of the Company’s Equity Plan restricted stock unit, or RSU, award activity is as follows:
+Added: RSU’s outstanding
+Added: Balance at December 31, 2021
+Added: RSUs cancelled
+Added: Balance at June 30, 2022
+Added: During the three and six months ended June 30, 2022, the Company issued to certain of the Company’s directors 47,137 RSUs as partial compensation for their services for the first quarter of 2022.
+Added: The Company recognized stock-based compensation expense of approximately $ 0.1 million during the six months ended June 30, 2022 related to the restricted stock unit awards.
+Added: There were no RSUs outstanding during 2021 and there is no unrecognized compensation expense related to outstanding RSUs as of June 30, 2022.
The Company sponsors a 401(k) savings plan for all eligible employees.
15 unchanged sentences
Clinical Trials
−Removed: During 2021, the Company initiated a clinical trial which had not completed patient enrollment by March 31, 2022.
−Removed: Accordingly, the Company anticipates additional research and development expense of $ 1.1 million to be incurred during fiscal year 2022 related to this ongoing clinical trial.
+Added: During 2021, the Company initiated a clinical trial which completed patient enrollment in June 2022;
+Added: however, had not completed patient treatment by June 30, 2022.
+Added: Accordingly, the Company anticipates additional research and development expense of $ 0.5 million to be incurred during the second half of fiscal year 2022 related to this ongoing clinical trial.
Coronavirus Pandemic
23 unchanged sentences
Subsequent Event
−Removed: On April 25, 2022, the Company closed a private placement of 898,585 shares of its common stock, pre-funded warrants to purchase 2,875,000 shares of common stock (the “Pre-Funded Warrant”) and warrants to purchase up to 3,773,585 shares of common stock at an exercise price of $ 1.325 per share (the “Common Warrant”) for gross proceeds of $ 5.0 million.
−Removed: The Common Warrant related to this private placement will expire five years from the date the resale Form S-1 is declared effective, which was on May 13, 2022.
+Added: In July 2022, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware to increase the number of authorized shares of the Company’s common stock from 90,000,000 shares to 250,000,000 shares.
+Added: The increase in the number of authorized shares was approved by the holders of a majority of the outstanding shares of common stock of the Company at its annual meeting on July 11, 2022.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.