Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
As
of March 31, 2022, our exposure to market risk was primarily from our At The Market Facility. During the quarter the price at which we
sold our common stock per share fluctuated from $19.79 to $34.13 with an average price per share of $25.99. We would have risk on our
commercial credit facility had we drawn down upon it as the interest rate changes at the greater of 6% and the prime rate plus 2.75%.
We have no other floating debt obligations. As we have drawn down upon this facility in the second quarter of 2022, we will have some
quantitative data in the Quarterly Report on Form 10-Q for the second quarter of this year. Our interest rate exposure will be primarily
due to differences between our floating rate debt obligations compared to our floating rate short-term investments.
There
have been no other material changes in our primary risk exposures or management of market risks as of this quarter.
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