10. Subsequent Events

The Company has evaluated subsequent events from the balance sheet date through December 15, 2022, the date at which the consolidated financial statements were available to be issued.

As previously announced, the Company is not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Rule”), which requires companies listed on The Nasdaq Capital Market to maintain stockholders’ equity of at least $2.5 million. On October 6, 2022, the Company submitted a plan to regain compliance with the stockholders’ equity requirement. On October 13, 2022, the Company was notified that it has been granted an extension until February 20, 2023 to demonstrate compliance with the Rule.

On November 9, 2022, the Company filed a prospectus supplement registering the offer and sale of shares of its common stock for an aggregate offering price of up to an additional $1.7 million pursuant to the 2022 Sales Agreement.

Subsequent to September 30, 2022 and through the date of this filing, the Company has sold 2,391,989 shares of common stock for gross proceeds of $4.7 million and net proceeds of $4.6 million pursuant to the 2022 Sales Agreement.