On June 26, 2023, the Company sold an aggregate of 2,502,000 shares of the Company’s common stock at a purchase price of $8.00 per share under its existing at-the-market offering. This resulted in aggregate gross proceeds to the Company of approximately $20 million. The Company expects that current cash, cash equivalents and investments of $95.3 million at June 30, 2023, will be sufficient to fund its operating expenses through the expected data readout of the Phase 2 portion of its pivotal Phase 2/3 trial in treatment-refractory MAC lung disease and through the end of 2024.
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