gross cash proceedspay Columbia University additional consideration for such rights. The 2019 Columbia Research Agreement may not be assigned by us without Columbia University’s consent, except to any successor to all or substantially all of $0.1 million. In connection withour business to which the last closing2019 Columbia Research Agreement relates or to an affiliate, in each case upon notice to Columbia University.
At the time of execution of each of the Series A Preferred Stock financingColumbia Agreements, Columbia University held 5% or more of our outstanding common stock.
LaunchLabs Lease Agreement
In December 2018, we entered into an agreement (the “LaunchLabs Lease”) with ARE-LaunchLabs NYC LLC (“Alexandria LaunchLabs”), a subsidiary of Alexandria for use of specified premises within the Alexandria LaunchLabs space on a month-to-month basis. During the years ended December 31, 2020 and pursuant2019, the Company made payments to that certain Placement Agency Agreement byAlexandria LaunchLabs of approximately $89,000 and between us$85,000, respectively under the LaunchLabs Lease, which was recognized in research and Brookline Capital Markets, a divisiondevelopment expenses. As of CIM Securities, LLC, or Brookline, serving as placement agent, dated October 7, 2016, as amendedDecember 31, 2020, there were no amounts due to Alexandria LaunchLabs under the LaunchLabs Lease.
One of our directors, Joel S. Marcus, is the Executive Chairman and restated on November 23, 2016, in March 2017, certain employeesfounder of Brookline were issued 10-year warrants, entitling such individualsAlexandria. In addition, Alexandria has full voting and investment power, directly and indirectly with respect to purchase up to an aggregate of 309,389 shares of our common stock at an exercise priceheld by the Alexandria Entities, which are stockholders together holding 10% or more of $2.49 per share.
The table below sets forth the number ofour outstanding shares of our Series A common stock.
Preferred Stock purchased by our directors, holders of more than 5% of our capital stock and their affiliated entities or immediate family members. Each share of Series A Preferred Stock in the table below automatically converted into one share of our common stock immediately upon the completion of the IPO. For a description of the material rightsWarrant Financings and privileges of the Series A Preferred Stock, see Note 9 to the notes to our financial statements included in the Annual Report.
Franklin M. Berger, CFA(1) | | | 244,032 | | | 552,125 |
Joel S. Marcus(2) | | | 110,497 | | | 250,000 |
Alexandria Venture Investments, LLC(2) | | | 800,716 | | | 1,811,625 |
(1)
| Mr. Berger was a member of our board of directors until the date of the IPO. |
(2)
| Mr. Marcus, a member of our board of directors, is the Executive Chairman and founder of Alexandria Real Estate Equities, Inc., the managing member of Alexandria Venture Investments, LLC, or Alexandria Venture. Alexandria Real Estate Equities, Inc. has full voting and investment power with respect to the shares owned by the Alexandria Venture. |
Convertible Note Financing and WarrantsWarrant Financing
In February 2018, we issued an aggregate principal amount of $6.0 million of convertible notes in two closings, or the 2018 Notes. The first closing occurred on February 8, 2018, at which time we issued an aggregate principal amount of $5.7 million in convertible notes. The second closing occurred on February 14, 2018, at which time we issued a principal amount of $0.3 million in one convertible note. The 2018 Notes accrued interest at a rate of 15% per annum. On November 5, 2018, we closed on a portion of the Series B Preferred Stock financing described below. At that time, all 2018 Notes and the then accrued interest totaling approximately $6.6 million were converted into 1,097,721 shares of Series B Preferred Stock. In connection with the closing of the convertible note financing and pursuant to that certain Placement Agency Agreement by and between us and Brookline, dated January 18, 2018, in November 2018, certain employees of Brookline were issued 10-year warrants, entitling such individuals to purchase up to an aggregate of 76,847 shares of our common stock at an exercise price of $6.59 per share.
Series B Preferred Stock Financing and Warrants
Between November 2018 and February 2019, we issued an aggregate of 3,347,052 new shares of our Series B Preferred Stock at a price per share of $7.49 in five closings for total gross cash proceeds of approximately $25.1 million, or the Series B Financing. In connection with the Series B Financing, in November 2018, the $6.0 million of the 2018 Notes and the related $0.6 million of accrued interest converted into 1,097,721 shares of our Series B Preferred Stock. The first two closings of the Series B Financing occurred in November 2018, at which time we issued an aggregate of 2,748,437 new shares of our Series B Preferred Stock for total gross cash proceeds of approximately $20.6 million. The third and fourth closings occurred in December 2018, at which time we issued an aggregate of 155,690 new shares of our Series B Preferred Stock for total gross cash proceeds of approximately $1.2 million. The fifth closing occurred in February 2019, at which time we issued 442,925 shares of our Series B Preferred Stock for total gross cash proceeds of approximately $3.3 million.
In connection with the last closing of the Series B Financing and pursuant to that certain Placement Agency Agreement by and between us and Brookline, dated August 28, 2018, or the Series B Placement Agency Agreement, in April 2019, certain employees of Brookline were issued 10-year warrants, entitling