Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY Public Offerings On April 12, 2021, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain investors. The Purchase Agreement provided for the sale and issuance by the Company of an aggregate of 17,577,400 shares (the “Shares”) of the Company’s common stock, $0.001 par value (the “Common Stock”), at an offering price of $0.7921 per Share and 7,671,937 pre-funded warrants to certain purchasers whose purchase of additional Shares would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 9.99% of the Company’s outstanding Common Stock immediately following the consummation of the offering (the “Pre-Funded Warrants”). The Shares and Pre-Funded Warrants were sold together with warrants to purchase up to 11,244,135 shares of Common Stock (the “Accompanying Warrants” and together with the Shares and the Pre-Funded Warrants, the “Securities”). The Pre-Funded Warrants were sold for a purchase price of $0.7911 per share and have an exercise price of $0.001 per share. The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. Each Accompanying Warrant has an exercise price per share of $0.70, became exercisable immediately and will expire on the fifth anniversary of the original issuance date. The Purchase Agreement also provided for a concurrent private placement (the “Private Placement”) of 14,005,202 warrants to purchase the Company’s Common Stock (the “Private Placement Warrants”) with the purchasers in the Registered Offering. The Private Placement Warrants will be exercisable for an aggregate of 14,005,202 shares of Common Stock at any time on or after such date, if ever, that is fourteen (14) days after the Company files an amendment (the “Authorized Shares Amendment”) to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock, $0.001 par value per share from 170,000,000 shares to 300,000,000 shares with the Delaware Secretary of State and on or prior to the date that is five years after such date. The Private Placement Warrants have an exercise price of $0.70 per share. In March 2021, the Company sold 886,048 shares of its common stock via the at-the-market (“ATM”) program through A.G.P./Alliance Global Partners netting about $0.7 million in proceeds. In November 2020, the Company closed on a public offering of 30,666,665 shares of its common stock at a public offering price of $0.30 per share, for gross proceeds of $9.2 million, which gives effect to the exercise of the underwriter’s option in full. In addition, the Company also undertook a concurrent private placement of warrants to purchase up to 15,333,332 shares of common stock. The warrants have an exercise price per share of $0.35, are exercisable immediately and will expire five years from the date of issuance. The warrants also provide that if there is no effective registration statement registering, or no current prospectus available for, the issuance or resale of the warrant shares, the warrants may be exercised via a cashless exercise. After deducting the underwriting discounts and commissions and other offering expenses, the net proceeds from the offering were approximately $8.5 million. During the six months ended April 30, 2021, warrant holders from the Company’s November 2020 offering exercised 10,754,932 warrants in exchange for 10,754,932 shares of the Company’s common stock and warrant holders from the Company’s April 2021 Offering exercised 7,671,937 pre-funded warrants in exchange for 7,671,937 shares of the Company’s common stock. Pursuant to these warrant exercises, the Company received aggregate proceeds of approximately $3.8 million which were payable upon exercise. A summary of the changes in stockholders’ equity for the three and six months ended April 30, 2021 and 2020 is presented below (in thousands, except share data): Preferred Stock Common Stock Additional Accumulated Total Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2019 - $ - 50,201,671 $ 50 $ 423,750 $ (384,269 ) $ 39,531 Stock-based compensation - - 2,957 - 242 - 242 Advaxis public offerings, net of offering costs - - 10,000,000 10 9,618 - 9,628 Warrant exercises - - 26,416 - 2 - 2 Issuance of shares to employees under ESPP Plan - - 5,555 - 2 - 2 Net Loss - - - - - (7,857 ) (7,857 ) Balance at January 31, 2020 - $ - 60,236,599 $ 60 $ 433,614 $ (392,126 ) $ 41,548 Stock-based compensation - - 5,651 - 210 - 210 Warrant exercises - - 7,500 - - - - Issuance of shares to employees under ESPP Plan - - 2,694 - 2 - 2 Net Loss - - - - - (6,323 ) (6,323 ) Balance at April 30, 2020 - $ - 60,252,444 $ 60 $ 433,826 $ (398,449 ) $ 35,437 Preferred Stock Common Stock Additional Paid-In Accumulated Total Shareholders’ Shares Amount Shares Amount Capital Deficit Equity Balance at November 1, 2020 - $ - 78,074,023 $ 78 $ 440,840 $ (410,738 ) $ 30,180 Stock-based compensation - - - - 236 - 236 Advaxis public offerings, net of offering costs - - 30,666,665 31 8,519 - 8,550 Warrant exercises - - 7,390,000 7 2,579 - 2,586 Net Loss - - - - - (3,977 ) (3,977 ) Balance at January 31, 2021 - $ - 116,130,688 $ 116 $ 452,174 $ (414,715 ) $ 37,575 Stock-based compensation - - 5,888 - 215 - 215 Advaxis public offerings, net of offering costs - - 18,463,448 19 13,664 - 13,683 Warrant exercises - - 11,037,435 11 1,174 - 1,185 Issuance of shares to employees under ESPP Plan - - 1,000 - - - - Net Loss - - - - - (5,107 ) (5,107 ) Balance at April 30, 2021 - $ - 145,638,459 $ 146 $ 467,227 $ (419,822 ) $ 47,551 |