Inhibikase Therapeutics Terminates At the Market Offering Agreement

Inhibikase Therapeutics, Inc. (NYSE:IKT) announced in an 8-K SEC filing dated December 2, 2024, that the company has terminated its At the Market Offering Agreement (ATM Agreement). The agreement, initially entered into on February 1, 2024, with H.C. Wainwright & Co., LLC, permitted Inhibikase Therapeutics to issue and sell shares of its common stock up to an aggregate offering price of $5,659,255 through the Agent.

Under the terms of the ATM Agreement, the Agent was authorized to sell the company’s common stock at market prices using any method considered an “at the market offering” as per Rule 415 under the Securities Act of 1933. As per the agreement, 315,338 shares of the company’s common stock were sold, resulting in an aggregate gross sales price of $849,187.85.

A prospectus supplement was filed by the company with the Securities and Exchange Commission on May 20, 2024, to reduce the maximum aggregate gross sales price of the common stock that could be offered under the ATM Agreement to $50,000 from that date onwards, excluding previously sold shares. Following this update, no further sales of common stock took place under the agreement.

As of December 2, 2024, Inhibikase Therapeutics provided a notice to the Agent, terminating the ATM Agreement. The termination is scheduled to take effect on December 11, 2024, adhering to the stipulated terms of the agreement.

In a filing signed on December 5, 2024, Milton H. Werner, Ph.D., the President, and Chief Executive Officer of Inhibikase Therapeutics, affirmed the termination of the ATM Agreement on behalf of the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Inhibikase Therapeutics’s 8K filing here.

About Inhibikase Therapeutics

Inhibikase Therapeutics, Inc, a clinical-stage pharmaceutical company, develops therapeutics for Parkinson’s disease and related disorders. Its lead product candidate is IkT-148009, a non-receptor Abelson tyrosine kinase inhibitor, which is in Phase 2a clinical trials to the treatment of Parkinson’s disease and gastrointestinal tract.