Filed Pursuant to Rule 424(b)(5)
Registration No. 333-276722
PROSPECTUS
Up to $2,605,728
Common Stock
We have entered
into a Sales Agreement (the Sales Agreement) with H.C. Wainwright & Co., LLC and JonesTrading Institutional Services LLC (each an Agent and together, the Agents), relating to shares of our common stock
offered by this prospectus. In accordance with the terms of the Sales Agreement, we may offer and sell shares of our common stock from time to time through the Agents, having an aggregate offering price of up to $2,605,728, pursuant to this
prospectus. Of the shares of our common stock covered by the Sales Agreement and the related prospectus supplement, dated March 16, 2018 and prospectus dated January 29, 2021, covering the issuance of shares of our common stock pursuant to
the Sales Agreement, as of January 23, 2024, we have issued and sold an aggregate of 3,982,416 shares of our common stock for gross proceeds of approximately $45.1 million.
Our common stock is listed on the Nasdaq Capital Market under the symbol ONVO. On February 7, 2024, the last reported sale
price of our common stock on the Nasdaq Capital Market was $0.97 per share.
Sales of our common stock, if any, under this prospectus may
be made in sales deemed to be an at the market offering as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the Securities Act). The Agents are not required to sell any specific number or
dollar amounts of securities but will act as sales agents using their commercially reasonable efforts consistent with their respective normal trading and sales practices, on mutually agreed terms between the Agents and us. There is no arrangement
for funds to be received in any escrow, trust or similar arrangement.
Each Agent will be entitled to compensation under the terms of the
Sales Agreement at a commission rate of up to 3.0% of the gross sales price per share sold by such Agent. In connection with the sale of the common stock on our behalf, the Agents will each be deemed to be an underwriter within the
meaning of the Securities Act and the compensation of the Agents will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agents against certain civil liabilities, including
liabilities under the Securities Act.
Investing in our common stock involves a high degree of risk. You should review carefully the risks and uncertainties described under the
heading Risk Factors on page S-5 of this prospectus and in any applicable free writing prospectuses, and under similar headings in the documents that are incorporated by
reference into this prospectus.
The aggregate market value of our outstanding common stock held by
non-affiliates was approximately $12.3 million, which was calculated based on 9,830,362 shares of outstanding common stock held by non-affiliates as of
January 23, 2024, and a price per share of $1.25, the closing price of our common stock on December 1, 2023. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities
pursuant to shelf registration statements, including the registration statement of which this prospectus is a part, with a value more than one-third of the aggregate market value of our common stock held by non-affiliates in any 12 month period, so long as the aggregate market value of our common stock held by non-affiliates is less than $75 million. In the event that
subsequent to the effective date of the registration statement of which this prospectus is a part, the aggregate market value of our outstanding common stock held by non-affiliates equals or exceeds
$75 million, then the one-third limitation on sales shall not apply to additional sales made pursuant to the registration statement of which this prospectus is a part. We have sold an aggregate of
1,135,940 shares of our common stock for gross proceeds of approximately $1.5 million pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to, and including, the date of
this prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
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H.C. Wainwright & Co. |
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JonesTrading |
The date of this prospectus is February 8, 2024.