million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively. We expect our general and administrative expenses to continue to increase for the remainder of 2022 as we continue to build out systems and infrastructure to support our operations.
Other Income
Other income for the three and nine months ended September 30, 2022 and 2021 represents interest income from money market or short-term investments.
Liquidity and Capital Resources
Since our inception, we have incurred significant operating losses. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we advance the preclinical and clinical development of our research programs and product candidates. We expect that our research and development and general and administrative costs will increase in connection with conducting additional preclinical studies and clinical trials, expanding our intellectual property portfolio and providing general and administrative support for our operations. As a result, we will need additional capital to fund our operations, which we may obtain from additional equity or debt financings, collaborations, licensing arrangements or other sources.
We do not currently have any approved products and have not generated any revenue from product sales since inception. To date, we have financed our operations through the issuance of convertible promissory notes and the issuance of convertible preferred stock and common stock. From our inception through September 30, 2022, we have raised aggregate gross proceeds of $9.9 million from the issuance of convertible promissory notes and $81.9 million from the issuance of convertible preferred stock.
In November 2022, we entered into the Underwriting Agreement with Guggenheim Securities, LLC, as representative of the Underwriters, relating to the Offering of 5,961,080 shares of our common stock and 2,615,250 shares of our non-voting common stock. The offering price per share was $5.83, for gross proceeds from the Offering of approximately $50 million, before deducting customary underwriting discounts and offering expenses. In addition, we granted the Underwriters a 30-day option to purchase up to an additional 1,286,449 shares of our common stock on the same terms and conditions as the common stock sold in the Offering.
In May 2022, we entered into a sales agreement (the “Sales Agreement”) with Oppenheimer & Co. Inc. (the “Sales Agent”) pursuant to which we may offer and sell up to $50.0 million of shares of our common stock, from time to time, in “at-the-market” offerings (the “ATM Facility”). The Sales Agent is entitled to compensation at a commission equal to 3.0% of the aggregate gross sales price per share sold under the Sales Agreement. For the three months ended September 30, 2022, there were no sales pursuant to the ATM Facility.
On April 27, 2021, we completed our IPO in which we issued and sold 7,352,941 shares of common stock at a public offering price of $17.00 per share. On May 11, 2021, we issued an additional 492,070 shares of common stock in connection with the exercise of the underwriters’ option to purchase additional shares at the public offering price. Our net proceeds from the sale of shares in the IPO, including the sale of shares pursuant to the exercise of the underwriters’ option to purchase additional shares, was $121.5 million, net of underwriting discounts and commissions, and other offering fees.
As of September 30, 2022, we had cash, cash equivalents and short-term investments of $90.7 million. Although we believe, based on our current business plans, that our existing cash, cash equivalents and short-term investments will be sufficient to meet our obligations for at least the next twelve months, we anticipate that we will require additional capital in the future in order to continue the research and development of our drug candidates. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect.
Future Funding Requirements
We expect our expenses to increase substantially in connection with our ongoing development activities related to milademetan and other product candidates and programs, which are still in the early stages of development. In addition, we