Quarterly report pursuant to Section 13 or 15(d)

Equity Instruments (Tables)

v3.23.3
Equity Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Schedule of Shares of Common Stock Reserved for Issuance
Shares of common stock reserved for future issuance on an “as if converted” basis were as follows:
September 30, December 31,
2023 2022
(share data)
Common stock warrants 13,145,000  13,145,000 
Common shares related to debt derivative
 45,132,171  — 
Shares available for future grant under 2021 Equity Incentive Plan 30,298,210  20,861,294 
Reserved for At-the-Market offering 11,876,135  — 
Reserved for employee stock purchase plan 7,371,214  5,495,601 
Total shares of common stock reserved 107,822,730  39,501,895 
Schedule of Warrants for Shares of Stock
December 31, 2022 and September 30, 2023
Issue Date Expiration
Date		 Number of
Warrants		 Exercise
Price per warrant		 Fair Value on Issue Date per warrant
Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000  $11.50 $2.00
2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 70,000  $2.56 $2.43
Public warrants – Common Stock 12/02/2020 09/29/2026 8,625,000  $11.50 $3.30
13,145,000 
Liability of Warrants on Common Stock Carried at Fair Value The liability for warrants on common stock carried at fair value was as follows:
Fair Value on December 31, 2022
 Gain on fair value of warrants Fair Value on June 30, 2023 Loss on fair value of warrants
Fair Value on September 30, 2023
(In thousands)
Private placement warrants – Common Stock $ 888  $ 600  $ 1,488  $ (554) $ 934 
2022 Private Warrant – Common Stock 109  31  140  (41) 99 
Public warrants – Common Stock 1,748  1,094  2,842  (992) 1,850 
$ 2,745  $ 1,725  $ 4,470  $ (1,587) $ 2,883 

Fair Value on December 31, 2021 Loss on fair value of warrants Fair Value on June 30, 2022 Gain on fair value of warrants
Fair Value on September 30, 2022
(In thousands)
Private placement warrants – Common Stock $ 7,387  $ (6,007) $ 1,380  $ 2,225  $ 3,605 
2022 Private Warrant – Common Stock —  —  —  245  245 
Public warrants – Common Stock 14,318  (11,645) 2,673  4,313  6,986 
$ 21,705  $ (17,652) $ 4,053  $ 6,783  $ 10,836 
Fair Value Assumptions
The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows:
As of September 30, 2023
As of December 31, 2022
Current stock price $ 1.56  $ 1.79 
Expected volatility 84.0  % 68.0  %
Risk-free interest rate 4.8  % 4.1  %
Dividend rate —  % —  %
Expected Term (years) 3.00 3.75
The fair value assumptions used in the Black-Scholes simulation model for the recurring valuation of the 2022 Private Warrant liability were as follows:
As of September 30, 2023
As of December 31, 2022
Current stock price $ 1.56  $ 1.79 
Expected volatility 101.9  % 86.9  %
Risk-free interest rate 4.6  % 3.9  %
Dividend rate —  % —  %
Expected Term (years) 10.82 11.57
Assumptions used in the fair value of the contingent earnout liabilities are described below.
As of September 30, 2023
As of December 31, 2022
Current stock price $1.56 $1.79
Expected volatility 84.0% 89.9%
Risk-free interest rate 4.8% 4.1%
Dividend yield —% —%
Expected Term (years) 3.00 3.75
Schedule Of Contingent Earnout Liabilities
The rollforward for the contingent earnout liabilities for the three months ended September 30, 2023 and 2022, was as follows:
Fair Value on December 31, 2022
 Gain on fair value of warrants Fair Value on June 30, 2023 Loss on fair value of warrants
Fair Value on September 30, 2023
(In thousands)
Contingent Earnout Liabilities $ 17,414  $ 7,810  $ 25,224  $ (10,810) $ 14,414 
$ 17,414  $ 7,810  $ 25,224  $ (10,810) $ 14,414 

Fair Value on December 31, 2021 Loss on fair value of warrants Fair Value on June 30, 2022 Gain on fair value of warrants
Fair Value on September 30, 2022
(In thousands)
Contingent Earnout Liabilities $ 111,487  $ (98,994) $ 12,493  $ 40,884  $ 53,377 
$ 111,487  $ (98,994) $ 12,493  $ 40,884  $ 53,377 
Schedule of Debt Derivative Liabilities [Table]
The rollforward for the debt derivative liabilities for the three months ended September 30, 2023, was as follows:
Fair Value on August 14, 2023 (Issuance Date)
Loss on fair value of debt derivatives
Fair Value on September 30, 2023
(In thousands)
Debt derivatives
 $ 13,890  $ (3,648) $ 17,538 
$ 13,890  $ (3,648) $ 17,538 
Fair Value Assumptions, Debt Derivative Assumptions used in the fair value of the debt derivative liabilities are described below.
As of September 30, 2023
Current stock price $1.56
Expected volatility 65.8%
Risk-free interest rate 4.8%
Dividend yield —%
Expected Term (years) 2.84