Equity Instruments (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Equity [Abstract] |
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| Schedule of Shares of Common Stock Reserved for Issuance |
Shares of common stock reserved for issuance on an “as if converted” basis were as follows:
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December 31, |
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2024 |
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2023 |
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(share data) |
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Common stock warrants |
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5,504,117 |
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1,455,574 |
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Shares available for future grant under 2021 Equity Incentive Plan |
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696,840 |
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458,314 |
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Reserved for At-the-Market offering |
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80,742 |
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80,742 |
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Reserved for employee stock purchase plan |
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284,367 |
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210,606 |
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Total shares of common stock reserved |
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6,566,066 |
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2,205,236 |
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| Schedule of Warrants for Shares of Stock |
Warrants for shares of common stock consisted of the following:
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December 31, 2024 |
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Issue Date |
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Expiration
Date |
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Number of
Warrants |
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Exercise
Price per
warrant |
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Fair
Value on
Issue
Date per
warrant |
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Fair
Value on
December
31, 2024 |
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Private Placement Warrants - Common Stock |
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12/02/2020 |
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09/29/2026 |
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127,143 |
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$ |
402.50 |
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$ |
70.00 |
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$ |
— |
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Public Warrants - Common Stock |
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12/02/2020 |
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09/29/2026 |
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246,429 |
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$ |
402.50 |
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$ |
115.50 |
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$ |
— |
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2022 Private Warrant - Common Stock |
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07/25/2022 |
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07/24/2034 |
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2,000 |
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$ |
89.60 |
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$ |
85.05 |
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$ |
1,102 |
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RDO Warrants - Common Stock |
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12/29/2023 |
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12/29/2028 |
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285,714 |
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$ |
19.95 |
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$ |
10.50 |
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$ |
90,469 |
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Placement Agent Warrants - Common Stock |
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12/29/2023 |
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12/29/2028 |
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51,429 |
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$ |
21.75 |
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$ |
10.50 |
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$ |
15,835 |
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2024 Private Warrants - Common Stock |
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4/1/2024 |
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5/16/2025 |
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627,117 |
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$ |
13.29 |
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$ |
10.08 |
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$ |
2,007 |
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BEPO Warrants - Common Stock |
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4/12/2024 |
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4/12/2029 |
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979,592 |
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$ |
12.25 |
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$ |
9.21 |
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$ |
377,750 |
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BEPO Agent Warrants - Common Stock |
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4/12/2024 |
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4/12/2029 |
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48,980 |
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$ |
13.48 |
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$ |
9.11 |
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$ |
18,477 |
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July 2024 Private Warrants - Common Stock |
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7/01/2024 |
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7/01/2029 |
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1,650,000 |
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$ |
2.50 |
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$ |
2.55 |
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$ |
864,995 |
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August Inducement Warrants - Common Stock |
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8/13/2024 |
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08/12/2029 |
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1,485,714 |
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$ |
2.28 |
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$ |
1.64 |
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$ |
796,239 |
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5,504,118 |
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$ |
2,166,874 |
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December 31, 2023 |
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Issue Date |
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Expiration
Date |
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Number of
Warrants |
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Exercise
Price per
warrant |
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Fair
Value on
Issue
Date per
warrant |
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Fair
Value on
December
31, 2023 |
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Private Placement Warrants - Common Stock |
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12/02/2020 |
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09/29/2026 |
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127,143 |
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$ |
402.50 |
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$ |
70.00 |
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$ |
127 |
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2022 Private Warrant - Common Stock |
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07/25/2022 |
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07/24/2034 |
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2,000 |
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$ |
89.60 |
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$ |
85.05 |
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$ |
23 |
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Public Warrants - Common Stock |
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12/02/2020 |
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09/29/2026 |
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246,428 |
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$ |
402.50 |
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$ |
115.50 |
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$ |
258 |
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RDO Warrants - Common Stock |
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12/29/2023 |
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12/29/2028 |
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1,028,574 |
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$ |
19.95 |
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$ |
10.50 |
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$ |
10,891 |
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Placement Agent Warrants - Common Stock |
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12/29/2023 |
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12/29/2028 |
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51,429 |
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$ |
21.75 |
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$ |
10.50 |
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$ |
536 |
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1,455,574 |
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$ |
11,835 |
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| Warrant Liability Rollforward |
The liability for warrants on common stock carried at fair value was as follows:
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December 31, |
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2024 |
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2023 |
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(In thousands) |
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Beginning Balance |
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$ |
11,835 |
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$ |
2,745 |
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Issuance of common stock warrant in connection with financing |
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22,425 |
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11,428 |
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Loss on fair value of warrants |
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(32,093 |
) |
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(2,338 |
) |
Ending Balance |
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$ |
2,167 |
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$ |
11,835 |
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| Fair Value Assumptions |
The fair value of the private placement common stock warrant liability was $0 as of December 31, 2024 as the publicly traded price was $0.00 as of December 31, 2024. The assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows:
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As of December 31, 2024 |
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As of December 31, 2023 |
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Current stock price |
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$ |
— |
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$ |
13.92 |
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Expected volatility |
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— |
% |
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105.0 |
% |
Risk-free interest rate |
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— |
% |
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4.1 |
% |
Dividend yield |
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— |
% |
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— |
% |
Expected term (in years) |
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— |
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2.75 |
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As of December 31, 2024 |
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As of December 31, 2023 |
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Current stock price |
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$ |
0.68 |
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$ |
14.00 |
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Expected volatility |
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139.9 |
% |
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108.3 |
% |
Risk-free interest rate |
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4.3 |
% |
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3.8% - 3.9% |
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Dividend rate |
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— |
% |
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— |
% |
Expected Term (years) |
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4.00 |
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5 - 10.57 |
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As of December 31, 2024 |
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Current stock price |
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$ |
0.68 |
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Expected volatility |
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191.6 |
% |
Risk-free interest rate |
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4.2 |
% |
Dividend rate |
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— |
% |
Expected Term (years) |
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0.37 |
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As of December 31, 2024 |
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Current stock price |
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$ |
0.68 |
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Expected volatility |
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139.9 |
% |
Risk-free interest rate |
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4.4 |
% |
Dividend rate |
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— |
% |
Expected Term (years) |
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4.28 |
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As of December 31, 2024 |
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Current stock price |
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$ |
0.68 |
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Expected volatility |
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139.9 |
% |
Risk-free interest rate |
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4.4 |
% |
Dividend rate |
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— |
% |
Expected Term (years) |
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4.62 |
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As of December 31, 2024 |
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Current stock price |
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$ |
0.68 |
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Expected volatility |
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139.9 |
% |
Risk-free interest rate |
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4.4 |
% |
Dividend rate |
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— |
% |
Expected Term (years) |
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4.50 |
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Assumptions used in the fair value of the contingent earnout liabilities are described below.
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As of December 31, 2024 |
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As of December 31, 2023 |
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Current stock price |
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$ |
0.68 |
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$ |
14.00 |
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Expected volatility |
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161.2 |
% |
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105.0 |
% |
Risk-free interest rate |
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4.2 |
% |
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4.1 |
% |
Dividend yield |
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— |
% |
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— |
% |
Expected Term (years) |
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1.75 |
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2.75 |
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| Schedule Of Contingent Earnout Liabilities |
The rollforward for the contingent earnout liabilities was as follows:
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December 31, |
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|
2024 |
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2023 |
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(In thousands) |
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Beginning Balance |
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$ |
1,456 |
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$ |
17,414 |
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Change in fair value of contingent earnout liabilities |
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(1,445 |
) |
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(15,958 |
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Ending Balance |
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$ |
11 |
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$ |
1,456 |
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