Quarterly report [Sections 13 or 15(d)]

Equity Instruments (Tables)

v3.25.2
Equity Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance on an “as if converted” basis were as follows:

 

    June 30,     December 31,  
    2025     2024  
    (share data)  
Common stock warrants     36,892       366,946  
Shares available for future grant under 2021 Equity Incentive Plan     —       46,456  
Reserved for At-the-Market offering     5,383       5,383  
Reserved for employee stock purchase plan     148,897       18,958  
Total shares of common stock reserved     191,172       437,743  
Schedule of Warrants for Shares of Stock

 

    June 30, 2025
    Issue Date   Expiration
Date		   Number of
Warrants		     Exercise
Price per
warrant		  
Private Placement Warrants - Common Stock   12/02/2020   09/29/2026     8,477     $ 6,037.50  
Public Warrants – Common Stock   12/02/2020   09/29/2026     16,429     $ 6,037.50  
2022 Private Warrant – Common Stock   07/25/2022   07/24/2034     134     $ 1,344.00  
Placement Agent Warrants - Common Stock   12/29/2023   12/29/2028     3,429     $ 326.29  
BEPO Warrants - Common Stock   4/12/2024   4/12/2029     5,157     $ 183.75  
BEPO Agent Warrants - Common Stock   4/12/2024   4/12/2029     3,266     $ 202.13  
              36,892          

 

 

    December 31, 2024
    Issue Date   Expiration
Date		   Number of
Warrants		     Exercise
Price per
warrant		  
Private placement warrants - Common Stock   12/02/2020   09/29/2026     8,477     $ 6,037.50  
Public warrants – Common Stock   12/02/2020   09/29/2026     16,429     $ 6,037.50  
2022 Private Warrant – Common Stock   07/25/2022   07/24/2034     134     $ 1,344.00  
RDO Warrants - Common Stock   12/29/2023   12/29/2028     19,048     $ 299.25  
2023 Placement Agent Warrants - Common Stock   12/29/2023   12/29/2028     3,429     $ 326.29  
2024 Private Warrants - Common Stock   4/1/2024   5/16/2025     41,808     $ 199.35  
BEPO Warrants - Common Stock   4/12/2024   4/12/2029     65,307     $ 183.75  
BEPO Agent Warrants - Common Stock   4/12/2024   4/12/2029     3,266     $ 202.13  
July 2024 Private Warrants - Common Stock   7/01/2024   7/01/2029     110,000     $ 37.50  
August Inducement Warrants - Common Stock   8/13/2024   08/12/2029     99,048     $ 34.20  
              366,946          
Schedule of Fair Value Assumptions

 

    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ —     $ —  
Expected volatility     — %     — %
Risk-free interest rate     — %     — %
Dividend rate     — %     — %
Expected Term (years)     —       —  
The fair value assumptions used in the Black-Scholes simulation model for the recurring valuation of the 2022 Private Warrants, the RDO Warrants, and the 2023 Placement Agent Warrants liabilities were as follows:

 

    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ 7.20     $ 10.20  
Expected volatility     154.6 %     139.9 %
Risk-free interest rate     4.1 %     4.3 %
Dividend rate     — %     — %
Expected Term (years)     3.50       4.00  
  
    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ —     $ 10.20  
Expected volatility     — %     191.6 %
Risk-free interest rate     — %     4.2 %
Dividend yield     — %     — %
Expected Term (years)     —       0.37  
 The fair value assumptions used in the Black-Scholes simulation model for the valuation of the BEPO Warrant and the BEPO Agent Warrant liabilities were as follows:

 

    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ 7.20     $ 10.20  
Expected volatility     154.6 %     139.9 %
Risk-free interest rate     4.1 %     4.4 %
Dividend yield     — %     — %
Expected Term (years)     3.78       4.28  
 The fair value assumptions used in the Black-Scholes simulation model for the valuation of the August Inducement Warrant liabilities were as follows:

 

    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ 7.20     $ 10.20  
Expected volatility     154.6 %     139.9 %
Risk-free interest rate     4.2 %     4.4 %
Dividend yield     — %     — %
Expected Term (years)     4.12       4.62  
 The fair value assumptions used in the Black-Scholes simulation model for the valuation of the July 2024 Private Warrant liabilities were as follows:

 

    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ 7.20     $ 10.20  
Expected volatility     154.6 %     139.9 %
Risk-free interest rate     3.9 %     4.4 %
Dividend yield     — %     — %
Expected Term (years)     4.00       4.50  
 
Schedule of Fair Value Assumptions Contingent Earnout Liabilities

Assumptions used in the fair value of the contingent earnout liabilities are described below.

 

    As of
June 30, 2025		     As of
December 31, 2024		  
Current stock price   $ 7.20     $ 10.20  
Expected volatility     161.2 %     161.2 %
Risk-free interest rate     4.2 %     4.2 %
Dividend yield     — %     — %
Expected Term (years)     1.25       1.75