General form for registration of securities under the Securities Act of 1933

Equity Instruments (Tables)

v3.25.2
Equity Instruments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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  

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

 

    2024     2023  
    December 31,  
    2024     2023  
    (share data)  
Common stock warrants     366,946       97,039  
Shares available for future grant under 2021 Equity Incentive Plan     46,456       30,555  
Reserved for At-the-Market offering     5,383       5,383  
Reserved for employee stock purchase plan     18,958       14,042  
Total shares of common stock reserved     437,743       147,019  
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          

    December 31, 2024
    Issue Date   Expiration
Date		   Number of
Warrants		     Exercise
Price per
warrant		     Fair
Value on
Issue
Date per
warrant		     Fair
Value on
December
31, 2024		  
Private Placement Warrants - Common Stock   12/02/2020   09/29/2026     8,477     $ 6,037.50     $ 1,050.00     $ —  
Public Warrants - Common Stock   12/02/2020   09/29/2026     16,429     $ 6,037.50     $ 1,732.50     $ —  
2022 Private Warrant - Common Stock   07/25/2022   07/24/2034     134     $ 1,344.00     $ 1,275.75     $ 1,102  
RDO Warrants - Common Stock   12/29/2023   12/29/2028     19,048     $ 299.25     $ 157.50     $ 90,469  
Placement Agent Warrants - Common Stock   12/29/2023   12/29/2028     3,429     $ 326.25     $ 157.50     $ 15,835  
2024 Private Warrants - Common Stock   4/1/2024   5/16/2025     41,808     $ 199.35     $ 151.20     $ 2,007  
BEPO Warrants - Common Stock   4/12/2024   4/12/2029     65,307     $ 183.75     $ 138.15     $ 377,750  
BEPO Agent Warrants - Common Stock   4/12/2024   4/12/2029     3,266     $ 202.20     $ 136.65     $ 18,477  
July 2024 Private Warrants - Common Stock   7/01/2024   7/01/2029     110,000     $ 37.50     $ 38.25     $ 864,995  
August Inducement Warrants - Common Stock   8/13/2024   08/12/2029     99,048     $ 34.20     $ 24.60     $ 796,239  
              366,946                     $ 2,166,874  

 

    December 31, 2023
    Issue Date   Expiration
Date		   Number of
Warrants		     Exercise
Price per
warrant		     Fair
Value on
Issue
Date per
warrant		     Fair
Value on
December
31, 2023		  
Private Placement Warrants - Common Stock   12/02/2020   09/29/2026     8,477     $ 6,037.50     $ 1,050.00     $ 127  
2022 Private Warrant - Common Stock   07/25/2022   07/24/2034     134     $ 1,344.00     $ 1,275.75     $ 23  
Public Warrants - Common Stock   12/02/2020   09/29/2026     16,429     $ 6,037.50     $ 1,732.50     $ 258  
RDO Warrants - Common Stock   12/29/2023   12/29/2028     68,573     $ 299.25     $ 157.50     $ 10,891  
Placement Agent Warrants - Common Stock   12/29/2023   12/29/2028     3,429     $ 326.25     $ 157.50     $ 536  
              97,042                     $ 11,835  
Schedule Of Warrants And Rights Roll Forward  

The liability for warrants on common stock carried at fair value was as follows:

 Schedule Of Warrants And Rights Roll Forward

    2024     2023  
    December 31,  
    2024     2023  
    (In thousands)  
Beginning Balance   $ 11,835     $ 2,745  
Issuance of common stock warrant in connection with financing     22,425       11,428  
Loss on fair value of warrants     (32,093 )     (2,338 )
Ending Balance   $ 2,167     $ 11,835  
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  
 

  

   

As of

December 31, 2024

    

As of

December 31, 2023

  
Current stock price   $    —     $ 208.80  
Expected volatility     — %     105.0 %
Risk-free interest rate     — %     4.1 %
Dividend yield     — %     — %
Expected term (in years)     —       2.75  

 

   

As of

December 31, 2024

    

As of

December 31, 2023

  
Current stock price   $ 10.20     $ 210.00  
Expected volatility     139.9 %     108.3 %
Risk-free interest rate     4.3 %     3.8% - 3.9 %
Dividend rate     — %     — %
Expected Term (years)     4.00       5 - 10.57  
  
   

As of

December 31, 2024

  
Current stock price   $ 10.20  
Expected volatility     191.6 %
Risk-free interest rate     4.2 %
Dividend rate     — %
Expected Term (years)     0.37  
  
   

As of

December 31, 2024

  
Current stock price   $ 10.20  
Expected volatility     139.9 %
Risk-free interest rate     4.4 %
Dividend rate     — %
Expected Term (years)     4.28  
  
   

As of

December 31, 2024

  
Current stock price   $ 10.20  
Expected volatility     139.9 %
Risk-free interest rate     4.4 %
Dividend rate     — %
Expected Term (years)     4.62  
  
   

As of

December 31, 2024

  
Current stock price   $ 10.20  
Expected volatility     139.9 %
Risk-free interest rate     4.4 %
Dividend rate     — %
Expected Term (years)     4.50  
 
Schedule Of Contingent Earnout Liabilities  

The rollforward for the contingent earnout liabilities was as follows:

 

             
    December 31,  
    2024     2023  
    (In thousands)  
Beginning Balance   $ 1,456     $ 17,414  
Change in fair value of contingent earnout liabilities     (1,445 )     (15,958 )
Ending Balance   $ 11     $ 1,456  
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  

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

  

   

As of

December 31, 2024

    

As of

December 31, 2023

  
Current stock price   $ 10.20     $ 210.00  
Expected volatility     161.2 %     105.0 %
Risk-free interest rate     4.2 %     4.1 %
Dividend yield     — %     — %
Expected Term (years)     1.75       2.75