Quarterly report [Sections 13 or 15(d)]

Equity Instruments (Tables)

v3.26.1
Equity Instruments (Tables)
3 Months Ended
Mar. 31, 2026
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:

 

 

March 31,

 

 

December 31,

 

 

2026

 

 

2025

 

 

(share data)

 

Common stock warrants

 

 

36,892

 

 

 

36,892

 

Shares available for future grant under 2021 Equity Incentive Plan

 

 

 

 

 

 

Reserved for At-the-Market offering

 

 

5,383

 

 

 

5,383

 

Reserved for employee stock purchase plan

 

 

148,787

 

 

 

148,787

 

Total shares of common stock reserved

 

 

191,062

 

 

 

191,062

 

Schedule of Warrants for Shares of Stock Warrants for shares of common stock consisted of the following:

 

 

 

March 31, 2026

 

 

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

 

2023 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, 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

 

2023 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

 

 

 

 

Fair Value Assumptions

The fair value assumptions were as follows:

 

 

As of March 31, 2026

 

 

Current stock price

 

 

Expected volatility

 

 

Risk-free interest rate

 

 

Dividend rate

 

 

Expected term (years)

2022 Private Warrant(i)

 

$

9.39

 

 

 

162.8

%

 

 

4.1

%

 

 

%

 

8.32

Placement Agent Warrants(i)

 

 

9.39

 

 

 

180.9

%

 

 

3.8

%

 

 

%

 

2.75

BEPO Warrants, BEPO Agent Warrant(i)

 

 

9.39

 

 

 

175.3

%

 

 

3.8

%

 

 

%

 

3.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31. 2025

 

 

Current stock price

 

 

Expected volatility

 

 

Risk-free interest rate

 

 

Dividend rate

 

 

Expected term (years)

2022 Private Warrant(i)

 

$

13.74

 

 

 

162.8

%

 

 

3.8

%

 

 

%

 

8.57

Placement Agent Warrants(i)

 

 

13.74

 

 

 

180.9

%

 

 

3.7

%

 

 

%

 

3.00

BEPO Warrants, BEPO Agent Warrant(i)

 

 

13.74

 

 

 

175.3

%

 

 

3.6

%

 

 

%

 

3.28

 

(i) The fair value assumptions used the Black-Scholes simulation model for the valuation.

Schedule of Fair Value Assumptions Contingent Earnout Liabilities

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

 

 

 

As of March 31, 2026

 

 

Current stock price

 

 

Expected volatility

 

 

Risk-free interest rate

 

 

Dividend rate

 

 

Expected term (years)

Contingent earnout liabilities

 

$

9.39

 

 

 

193.6

%

 

 

3.7

%

 

 

%

 

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31. 2025

 

 

Current stock price

 

 

Expected volatility

 

 

Risk-free interest rate

 

 

Dividend rate

 

 

Expected term (years)

Contingent earnout liabilities

 

$

13.74

 

 

 

193.6

%

 

 

3.5

%

 

 

%

 

0.75