Annual report pursuant to Section 13 and 15(d)

Equity Instruments (Tables)

v3.24.1
Equity Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
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:
December 31,
2023 2022
(share data)
Common stock warrants 50,945,000  13,145,000 
Shares available for future grant under 2021 Equity Incentive Plan 16,041,013  20,861,294 
Reserved for At-the-Market offering 2,825,941  — 
Reserved for employee stock purchase plan 7,371,214  5,495,601 
Total shares of common stock reserved
77,183,168  39,501,895 
Schedule of Warrants for Shares of Stock Warrants for shares of common stock consisted of the following:
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 4,450,000  $11.50 $2.00 $ 127 
2022 Private Warrant - Common Stock 07/25/2022 07/24/2034 70,000  $2.56 $2.43 $ 23 
Public Warrants - Common Stock 12/02/2020 09/29/2026 8,625,000  $11.50 $3.30 $ 258 
RDO Warrants - Common Stock 12/29/2023 12/29/2028 36,000,000  $0.57 $0.30 $ 10,891 
Placement Agent Warrants - Common Stock
 12/29/2023 12/29/2028 1,800,000  $0.62 $0.30 $ 536 
50,945,000  $ 11,835 
December 31, 2022
Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant
Fair Value on December 31, 2022
Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 4,450,000  $11.50 $2.00 $ 888 
2022 Private Warrant - Common Stock 07/25/2022 07/24/2034 70,000  $2.56 $2.43 $ 109 
Public Warrants - Common Stock 12/02/2020 09/29/2026 8,625,000  $11.50 $3.30 $ 1,748 
13,145,000  $ 2,745 
Warrant Liability Rollforward
The liability for warrants on common stock carried at fair value was as follows:
December 31,
2023 2022
(In thousands)
Beginning Balance $ 2,745  $ 21,705 
Issuance of common stock warrant in connection with financing 11,428  170 
Loss on fair value of warrants
 (2,338) (19,130)
Ending Balance $ 11,835  $ 2,745 
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 December 31, 2023
As of December 31, 2022
Current stock price $0.40 $1.79
Expected volatility 105.0% 68.0%
Risk-free interest rate 4.1% 4.1%
Dividend yield —% —%
Expected term (in years) 2.75 3.75
As of December 31, 2023 As of December 31, 2022
Current stock price $0.40 $1.79
Expected volatility 108.3% 86.9%
Risk-free interest rate 3.8% - 3.9% 3.9%
Dividend rate —% —%
Expected Term (years) 5 - 10.57 11.57
Assumptions used in the fair value of the contingent earnout liabilities are described below.

As of December 31, 2023
As of December 31, 2022
Current stock price $0.40 $1.79
Expected volatility 105.0% 89.9%
Risk-free interest rate 4.1% 4.1%
Dividend yield —% —%
Expected Term (years) 2.75 3.75
Rollforward of Contingent Earnout Liabilities
The rollforward for the contingent earnout liabilities was as follows:
December 31,
2023 2022
(In thousands)
Beginning Balance $ 17,414  $ 111,487 
Change in fair value of contingent earnout liabilities (15,958) (94,073)
Ending Balance $ 1,456  $ 17,414