Quarterly report pursuant to Section 13 or 15(d)

Equity Instruments (Tables)

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Equity Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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,
2024 2023
(share data)
Common stock warrants 50,945,000  50,945,000 
Shares available for future grant under 2021 Equity Incentive Plan 29,230,966  16,041,013 
Reserved for At-the-Market offering 2,825,941  2,825,941 
Reserved for employee stock purchase plan 9,955,400  7,371,214 
Total shares of common stock reserved 92,957,307  77,183,168 
Schedule of Warrants for Shares of Stock
March 31, 2024 and December 31, 2023
Issue Date Expiration
Date		 Number of
Warrants		 Exercise
Price per warrant		 Fair Value on Issue Date per warrant
Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000  $11.50 $2.00
2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 70,000  $2.56 $2.43
Public warrants – Common Stock 12/02/2020 09/29/2026 8,625,000  $11.50 $3.30
RDO Warrants - Common Stock 12/29/2023 12/29/2028 36,000,000  $0.57 $0.30
Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 1,800,000  $0.62 $0.30
50,945,000 
Liability of Warrants on Common Stock Carried at Fair Value The liability for warrants on common stock carried at fair value was as follows:
Fair Value on December 31, 2023
 Gain (loss) on fair value of warrants
Fair Value on March 31, 2024
(In thousands)
Private placement warrants – Common Stock $ 127  $ 114  $ 241 
2022 Private Warrant – Common Stock 23  5  28 
Public warrants – Common Stock 258  231  489 
RDO Warrants - Common Stock 10,891  2,162  13,053 
Placement Agent Warrants - Common Stock 536  108  644 
$ 11,835  $ 2,620  $ 14,455 
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 March 31, 2024
As of December 31, 2023
Current stock price $ 0.46  $ 0.40 
Expected volatility 115.0  % 105.0  %
Risk-free interest rate 4.5  % 4.1  %
Dividend rate —  % —  %
Expected Term (years) 2.50 2.75
As of March 31, 2024
As of December 31, 2023
Current stock price $ 0.46  $0.40
Expected volatility 114.7  % 108.3%
Risk-free interest rate 4.2% - 5.4% 3.8% - 3.9%
Dividend rate —  % —%
Expected Term (years) 4.75 - 10.32 5 - 10.57
Assumptions used in the fair value of the contingent earnout liabilities are described below.
As of March 31, 2024
As of December 31, 2023
Current stock price $0.46 $0.40
Expected volatility 115.0% 105.0%
Risk-free interest rate 4.5% 4.1%
Dividend yield —% —%
Expected Term (years) 2.50 2.75
Schedule Of Contingent Earnout Liabilities
The rollforward for the contingent earnout liabilities for the three months ended March 31, 2024 and 2023, was as follows:
March 31,
2024 2023
(In thousands)
Beginning Balance $ 1,456  $ 17,414 
Gain on fair value of contingent earnout liabilities $ 437  $ 9,653 
Ending Balance $ 1,893  $ 27,067