Quarterly report [Sections 13 or 15(d)]

Equity Instruments (Tables)

v3.25.1
Equity Instruments (Tables)
3 Months Ended
Mar. 31, 2025
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,

 

 

2025

 

 

2024

 

 

(share data)

 

Common stock warrants

 

 

553,326

 

 

 

5,504,117

 

Shares available for future grant under 2021 Equity Incentive Plan

 

 

43,957

 

 

 

696,840

 

Reserved for At-the-Market offering

 

 

80,742

 

 

 

80,742

 

Reserved for employee stock purchase plan

 

 

284,367

 

 

 

284,367

 

Total shares of common stock reserved

 

 

962,392

 

 

 

6,566,066

 

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

 

 

March 31, 2025

 

 

Issue Date

 

Expiration
Date

 

Number of
Warrants

 

 

Exercise
Price per
warrant

 

Private Placement Warrants - Common Stock

 

12/02/2020

 

09/29/2026

 

 

127,143

 

 

$

402.50

 

Public Warrants – Common Stock

 

12/02/2020

 

09/29/2026

 

 

246,429

 

 

$

402.50

 

2022 Private Warrant – Common Stock

 

07/25/2022

 

07/24/2034

 

 

2,000

 

 

$

89.60

 

Placement Agent Warrants - Common Stock

 

12/29/2023

 

12/29/2028

 

 

51,429

 

 

$

21.75

 

BEPO Warrants - Common Stock

 

4/12/2024

 

4/12/2029

 

 

77,345

 

 

$

12.25

 

BEPO Agent Warrants - Common Stock

 

4/12/2024

 

4/12/2029

 

 

48,980

 

 

$

13.48

 

 

 

 

 

 

 

553,326

 

 

 

 

 

 

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

 

 

127,143

 

 

$

402.50

 

Public warrants – Common Stock

 

12/02/2020

 

09/29/2026

 

 

246,429

 

 

$

402.50

 

2022 Private Warrant – Common Stock

 

07/25/2022

 

07/24/2034

 

 

2,000

 

 

$

89.60

 

RDO Warrants - Common Stock

 

12/29/2023

 

12/29/2028

 

 

285,714

 

 

$

19.95

 

2023 Placement Agent Warrants - Common Stock

 

12/29/2023

 

12/29/2028

 

 

51,429

 

 

$

21.75

 

2024 Private Warrants - Common Stock

 

4/1/2024

 

5/16/2025

 

 

627,117

 

 

$

13.29

 

BEPO Warrants - Common Stock

 

4/12/2024

 

4/12/2029

 

 

979,592

 

 

$

12.25

 

BEPO Agent Warrants - Common Stock

 

4/12/2024

 

4/12/2029

 

 

48,980

 

 

$

13.48

 

July 2024 Private Warrants - Common Stock

 

7/01/2024

 

7/01/2029

 

 

1,650,000

 

 

$

2.50

 

August Inducement Warrants - Common Stock

 

8/13/2024

 

08/12/2029

 

 

1,485,714

 

 

$

2.28

 

 

 

 

 

 

 

5,504,118

 

 

 

 

Fair Value Assumptions

The fair value of the private placement common stock warrant liability was $0 as of March 31, 2025 and December 31, 2024, as the publicly traded price was $0.00 as of March 31, 2025 and December 31, 2024. The 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, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

 

 

$

 

Expected volatility

 

 

%

 

 

%

Risk-free interest rate

 

 

%

 

 

%

Dividend rate

 

 

%

 

 

%

Expected Term (years)

 

 

 

 

 

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

0.17

 

 

$

0.68

 

Expected volatility

 

 

154.6

%

 

 

139.9

%

Risk-free interest rate

 

 

4.1

%

 

 

4.3

%

Dividend rate

 

 

%

 

 

%

Expected Term (years)

 

 

3.75

 

 

 

4.00

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

0.17

 

 

$

0.68

 

Expected volatility

 

 

222.9

%

 

 

191.6

%

Risk-free interest rate

 

 

4.3

%

 

 

4.2

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

0.13

 

 

0.37

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

0.17

 

 

$

0.68

 

Expected volatility

 

 

154.6

%

 

 

139.9

%

Risk-free interest rate

 

 

4.1

%

 

 

4.4

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

4.04

 

 

4.28

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

0.17

 

 

$

0.68

 

Expected volatility

 

 

154.6

%

 

 

139.9

%

Risk-free interest rate

 

 

4.2

%

 

 

4.4

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

4.37

 

 

4.62

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

0.17

 

 

$

0.68

 

Expected volatility

 

 

154.6

%

 

 

139.9

%

Risk-free interest rate

 

 

3.9

%

 

 

4.4

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

4.25

 

 

 

4.50

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

0.68

 

 

$

0.68

 

Expected volatility

 

 

161.2

%

 

 

161.2

%

Risk-free interest rate

 

 

4.2

%

 

 

4.2

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

1.50

 

 

1.75