Quarterly report [Sections 13 or 15(d)]

Equity Instruments (Tables)

v3.25.3
Equity Instruments (Tables)
9 Months Ended
Sep. 30, 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:

 

 

September 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

 

 

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

 

 

 

September 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

 

 

 

 

Fair Value Assumptions

The fair value of the private placement common stock warrant liability was $0.0 as of September 30, 2025 and December 31, 2024, as the publicly traded price was $0.0 as of September 30, 2025 and December 31, 2024.

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

3.07

 

 

$

10.20

 

Expected volatility

 

 

154.6

%

 

 

139.9

%

Risk-free interest rate

 

 

3.6

%

 

 

4.3

%

Dividend rate

 

 

%

 

 

%

Expected Term (years)

 

 

3.25

 

 

 

4.00

 

 

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

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

3.07

 

 

$

10.20

 

Expected volatility

 

 

154.6

%

 

 

139.9

%

Risk-free interest rate

 

 

3.7

%

 

 

4.4

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

3.53

 

 

4.28

 

 

As of December 31, 2024

 

Current stock price

 

$

10.20

 

Expected volatility

 

 

139.9

%

Risk-free interest rate

 

 

4.4

%

Dividend yield

 

 

%

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 yield

 

 

%

Expected Term (years)

 

 

4.50

 

Schedule of Fair Value Assumptions Contingent Earnout Liabilities

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

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

Current stock price

 

$

3.07

 

 

$

10.20

 

Expected volatility

 

 

161.2

%

 

 

161.2

%

Risk-free interest rate

 

 

3.7

%

 

 

4.2

%

Dividend yield

 

 

%

 

 

%

Expected Term (years)

 

 

1.00

 

 

1.75