v3.25.4
Equity Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for issuance on an “as if converted” basis were as follows:

 

   2024   2023 
   December 31, 
   2024   2023 
   (share data) 
Common stock warrants   366,946    97,039 
Shares available for future grant under 2021 Equity Incentive Plan   46,456    30,555 
Reserved for At-the-Market offering   5,383    5,383 
Reserved for employee stock purchase plan   18,958    14,042 
Total shares of common stock reserved   437,743    147,019 
Schedule of Warrants for Shares of Stock

   December 31, 2024
   Issue Date  Expiration
Date
  Number of
Warrants
   Exercise
Price per
warrant
   Fair
Value on
Issue
Date per
warrant
   Fair
Value on
December
31, 2024
 
Private Placement Warrants - Common Stock  12/02/2020  09/29/2026   8,477   $6,037.50   $1,050.00   $— 
Public Warrants - Common Stock  12/02/2020  09/29/2026   16,429   $6,037.50   $1,732.50   $— 
2022 Private Warrant - Common Stock  07/25/2022  07/24/2034   134   $1,344.00   $1,275.75   $1,102 
RDO Warrants - Common Stock  12/29/2023  12/29/2028   19,048   $299.25   $157.50   $90,469 
Placement Agent Warrants - Common Stock  12/29/2023  12/29/2028   3,429   $326.25   $157.50   $15,835 
2024 Private Warrants - Common Stock  4/1/2024  5/16/2025   41,808   $199.35   $151.20   $2,007 
BEPO Warrants - Common Stock  4/12/2024  4/12/2029   65,307   $183.75   $138.15   $377,750 
BEPO Agent Warrants - Common Stock  4/12/2024  4/12/2029   3,266   $202.20   $136.65   $18,477 
July 2024 Private Warrants - Common Stock  7/01/2024  7/01/2029   110,000   $37.50   $38.25   $864,995 
August Inducement Warrants - Common Stock  8/13/2024  08/12/2029   99,048   $34.20   $24.60   $796,239 
          366,946             $2,166,874 

 

   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   8,477   $6,037.50   $1,050.00   $127 
2022 Private Warrant - Common Stock  07/25/2022  07/24/2034   134   $1,344.00   $1,275.75   $23 
Public Warrants - Common Stock  12/02/2020  09/29/2026   16,429   $6,037.50   $1,732.50   $258 
RDO Warrants - Common Stock  12/29/2023  12/29/2028   68,573   $299.25   $157.50   $10,891 
Placement Agent Warrants - Common Stock  12/29/2023  12/29/2028   3,429   $326.25   $157.50   $536 
          97,042             $11,835 
Schedule Of Warrants And Rights Roll Forward

The liability for warrants on common stock carried at fair value was as follows:

 Schedule Of Warrants And Rights Roll Forward

   2024   2023 
   December 31, 
   2024   2023 
   (In thousands) 
Beginning Balance  $11,835   $2,745 
Issuance of common stock warrant in connection with financing   22,425    11,428 
Loss on fair value of warrants   (32,093)   (2,338)
Ending Balance  $2,167   $11,835 
Schedule of Fair Value Assumptions

  

  

As of

December 31, 2024

  

As of

December 31, 2023

 
Current stock price  $   —   $208.80 
Expected volatility   —%   105.0%
Risk-free interest rate   —%   4.1%
Dividend yield   —%   —%
Expected term (in years)   —    2.75 

 

  

As of

December 31, 2024

  

As of

December 31, 2023

 
Current stock price  $10.20   $210.00 
Expected volatility   139.9%   108.3%
Risk-free interest rate   4.3%   3.8% - 3.9%
Dividend rate   —%   —%
Expected Term (years)   4.00    5 - 10.57 
  
  

As of

December 31, 2024

 
Current stock price  $10.20 
Expected volatility   191.6%
Risk-free interest rate   4.2%
Dividend rate   —%
Expected Term (years)   0.37 
  
  

As of

December 31, 2024

 
Current stock price  $10.20 
Expected volatility   139.9%
Risk-free interest rate   4.4%
Dividend rate   —%
Expected Term (years)   4.28 
  
  

As of

December 31, 2024

 
Current stock price  $10.20 
Expected volatility   139.9%
Risk-free interest rate   4.4%
Dividend rate   —%
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 rate   —%
Expected Term (years)   4.50 
 
Schedule Of Contingent Earnout Liabilities

The rollforward for the contingent earnout liabilities was as follows:

 

         
   December 31, 
   2024   2023 
   (In thousands) 
Beginning Balance  $1,456   $17,414 
Change in fair value of contingent earnout liabilities   (1,445)   (15,958)
Ending Balance  $11   $1,456 
Schedule of Fair Value Assumptions Contingent Earnout Liabilities

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

  

  

As of

December 31, 2024

  

As of

December 31, 2023

 
Current stock price  $10.20   $210.00 
Expected volatility   161.2%   105.0%
Risk-free interest rate   4.2%   4.1%
Dividend yield   —%   —%
Expected Term (years)   1.75    2.75