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:
Schedule
of Common Stock Reserved for Future Issuance
| | |
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 |
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 |
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) | |
| 0— | | |
| 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:
Schedule Of Contingent Earnout Liabilities
| | |
| | | |
| | |
| | |
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.
Schedule
of Fair Value Assumptions Contingent Earnout Liabilities
| | |
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 | |
|