Warrants to Purchase Common Stock	12 Months Ended
Dec. 31, 2020
Warrants to Purchase Common Stock
Warrants to Purchase Common Stock	6. Warrants to Purchase Common Stock On June 19, 2013, the Company issued a warrant to purchase up to an aggregate of 1,238 shares of common stock at an exercise price of $484.80 per share. The warrant expires on the tenth anniversary of its issuance date. As of December 31, 2020, these warrants were fully vested. On December 4, 2015, the Company issued a warrant to purchase up to an aggregate of 25,000 shares of common stock at an exercise price of $146.60 per share. The warrant expired on December 4, 2020. On June 30, 2016, in connection with the MDC Agreement described in Note 5, the Company issued to Savant a five-year warrant (the “Savant Warrant”) to purchase 40,000 shares of the Company’s Common Stock, at an exercise price of $11.25 per share, subject to adjustment. The Savant Warrant was exercisable for 25% of the shares immediately and exercisable for the remaining shares upon reaching certain regulatory related milestones. In addition, pursuant to the MDC Agreement, the Company had granted Savant certain “piggyback” registration rights for the shares issuable under the Savant Warrant. The Company determined the initial fair value of the Savant Warrant to be approximately $0.7 million as of June 30, 2016. The Company reevaluated the performance conditions and expected vesting of the Warrant quarterly during 2017 and 2018 and recorded a reduction of expense of approximately $0.1 million during the year ended December 31, 2017. The expense reduction was due to a decline in the fair value, which reduction was included in Research and development expenses. Specifically, as a result of the FDA granting accelerated and conditional approval of a benznidazole therapy manufactured by the Chemo Group (“Chemo”) for the treatment of Chagas disease and awarding Chemo a neglected tropical disease PRV, the Company re-evaluated the final two vesting milestones and concluded that the probability of achievement of these milestones had decreased to 0%. As of December 31, 2019, 20,000 of these warrants were fully vested and 20,000 were not vested. On June 30, 2020, Savant exercised 20,000 warrants in a cashless exercise resulting in 10,909 shares being issued to Savant in July 2020. The remaining unvested warrant for an aggregate of up to 20,000 shares will expire on June 30, 2021. The Company will continue to reevaluate the performance conditions and expected vesting of the Savant Warrant on a quarterly basis until all performance conditions have been met or the warrants expire. On April 22, 2020, in connection with investor relation services, the Company issued two warrants to purchase up to an aggregate of 8,000 shares of common stock at an exercise price of $0.05 per share. The warrants were to vest upon either a change of control, as defined in the warrant agreement, an uplisting to a national securities exchange, or eight years from the issuance date and were to expire two years after full vesting. On September 18, 2020, the Company’s common stock commenced trading on the Nasdaq Capital Market and on the same day the warrants became vested and were exercised for proceeds of $400. On May 20, 2020, in connection with investor relation services, the Company issued a warrant to purchase up to an aggregate of 4,000 shares of common stock at an exercise price of $0.05 per share. The warrants were to vest upon either a change of control, as defined in the warrant agreement, an uplisting to a national securities exchange, or eight years from the issuance date and were to expire two years after full vesting. On September 18, 2020, the Company’s common stock commenced trading on the Nasdaq Capital Market and on the same day the warrants became vested and were exercised for proceeds of $200. On May 20, 2020, in connection with manufacturing consulting services, the Company issued a warrant to purchase up to an aggregate of 30,000 shares of common stock at an exercise price of $4.30 per share. The warrants were fully vested on the date of issue and expire ten years from the issuance date. On September 14, 2020, in connection with investor relation services, the Company issued three warrants to purchase up to an aggregate of 200,000 shares of common stock at an exercise price of $0.05 per share. The warrants were to vest upon either a change of control, as defined in the warrant agreement, an uplisting to a national securities exchange, or eight years from the issuance date and were to expire two years after full vesting. On September 18, 2020, the Company’s common stock commenced trading on the Nasdaq Capital Market and on the same day the warrants became vested and were exercised for proceeds of $10,000.

Warrants to Purchase Common Stock

12 Months Ended

Dec. 31, 2020

6. Warrants to Purchase Common Stock

On June 19, 2013, the Company issued a warrant to purchase up to an aggregate of 1,238 shares of common stock at an exercise price of $484.80 per share. The warrant expires on the tenth anniversary of its issuance date. As of December 31, 2020, these warrants were fully vested.

On December 4, 2015, the Company issued a warrant to purchase up to an aggregate of 25,000 shares of common stock at an exercise price of $146.60 per share. The warrant expired on December 4, 2020.

On June 30, 2016, in connection with the MDC Agreement described in Note 5, the Company issued to Savant a five-year warrant (the “Savant Warrant”) to purchase 40,000 shares of the Company’s Common Stock, at an exercise price of $11.25 per share, subject to adjustment. The Savant Warrant was exercisable for 25% of the shares immediately and exercisable for the remaining shares upon reaching certain regulatory related milestones. In addition, pursuant to the MDC Agreement, the Company had granted Savant certain “piggyback” registration rights for the shares issuable under the Savant Warrant.

The Company determined the initial fair value of the Savant Warrant to be approximately $0.7 million as of June 30, 2016. The Company reevaluated the performance conditions and expected vesting of the Warrant quarterly during 2017 and 2018 and recorded a reduction of expense of approximately $0.1 million during the year ended December 31, 2017. The expense reduction was due to a decline in the fair value, which reduction was included in Research and development expenses. Specifically, as a result of the FDA granting accelerated and conditional approval of a benznidazole therapy manufactured by the Chemo Group (“Chemo”) for the treatment of Chagas disease and awarding Chemo a neglected tropical disease PRV, the Company re-evaluated the final two vesting milestones and concluded that the probability of achievement of these milestones had decreased to 0%.

As of December 31, 2019, 20,000 of these warrants were fully vested and 20,000 were not vested.

On June 30, 2020, Savant exercised 20,000 warrants in a cashless exercise resulting in 10,909 shares being issued to Savant in July 2020. The remaining unvested warrant for an aggregate of up to 20,000 shares will expire on June 30, 2021.

The Company will continue to reevaluate the performance conditions and expected vesting of the Savant Warrant on a quarterly basis until all performance conditions have been met or the warrants expire.

On April 22, 2020, in connection with investor relation services, the Company issued two warrants to purchase up to an aggregate of 8,000 shares of common stock at an exercise price of $0.05 per share. The warrants were to vest upon either a change of control, as defined in the warrant agreement, an uplisting to a national securities exchange, or eight years from the issuance date and were to expire two years after full vesting. On September 18, 2020, the Company’s common stock commenced trading on the Nasdaq Capital Market and on the same day the warrants became vested and were exercised for proceeds of $400.

On May 20, 2020, in connection with investor relation services, the Company issued a warrant to purchase up to an aggregate of 4,000 shares of common stock at an exercise price of $0.05 per share. The warrants were to vest upon either a change of control, as defined in the warrant agreement, an uplisting to a national securities exchange, or eight years from the issuance date and were to expire two years after full vesting. On September 18, 2020, the Company’s common stock commenced trading on the Nasdaq Capital Market and on the same day the warrants became vested and were exercised for proceeds of $200.

On May 20, 2020, in connection with manufacturing consulting services, the Company issued a warrant to purchase up to an aggregate of 30,000 shares of common stock at an exercise price of $4.30 per share. The warrants were fully vested on the date of issue and expire ten years from the issuance date.

On September 14, 2020, in connection with investor relation services, the Company issued three warrants to purchase up to an aggregate of 200,000 shares of common stock at an exercise price of $0.05 per share. The warrants were to vest upon either a change of control, as defined in the warrant agreement, an uplisting to a national securities exchange, or eight years from the issuance date and were to expire two years after full vesting. On September 18, 2020, the Company’s common stock commenced trading on the Nasdaq Capital Market and on the same day the warrants became vested and were exercised for proceeds of $10,000.