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Common Stock Warrants (Tables)
12 Months Ended
Dec. 31, 2023
Warrants and Rights Note Disclosure [Abstract]  
Summary of Warrants Outstanding and Exercisable and Warrant Activity

The following table represents a summary of the warrants outstanding and exercisable as of December 31, 2023, all of which are equity-classified:

 

 

 

Number of Common Warrants

 

 

Number of Pre-funded Warrants

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term (Years)

 

 

Aggregate intrinsic Value

 

  Outstanding at January 1, 2022

 

 

 

 

 

 

 

$

 

 

 

 

 

$

 

Pre-funded warrants issued

 

 

 

 

 

5,000,000

 

 

 

 

 

 

 

 

 

 

  Outstanding at December 31, 2022

 

 

 

 

 

5,000,000

 

 

 

 

 

 

4.3

 

 

$

15.7

 

Common warrants issued

 

 

10,030,575

 

 

 

 

 

 

2.673

 

 

 

 

 

 

 

Pre-funded warrants issued

 

 

 

 

 

2,408,188

 

 

 

0.001

 

 

 

 

 

 

 

Pre-funded warrants exercised

 

 

 

 

 

(1,651,423

)

 

 

0.001

 

 

 

 

 

 

 

Pre-funded warrants cancelled

 

 

 

 

 

(416

)

 

$

0.001

 

 

 

 

 

 

 

  Outstanding at December 31, 2023

 

 

10,030,575

 

 

 

5,756,349

 

 

 

 

 

 

 

 

 

 

The weighted average exercise price, weighted average remaining contractual term, and aggregate intrinsic value for the common warrants were $2.673, 4.9 years and $25.7 million, respectively, at December 31, 2023. The weighted average exercise price, remaining contractual term, and aggregate intrinsic value for the Pre-funded warrants were $0.001, 3.92 and $30.2 million, respectively, at December 31, 2023.

The following summarizes warrant activity during the years ended December 31, 2023 and 2022:

 

 

Number of Shares Underlying Warrants

 

 

Year ended December 31,

 

Issue Date

Exercise Price

Expiration Date

2023

 

2022

 

April 13, 2022

$

0.001

April 12, 2027

 

5,000,000

 

 

5,000,000

 

May 31, 2023

$

0.001

May 31, 2028

 

756,349

 

 

 

May 31, 2023

$

2.673

November 30, 2028

 

10,030,575

 

 

 

0

 

Total Outstanding and Exercisable

 

15,786,924

 

 

5,000,000