Warrants

9 Months Ended

Sep. 30, 2022

Warrants.

Warrants

Note 6 – Warrants

The Company has issued both equity (“placement agent”) and liability (“investor”) classified warrants in conjunction with previous equity raises. Investor and placement agent warrants totaling 155,057 shares expired on June 1, 2022 while 1,065,137 warrants remain outstanding as of September 30, 2022. Of these, the Company had a total of 0.1 million equity-classified warrants and 1.1 million liability-classified warrants outstanding as of September 30, 2022.

		Weighted		Weighted Average
	Number of	Average		Remaining
	Warrants	Exercise Price		Contractual Life
Outstanding as of December 31, 2021	1,220,194	$	15.36	4.24
Warrants issued in connection with the registered direct offering	—
Warrants exercised	—
Warrants expired	—
Outstanding as of March 31, 2022	1,220,194	$	15.36	4.24
Warrants issued in connection with the registered direct offering	—
Warrants exercised	—
Warrants expired	(155,057)
Outstanding as of June 30, 2022	1,065,137	$	15.94	4.30
Warrants issued in connection with the registered direct offering	—
Warrants exercised	—
Warrants expired	—
Outstanding as of September 30, 2022	1,065,137	$	15.94	4.05

The following table summarizes the Company’s outstanding warrants between placement agent and investor warrant classifications:

					Weighted		Weighted Average
				Number of	Average		Remaining
Date	Exercise Price		Type	Warrants	Exercise Price		Contractual Life
December 2021 registered direct offering	$	16.50	Investor	1,000,000			4.21
August 2018 public offering	$	6.00	Investor	10,227			0.87
June 2019 public offering	$	7.50	Placement agent	54,910			1.72
Outstanding as of September 30, 2022				1,065,137	$	15.94	4.05

The total value for the warrant derivative liability as of September 30, 2022 is approximately $0.4 million (see Note 7).