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Warrants and Options
3 Months Ended
Mar. 31, 2024
Warrants and Rights Note Disclosure [Abstract]  
Warrants and Options

10. Warrants and Options

Equity Classified Common Stock Warrants

The Company issued the following warrants to purchase shares of its common stock, which are outstanding as of March 31, 2024 and December 31, 2023, respectively. These warrants are exercisable any time at the option of the holder until their expiration date.

 

 

 

Issuance Date

 

Term

 

Exercise
Price Per
Share

 

 

Exercised
during the
Year Ended
December 31,
2023

 

 

Outstanding at
December 31,
2023

 

 

Exercised
during the
Three
Months Ended
March 31,
2024

 

 

Outstanding at
March 31, 2024

 

March 2023 Pre-Funded Warrants

 

March 2023

 

perpetual

 

$

 

 

 

(425,834

)

 

 

75,000

 

 

 

(75,000

)

 

 

 

December 2022 Service and Performance Warrants (1)

 

December 2022

 

5 years

 

$

11.20

 

 

 

 

 

 

1,000

 

 

 

 

 

 

1,000

 

October 2022 Service and Performance Warrants (1)

 

October 2022

 

5 years

 

$

16.00

 

 

 

 

 

 

1,000

 

 

 

 

 

 

1,000

 

August 2022 Pre-Funded Warrants

 

August 2022

 

perpetual

 

$

 

 

 

(56,813

)

 

 

 

 

 

 

 

 

 

January 2021 Placement Agent Warrants

 

January 2021

 

5.5 years

 

$

159.60

 

 

 

 

 

 

9,846

 

 

 

 

 

 

9,846

 

December 2020 Warrants (2)

 

December 2020

 

5.5 years

 

$

9.00

 

 

 

 

 

 

16,367

 

 

 

 

 

 

16,367

 

December 2020 Warrants

 

December 2020

 

5.5 years

 

$

120.00

 

 

 

 

 

 

49,100

 

 

 

 

 

 

49,100

 

December 2020 Placement Agent Warrants

 

December 2020

 

5 years

 

$

152.80

 

 

 

 

 

 

3,274

 

 

 

 

 

 

3,274

 

July 2020 Warrants (2)

 

July 2020

 

5.5 years

 

$

9.00

 

 

 

 

 

 

16,036

 

 

 

 

 

 

16,036

 

July 2020 Placement Agent Warrants

 

July 2020

 

5.5 years

 

$

198.80

 

 

 

 

 

 

802

 

 

 

 

 

 

802

 

May 2020 Warrants (2)

 

May 2020

 

5 years

 

$

9.00

 

 

 

 

 

 

9,946

 

 

 

 

 

 

9,946

 

May 2020 Warrants

 

May 2020

 

5 years

 

$

191.20

 

 

 

 

 

 

24,863

 

 

 

 

 

 

24,863

 

May 2020 Placement Agent Warrants

 

May 2020

 

5 years

 

$

245.20

 

 

 

 

 

 

1,741

 

 

 

 

 

 

1,741

 

September 2019 Placement Agent Warrants

 

September 2019

 

5 years

 

$

379.20

 

 

 

 

 

 

1,649

 

 

 

 

 

 

1,649

 

June 2019 Placement Agent Warrants

 

June 2019

 

5 years

 

$

251.60

 

 

 

 

 

 

1,862

 

 

 

 

 

 

1,862

 

April 2019 Service and Performance Warrants (1)

 

April 2019

 

5 years

 

$

247.20

 

 

 

 

 

 

3,629

 

 

 

 

 

 

3,629

 

January 2021 Warrants (2)

 

January 2021

 

5.5 years

 

$

9.00

 

 

 

 

 

 

7,831

 

 

 

 

 

 

7,831

 

January 2021 Warrants

 

January 2021

 

5.5 years

 

$

125.20

 

 

 

 

 

 

90,629

 

 

 

 

 

 

90,629

 

September 2019 Warrants (2)

 

September 2019

 

5.5 years

 

$

9.00

 

 

 

 

 

 

9,892

 

 

 

 

 

 

9,892

 

September 2019 Warrants

 

September 2019

 

5.5 years

 

$

300.80

 

 

 

 

 

 

6,594

 

 

 

 

 

 

6,594

 

June 2019 Warrants

 

June 2019

 

5.5 years

 

$

200.00

 

 

 

 

 

 

10,896

 

 

 

 

 

 

10,896

 

Total

 

 

 

 

 

 

 

 

 

(482,647

)

 

 

341,957

 

 

 

(75,000

)

 

 

266,957

 

(1) The Company issued service and performance warrants (“Service and Performance Warrants”) in connection with professional services agreements with non-affiliated third party entities.

(2) These warrants were repriced as part of the March 2023 Private Placement offering.

Liability Classified Preferred Investment Options

The preferred investment options issued in connection with the March 2023 Private Placement and August 2022 Registered Direct offerings contain certain early settlement provisions that preclude them from equity classification and therefore were accounted for as liabilities at the date of issuance and are adjusted to fair value at each balance sheet date. The change in fair value of the options liabilities is recorded as change in fair value of common stock warrant and option liabilities in the condensed consolidated statements of operations and comprehensive loss. The key terms and activity of the liability classified preferred investment options are summarized as follows:

 

 

 

Issuance Date

 

Term

 

Exercise
Price Per
Share

 

 

Exercised
during the
Year Ended
December 31,
2023

 

 

Outstanding at
December 31,
2023

 

 

Exercised
during the
Three
Months Ended
March 31, 2024

 

 

Outstanding at
March 31, 2024

 

March 2023 Options - Series A

 

March 2023

 

5 years

 

$

9.00

 

 

 

 

 

 

666,334

 

 

 

 

 

 

666,334

 

March 2023 Options - Series B

 

March 2023

 

1.5 years

 

$

9.00

 

 

 

 

 

 

666,334

 

 

 

 

 

 

666,334

 

March 2023 Placement Agent Options

 

March 2023

 

5 years

 

$

11.25

 

 

 

 

 

 

33,317

 

 

 

 

 

 

33,317

 

August 2022 Options (1)

 

August 2022

 

5 years

 

$

9.00

 

 

 

 

 

 

118,063

 

 

 

 

 

 

118,063

 

August 2022 Placement Agent Options

 

August 2022

 

5 years

 

$

52.80

 

 

 

 

 

 

5,904

 

 

 

 

 

 

5,904

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

1,489,952

 

 

 

 

 

 

1,489,952

 

(1) These options were repriced as part of the March 2023 Private Placement offering.