XML 37 R27.htm IDEA: XBRL DOCUMENT v3.22.2
WARRANTS (Tables)
 6 Months Ended
Jun. 30, 2022
Warrant [Abstract]  
Summary of Assumptions using Black- Scholes Option Pricing Model to estimate fair value The aggregate fair value of the 2018 Offering Warrants of $7.4 million was estimated using the Black-Scholes option-pricing model with the following assumptions:
Upon Issuance
Common Stock Warrants:
Expected term (in years)7.0
Expected volatility (%)62.5%
Risk-free interest rate (%)2.8%
Expected dividend yield (%)0%
The fair value of the 2017 and 2016 Placement Warrants at June 30, 2022 and December 31, 2021, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions:
2017 Placement Warrants2016 Placement Warrants
June 30, 2022December 31, 2021June 30, 2022December 31, 2021
Expected term (in years)1.62.01.11.6
Expected volatility85.1 %86.0 %84.8 %85.5 %
Risk-free interest rate2.9 %0.4 %2.8 %0.3 %
Expected dividend yield— %— %— %— %
Schedule of Key Terms of Placement Warrants
The key terms of the 2017 and 2016 Placement Warrants are as follows:
Issuance DateTermExercise Price
Per Share
Warrants Exercised
during the nine months
ended June 30, 2022
Warrants
Outstanding at
June 30, 2022
2017 Placement WarrantsJanuary 20177 years$3.17 — 1,500,022 
2016 Placement WarrantsAugust and September 20167 years$2.95 — 536,711 
Total— 2,036,733