v3.25.2
Equity Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance on an “as if converted” basis were as follows:

 

   June 30,   December 31, 
   2025   2024 
   (share data) 
Common stock warrants   36,892    366,946 
Shares available for future grant under 2021 Equity Incentive Plan   —    46,456 
Reserved for At-the-Market offering   5,383    5,383 
Reserved for employee stock purchase plan   148,897    18,958 
Total shares of common stock reserved   191,172    437,743 
Schedule of Warrants for Shares of Stock

 

   June 30, 2025
   Issue Date  Expiration
Date		  Number of
Warrants		   Exercise
Price per
warrant		 
Private Placement Warrants - Common Stock  12/02/2020  09/29/2026   8,477   $6,037.50 
Public Warrants – Common Stock  12/02/2020  09/29/2026   16,429   $6,037.50 
2022 Private Warrant – Common Stock  07/25/2022  07/24/2034   134   $1,344.00 
Placement Agent Warrants - Common Stock  12/29/2023  12/29/2028   3,429   $326.29 
BEPO Warrants - Common Stock  4/12/2024  4/12/2029   5,157   $183.75 
BEPO Agent Warrants - Common Stock  4/12/2024  4/12/2029   3,266   $202.13 
          36,892      

 

 

   December 31, 2024
   Issue Date  Expiration
Date		  Number of
Warrants		   Exercise
Price per
warrant		 
Private placement warrants - Common Stock  12/02/2020  09/29/2026   8,477   $6,037.50 
Public warrants – Common Stock  12/02/2020  09/29/2026   16,429   $6,037.50 
2022 Private Warrant – Common Stock  07/25/2022  07/24/2034   134   $1,344.00 
RDO Warrants - Common Stock  12/29/2023  12/29/2028   19,048   $299.25 
2023 Placement Agent Warrants - Common Stock  12/29/2023  12/29/2028   3,429   $326.29 
2024 Private Warrants - Common Stock  4/1/2024  5/16/2025   41,808   $199.35 
BEPO Warrants - Common Stock  4/12/2024  4/12/2029   65,307   $183.75 
BEPO Agent Warrants - Common Stock  4/12/2024  4/12/2029   3,266   $202.13 
July 2024 Private Warrants - Common Stock  7/01/2024  7/01/2029   110,000   $37.50 
August Inducement Warrants - Common Stock  8/13/2024  08/12/2029   99,048   $34.20 
          366,946      
Schedule of Fair Value Assumptions

 

   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $—   $— 
Expected volatility   —%   —%
Risk-free interest rate   —%   —%
Dividend rate   —%   —%
Expected Term (years)   —    — 
The fair value assumptions used in the Black-Scholes simulation model for the recurring valuation of the 2022 Private Warrants, the RDO Warrants, and the 2023 Placement Agent Warrants liabilities were as follows:

 

   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $7.20   $10.20 
Expected volatility   154.6%   139.9%
Risk-free interest rate   4.1%   4.3%
Dividend rate   —%   —%
Expected Term (years)   3.50    4.00 
  
   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $—   $10.20 
Expected volatility   —%   191.6%
Risk-free interest rate   —%   4.2%
Dividend yield   —%   —%
Expected Term (years)   —    0.37 
 The fair value assumptions used in the Black-Scholes simulation model for the valuation of the BEPO Warrant and the BEPO Agent Warrant liabilities were as follows:

 

   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $7.20   $10.20 
Expected volatility   154.6%   139.9%
Risk-free interest rate   4.1%   4.4%
Dividend yield   —%   —%
Expected Term (years)   3.78    4.28 
 The fair value assumptions used in the Black-Scholes simulation model for the valuation of the August Inducement Warrant liabilities were as follows:

 

   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $7.20   $10.20 
Expected volatility   154.6%   139.9%
Risk-free interest rate   4.2%   4.4%
Dividend yield   —%   —%
Expected Term (years)   4.12    4.62 
 The fair value assumptions used in the Black-Scholes simulation model for the valuation of the July 2024 Private Warrant liabilities were as follows:

 

   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $7.20   $10.20 
Expected volatility   154.6%   139.9%
Risk-free interest rate   3.9%   4.4%
Dividend yield   —%   —%
Expected Term (years)   4.00    4.50 
 
Schedule of Fair Value Assumptions Contingent Earnout Liabilities

Assumptions used in the fair value of the contingent earnout liabilities are described below.

 

   As of
June 30, 2025		   As of
December 31, 2024		 
Current stock price  $7.20   $10.20 
Expected volatility   161.2%   161.2%
Risk-free interest rate   4.2%   4.2%
Dividend yield   —%   —%
Expected Term (years)   1.25    1.75