Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2024
Warrants and Rights Note Disclosure [Abstract]  
Warrants Warrants
There are significant judgements and estimates inherent in the determination of the fair value of the Company’s warrants. These judgements and estimates include assumptions regarding the Company’s future operating performance and the determination of the appropriate valuation methods.
Warrants vested and outstanding as of March 31, 2024 are summarized as follows:
Source Exercise
Number of
2015 Common Stock Warrants $ 1,250.00  1.07 400 
2016 Common Stock Warrants to Service Providers 287.50  2.59 160 
2019 Common Stock Warrants 87.50  0.64 32,000 
2020 Common Stock Warrants to Placement Agent 20.00  1.33 32,668 
2021 Inducement Warrants 37.50  2.32 84,667 
2021 Inducement Warrants to Placement Agent 47.00  2.32 5,927 
2021 Common Stock Warrants 22.50  2.50 311,113 
2021 Common Stock Warrants to Placement Agent 27.50  2.50 21,778 
2022 Common Stock Warrants to Service Provider 10.00  0.00 8,000 
November 2019 EHT Common Stock Warrants 72.25  0.67 34,213 
December 2019 EHT Common Stock Warrants 37.25  0.75 3,783 
February 2020 EHT Common Stock Warrants 37.25  0.86 80,694 
August 2023 Convertible Note Common Stock Warrants 5.16  9.39 340,000 
August 2023 PIPE Financing Common Stock Warrants 5.16  9.39 2,325,537 
January 2024 Pre-Funded Warrants Common Stock 0.001  Indefinite 9,978,739 
Total warrants outstanding as of March 31, 2024 13,259,679 
As of March 31, 2024, all of the Company's warrants are fully vested.
January 2024 Pre-Funded Warrants
In connection with the January 2024 PIPE Financing (see Note 6), the Company entered into a Securities Purchase Agreement (the "January 2024 SPA"), pursuant to which the Company agreed to use and sell at closing to certain accredited institutional investors pre-funded warrants (the "Pre-Funded Warrants") to purchase shares of common stock of the Company. Per the January 2024 SPA, accredited institutional investors purchased Pre-Funded Warrants to purchase up to 9,978,739 shares of common stock at a price of $2.30 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until exercised in full. The gross proceeds from the issuance of these Pre-Funded Warrants was $22,991,015. The Company determined that the Pre-Funded Warrants are freestanding instruments that do not meet the definition of a liability or derivative. The Pre-Funded Warrants are indexed to the Company’s common stock and meets all other conditions for equity classification. Accordingly, the Pre-Funded Warrants are classified as equity and is accounted for as a component of additional paid-in capital at the time these were issued. The Company also determined that the Pre-Funded Warrants should be included in the determination of basic and diluted earnings per share calculation. `