v3.21.2
WARRANTS
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
WARRANTS

 

7. WARRANTS

 

A summary of warrant activity for the nine months ended September 30, 2021 is as follows (in thousands except per share amounts and contractual term): 

            
  

Number of

Shares

  

Weighted-

Average

Exercise

Price

  

Weighted-
Average

Remaining

Contractual

Term (In Years)

 
Outstanding at January 1, 2021   320   $9.47      
Exercised   (318)  $9.38      
Expired   (1)  $9.38      
Outstanding at September 30, 2021   1   $33.75    0.5 

  

The warrants outstanding at September 30, 2021 had an intrinsic value of $0 based on a per-share stock price of $23.09 as of September 30, 2021.

 

On March 17, 2020, 196,602 warrants with an exercise price of $3.75 were set to expire. Prior to the expiration, the Company entered into an agreement with the warrant holders, whereby it modified the terms of the warrants to extend the expiration date until September 17, 2020 in exchange for the removal of a cashless exercise provision. No other terms were modified. Due to this modification, the Company incurred a modification expense of approximately $139,000 that is included in general and administrative expenses on the Condensed Statement of Operations for the nine months ended September 30, 2020. All of the modified warrants were exercised on August 6, 2020.

 

In January 2021, warrants for 317,488 shares were presented for cashless exercises resulting in the issuance of 223,487 shares of common stock.