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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity  
Stockholders' Equity

7.   Stockholders’ Equity

Preferred Stock

Under the Company’s amended and restated certificate of incorporation, the Company has 5,000,000 shares of preferred stock authorized for issuance, with a $0.001 par value per share. Preferred stock may be issued from time to time in one or more series, each series to have such terms as stated or expressed in the resolutions providing for the issue of such series adopted by the board of directors of the Company (the “Board of Directors”). Preferred stock which may be redeemed, purchased or acquired by the Company may be reissued except as otherwise provided by law. As of December 31, 2024, the Company had 31,107 shares of Series X Preferred Stock outstanding. Each share of Series X Preferred Stock is convertible into 166.67 shares of common stock and therefore the number of shares of underlying common stock issuable upon conversion of the Series X Preferred Stock is 5,184,591.

Outstanding Warrants

The Company accounted for warrants to purchase its stock pursuant to ASC Topic 470, Debt, and ASC Topic 480, Distinguishing Liabilities from Equity, and classifies warrants for common stock and preferred stock as liabilities or equity. Warrants classified as liabilities are reported at their estimated fair value and any changes in fair value are reflected in research and development expense. Warrants classified as equity are reported at their estimated fair value with no subsequent remeasurement. As of December 31, 2024 and 2023, all outstanding warrants were classified as equity.

The following table presents information about warrants that are issued and outstanding at December 31, 2024:

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Year Issued

    

Equity Instrument

    

Warrants Outstanding

    

Exercise Price

    

Date of Expiration

2023 (1)

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Common Stock

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6,796,280

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$

8.03

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10/16/2028

Total

 

  

 

6,796,280

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Weighted average exercise price

 

  

 

  

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$

8.03

 

  

Weighted average life in years

 

  

 

  

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3.79

(1) 1,571,093 pre-funded warrants were issued in 2023 with an exercise price of $0.001 per share and are exercisable until all pre-funded warrants are exercised in full. 1,571,093 pre-funded warrants were outstanding as of December 31, 2024 and are not included in the table above.

Common Stock

As of December 31, 2024, the Company had 150,000,000 shares of common stock authorized for issuance, $0.001 par value per share, with 56,434,219 shares issued and outstanding. The voting, dividend and liquidation rights of holders of common stock are subject to and qualified by the rights, powers and preferences of the holders of any outstanding preferred stock.

Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:

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December 31, 

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December 31, 

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2024

    

2023

Reserved under the 2015 Second Amended and Restated Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan

 

8,849,170

 

5,334,301

Warrants for the purchase of common stock

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8,367,373

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9,271,689

Options outstanding to purchase common stock

 

6,850,889

 

3,553,969

Series X Preferred Stock

 

5,184,591

 

5,184,591

Reserved under the employee stock purchase plan

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49,139

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43,060

Total

 

29,301,162

 

23,387,610

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