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Warrants | 3 Months Ended
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Mar. 31, 2023
Warrants [Abstract] |
Warrants |
10. | Warrants
A summary of the warrants outstanding as of March 31, 2023 is as follows:
Exercise Price |  | Outstanding |  | Grant/Assumption Date |  | Expiration Date
24.42 |  |  | 7,051 |  | June 28, 2013 |  | June 28, 2023
57.11 |  |  | 603,386 |  | December 21, 2020 |  | December 21, 2030
33.63 |  |  | 301,291 |  | August 9, 2021 |  | August 9, 2031
22.51 |  |  | 153,155 |  | December 17, 2021 |  | December 17, 2031
22.51 |  |  | 153,155 |  | December 17, 2021 |  | December 17, 2031
65.23 |  |  | 617,050 |  | December 1, 2022 |  | April 23, 2025
65.23 |  |  | 760,086 |  | December 1, 2022 |  | December 1, 2026
Total |  |  | 2,595,174 |  |  |  |
The following table below is a summary of changes in warrants to purchase common stock for the three months ended March 31, 2023:
|  | Number of Warrant Shares Outstanding and Exercisable |  |  | Exercise Price per Share |
Balance as of December 31, 2022 |  |  | 2,721,267 |  |  |  |
Granted |  |  | - |  |  |  |
Exercised |  |  | (126,093 | ) |  | $ | 0.06 |
Balance as of March 31, 2023 |  |  | 2,595,174 |  |  |  |  |
Assumed Renovacor Public Warrants In conjunction with the Renovacor acquisition (see Note 14 “Renovacor Acquisition”), Rocket assumed pre-acquisition public warrants (“Public Warrants”) that were converted into Rocket warrants with a right to purchase 760,086 of Rocket common shares at an exercise price of $65.23 per share. The Company determined that the Public Warrants met all of the criteria for equity classification. Accordingly, upon closing of the Merger, the Public Warrants were recorded as a component of additional paid-in capital of $3.4 million. Assumed Renovacor Private Warrants In conjunction with the Renovacor acquisition (see Note 14 “Renovacor Acquisition”), Rocket assumed pre-acquisition private warrants (“Private Warrants”) that were converted into Rocket warrants with a right to purchase 617,050 of Rocket common shares at an exercise price of $65.23 per share. The Company determined that the Private Warrants did not meet all of the criteria for equity classification. Accordingly, the Company classifies the Private Warrants as derivative liabilities in its consolidated balance sheets. The Company measures the fair value of the warrants at the end of each reporting period and recognizes changes in the fair value from the prior period in the Company’s operating results for the current period. See Note 4 for discussion of fair value measurement of the warrant liabilities. Assumed Renovacor Pre-Funded Warrants In conjunction with the Renovacor acquisition (see Note 14 “Renovacor Acquisition”), Rocket assumed pre-funded warrants (“Pre-Funded Warrants”) that were converted into Rocket warrants with a right to purchase 126,093 of Rocket common shares at an exercise price of $0.06 per share. These warrants were exercised in January 2023.

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