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Subsequent Events
3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

Second Closing of 2023 Securities Purchase Agreement

On July 8, 2024, the Company completed the sale of 909,088 shares of its common stock, $0.001 par value share, pursuant to the Second Closing under the 2023 Securities Purchase Agreement. The sale resulted in gross proceeds to the Company of approximately $2.1 million or net proceeds of approximately $2.0 million after deducting offering costs. This

sale resulted in a $43.9 million reduction to warrant liabilities and a $43.9 million change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds on the condensed consolidated statement of operations.

Amendment to the 2020 Long Term Incentive Plan

On July 10, 2024, the Company held its Annual Meeting and the Company's stockholders approved an amendment to the 2020 Plan. The 2020 Plan, as amended, (i) reflects an increase in the limit on the aggregate number of shares of the Company's common stock that may be delivered pursuant to all awards granted under the 2020 Plan by an additional 3,500,000 shares so that the new aggregate share limit under the 2020 Plan is 17,960,000 shares, and (ii) extends the date through which the Company may grant new awards under the 2020 Plan from April 26, 2033 to May 28, 2034.

Exercise of Pre-Funded Warrants Issued Pursuant to 2023 Securities Purchase Agreement

On July 11, 2024, the Exercising Stockholder, exercised Pre-Funded Warrants to purchase 240,000 shares of common stock at an exercise price of $0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. The Company issued 240,000 shares of common stock to the Exercising Stockholder in accordance with such exercise.