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Warrants (Tables) | 9 Months Ended
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Sep. 30, 2024
Warrants Issued with Series A Preferred Stock | 2017 Warrants |
Warrants |
Schedule of Fair Value of Warrants Using the Black Scholes Option Pricing Model | The fair value of warrants issued was estimated using the Black‑Scholes option pricing model with the following assumptions for the 2017 Warrants.
Contractual term (in years) |  |  | 10.0 |
Volatility |  |  | 74.48 | %
Risk-free interest rate |  |  | 3.20 | %
Dividend yield |  |  | 0.00 | %
Warrants Issued with Series B Preferred Stock | 2018 Warrants |
Warrants |
Schedule of Fair Value of Warrants Using the Black Scholes Option Pricing Model | The fair value of the 2018 Warrants was estimated using the Black‑Scholes option pricing model with the following assumptions:
Contractual term (in years) |  |  | 10.0 |
Volatility |  |  | 73.22 | %
Risk-free interest rate |  |  | 2.70 | %
Dividend yield |  |  | 0.00 | %
Warrants Issued with Series B Preferred Stock | 2019 Warrants |
Warrants |
Schedule of Fair Value of Warrants Using the Black Scholes Option Pricing Model | The fair value of the 2019 Warrants was estimated using the Black-Scholes option pricing model with the following assumptions:
Contractual term (in years) |  |  | 10.0 |
Volatility |  |  | 73.22 | %
Risk-free interest rate |  |  | 2.70 | %
Dividend yield |  |  | 0.00 | %
Common And Pre-Funded Warrants |
Warrants |
Schedule of Warrants Outstanding | A summary of the Company’s outstanding pre-funded and common stock warrants as of September 30, 2024 is as follows:
|  | Equity Classified |  |  | Liability Classified |  |  | Total |
|  | Warrants |  |  | Warrants |  |  | Warrants |
Outstanding as of January 1, 2024 |  |  | 31,783,652 |  |  |  | 19,750,000 |  |  |  | 51,533,652 |
Warrants granted and issued |  |  | 2,000,000 |  |  |  | — |  |  |  | 2,000,000 |
Warrants exercised |  |  | (5,592,680 | ) |  |  | (9,025,000 | ) |  |  | (14,617,680 | )
Outstanding as of September 30, 2024 |  |  | 28,190,972 |  |  |  | 10,725,000 |  |  |  | 38,915,972 |
Common Warrants |
Warrants |
Schedule of Fair Value of Warrants Using the Black Scholes Option Pricing Model | The Common Warrants were remeasured using a Black-Scholes option pricing model with a range of assumptions included below as of September 30, 2024 and December 31, 2023.
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expected term (in years) |  |  | 2.1 |  |  |  | 2.4 |
Volatility |  |  | 99.92 | % |  |  | 109.46 | %
Risk-free interest rate |  |  | 3.77 | % |  |  | 4.32 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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