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Common Stock Warrants | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Common Stock Warrants | COMMON STOCK WARRANTS In connection with its issuance of common stock in public offerings that closed on April 16, 2019 and November 29, 2019, the Company issued 3,900,000 Class A warrants, which are exercisable for the Company’s common stock, and 5,416,667 Class B warrants, which are exercisable for shares of the Company’s common stock or pre-funded warrants to purchase shares of the Company's common stock. The Class A warrants have an exercise price of $13.20 per share, expire on April 15, 2024 and were immediately exercisable. The Class B warrants were immediately exercisable upon issuance, had an initial exercise price of $15.00 per share and expire on a date that is the earlier of (a) the date that is 30 calendar days from the date on which the Company issues a press release announcing top-line data from its Phase 3 clinical trial of mavorixafor for the treatment of patients with WHIM syndrome (or, if such date is not a business day, the next business day) and (b) November 28, 2024. The Class B warrants have a contingent price adjustment feature pursuant to which the exercise price of the Class B warrants is adjusted to the lowest weighted average offering price at which the Company sells its common stock or certain securities convertible into or exercisable for the Company's common stock in one or more subsequent offerings, if the weighted average offering price for such offering is below $15.00. On March 23, 2021, the Company completed a private placement sale of its common stock priced at $8.70. Accordingly, the exercise price of the Class B warrants was adjusted to $8.70. In addition, in connection with the April 16, 2019, November 29, 2019 and March 23, 2021 equity offerings, the Company issued 2,130,000, 1,750,000 and 50,000 pre-funded warrants, respectively, for proceeds of $10.999, $11.999 and $8.69 per share, respectively. All pre-funded warrants issued in April 2019 have been exercised. Each of the outstanding pre-funded warrants is exercisable into one share of the Company's common stock and was immediately exercisable upon issuance. The November 2019 pre-funded warrants have a remaining exercise price of $0.001 per share and the March 2021 pre-funded warrants have a remaining exercise price of $0.01 per share. The following table provides a roll forward of outstanding warrants for the nine month period ended September 30, 2021:
|  | Number of warrants |  | Weighted Average Exercise Price |  | Weighted Average Contractual Term (Years)
Outstanding and exercisable warrants to purchase common shares as of December 31, 2020 |  | 13,354,403 |  |  | $13.52 |  | 3.70
Issued |  | 50,000 |  |  |  |  |
Exercised |  | (2,130,000) |  |  |  |  |
Cancelled |  | (25,275) |  |  |  |  |
Outstanding and exercisable warrants to purchase common shares as of September 30, 2021 |  | 11,249,128 |  |  | $10.92 |  | 2.97
As of September 30, 2021, the Company’s outstanding warrants to purchase shares of common stock consisted of the following:
Issuance Date |  | Number of Shares of Common Stock Issuable |  | Exercise Price |  | Expiration Date
October 25, 2016 |  | 5,155 |  |  | $ | 19.78 |  |  | October 24, 2026
December 28, 2017 |  | 115,916 |  |  | $ | 19.78 |  |  | December 28, 2027
September 12, 2018 |  | 20,220 |  |  | $ | 19.78 |  |  | September 12, 2028
October 19, 2018 |  | 20,016 |  |  | $ | 19.78 |  |  | October 19, 2028
March 13, 2019 |  | 5,000 |  |  | $ | 19.78 |  |  | March 12, 2029
April 16, 2019 |  | 3,866,154 |  |  | $ | 13.20 |  |  | April 15, 2024
November 29, 2019 |  | 5,416,667 |  |  | $ | 8.70 |  |  | November 28, 2024
November 29, 2019 |  | 1,750,000 |  |  | $ | 12.00 |  | (a) | n/a
March 23, 2021 |  | 50,000 |  |  | $ | 8.70 |  | (b) | n/a
|  | 11,249,128 |  |  |  |  |
(a) In November 2019, the Company received $11.999 per pre-funded warrant, or $21.0 million in aggregate proceeds. Each pre-funded warrant may be exercised for an additional $0.001 per pre-funded warrant. (b) In March 2021, the Company received $8.69 per pre-funded warrant, or $435 thousand in aggregate proceeds. Each pre-funded warrant may be exercised for an additional $0.01 per pre-funded warrant.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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