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Common Stock Warrants | 9 Months Ended
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Sep. 30, 2021
Common Stock Warrants Disclosure [Abstract] |
Common Stock Warrants | 10. Common Stock Warrants As of September 30, 2021, outstanding warrants to purchase shares of Common Stock consisted of the following:
Date Exercisable |  | Number of Shares Issuable |  |  | Exercise Price |  |  | Exercisable for |  | Classification |  |  | Expiration |
June 2021 |  |  | 117,500 | (1) |  | $ | 0.01 |  |  | Common Stock |  |  | Equity |  |  |  | December 2021 |
December 2020 |  |  | 2,407,500 | (2) |  | $ | 11.50 |  |  | Common Stock |  |  | Equity |  |  |  | December 2025 |
December 2020 |  |  | 24,583 | (3) |  | $ | 11.50 |  |  | Common Stock |  |  | Equity |  |  |  | December 2025 |
December 2020 |  |  | 1,929,111 | (4) |  | $ | 1.97 |  |  | Common Stock |  |  | Equity |  |  |  | April 2023 |
May 2021 |  |  | 115,851 | (5)(6) |  | $ | 8.63 |  |  | Common Stock |  |  | Liability |  |  |  | May 2026 |
Total |  |  | 4,594,545 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2020, outstanding warrants to purchase shares of Common Stock consisted of the following:
Date Exercisable |  | Number of Shares Issuable |  |  | Exercise Price |  |  | Exercisable for |  | Classification |  |  | Expiration |
June 2021 |  |  | 1,119,750 | (1) |  | $ | 0.01 |  |  | Common Stock |  |  | Equity |  |  |  | December 2021 |
December 2020 |  |  | 2,407,500 | (2) |  | $ | 11.50 |  |  | Common Stock |  |  | Equity |  |  |  | December 2025 |
December 2020 |  |  | 110,000 | (3) |  | $ | 11.50 |  |  | Common Stock |  |  | Equity |  |  |  | December 2025 |
December 2020 |  |  | 1,929,111 | (4) |  | $ | 1.97 |  |  | Common Stock |  |  | Equity |  |  |  | April 2023 |
Total |  |  | 5,566,361 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Consisted of 1,119,750 shares of Common Stock underlying 2,239,500 December 2020 PIPE Warrants issued on December 30, 2020, in connection with the December 2020 PIPE (see Note 18). A holder of the December 2020 PIPE Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s Common Stock outstanding immediately after giving effect to such exercise. As of September 30, 2021, 2,004,500 December 2020 PIPE Warrants were exercised into 1,002,250 shares of Common Stock. The outstanding balance as of September 30, 2021 consists of 117,500 shares of Common Stock underlying 235,000 December 2020 PIPE Warrants. As of December 31, 2020, none of the warrants had been exercised.
(2) | Consists of 2,407,500 shares of Common Stock underlying 4,815,000 warrants issued in connection with Tottenham’s initial public offering. The Company may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant if, and only if, the last sales price of the Company’s Common Stock equals or exceeds $16.50 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption. As of September 30, 2021, and December 31, 2020, none of the warrants had been exercised.
(3) | Consisted of 110,000 shares of Common Stock underlying 220,000 warrants issued as part of the Chardan Unit Purchase Option (see Note 3). On July 15, 2021 the Chardan Unit Purchase Option was net exercised, resulting in the issuance of 54,083 shares of Common Stock and 49,166 warrants to purchase one-half of one share of Common Stock, or 24,583 shares of Common Stock. As of September 30, 2021, none of the warrants had been exercised. As of December 31, 2020, the Chardan Unit Purchase Option had not been exercised.
(4) | Consists of 1,929,111 shares of Common Stock underlying 1,929,111 warrants originally issued by Clene Nanomedicine as Series A and Series D Preferred Stock Warrants (see Note 9). As of September 30, 2021, and December 31, 2020, none of the warrants had been exercised.
(5) | Consists of 115,851 shares of Common Stock underlying 115,851 Avenue Warrants issued pursuant to Tranche 1 of the 2021 Avenue Loan at an exercise price equal to the lower of (i) $8.63 (which is equal to the five-day VWAP per share, determined as of the end of trading on the last trading day prior to execution of the loan agreement), or (ii) the Next Round Price. (see Note 8). As of September 30, 2021, the Avenue Warrant had not been exercised.
(6) | Pursuant to the 2021 Avenue Loan, an additional estimated 86,679 shares of Common Stock underlying warrants are issuable pursuant to our draw of Tranche 2 between January 1, 2022 and June 30, 2022 (see Note 8). In accordance with ASC 815, we recognized these warrants at the inception of the 2021 Avenue Loan and classified them as a warrant liability and the fair value and issuable shares will be remeasured at each reporting period (see Note 16). As of September 30, 2021, the warrants are not issued or outstanding.

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- Definition he entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References No definition available. + Details
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