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Capital Stock and Warrants
 3 Months Ended
Mar. 31, 2024
Capital Stock and Warrants  
Capital Stock and Warrants

NOTE 6: Capital Stock and Warrants

The following tables summarize convertible preferred stock authorized and issued and outstanding as of March 31, 2024:

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​

    

Shares

    

Proceeds Net

    

Aggregate

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​

Shares

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Issued and

​

of Issuance

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Liquidation

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​

Authorized

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Outstanding

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Costs

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Preference

Series A Preferred Stock

​

8,936,015

​

1,418,381

​

$

614

​

$

1,267

Series B Preferred Stock

​

4,707,501

​

3,498,859

​

​

7,098

​

​

7,138

Series m Preferred Stock

​

6,666,666

​

1,775,586

​

​

4,611

​

​

5,327

Series m - 1 Preferred Stock

​

333,334

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—

​

​

—

​

​

—

Series m-2 Preferred Stock

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1,660,756

​

160,000

​

​

480

​

​

480

Series m-3 Preferred Stock

​

3,490,658

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—

​

​

—

​

​

—

Series m-4 Preferred Stock

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4,502,061

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—

​

​

—

​

​

—

Series S Preferred Stock

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13,108,333

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2,620,258

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​

21,212

​

​

20,962

Total Preferred Stock

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43,405,324

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9,473,084

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$

34,015

​

$

35,174

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A summary of the Company’s outstanding warrants as of March 31, 2024 is as follows:

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Class of shares

    

Number of Warrants

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    Exercise Price

    

Expiration Date

Series m-3 Preferred Stock

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1,432,786

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$

4.0000

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December 31, 2027

Series S Preferred Stock

​

2,941,814

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$

4.5000

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December 31, 2027

Class A Common Stock

​

1,138,446

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$

3.2500

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October 13, 2027

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Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance relate to outstanding preferred stock, warrants and stock options as follows:

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​

​

​

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March 31,

​

​

2024

Series A Preferred Stock

​

1,418,381

Series B Preferred Stock

​

3,498,859

Series m Preferred Stock

​

1,775,586

Series m-2 Preferred Stock

​

160,000

Series S Preferred Stock

​

2,620,258

Stock options to purchase common stock

​

8,864,302

Warrants outstanding for future issuance of convertible preferred stock and common stock

​

5,513,046

Stock options available for future issuance

​

1,304,455

Total shares of Class A Common Stock reserved

​

25,154,887

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At-the-Market Offering Program

In February 2023, the Company commenced an at-the-market offering program with H.C. Wainwright & Co., LLC (“Wainwright”), as sales agent, in connection with which the Company filed a prospectus supplement filed on February 9, 2023 (the “February Prospectus Supplement”), allowing the Company to offer and sell from time to time up to $20.0 million in shares of Class A Common Stock, subject to, and in accordance with, SEC rules. Pursuant to General Instruction I.B.6 of Form S-3, the February Prospectus Supplement provided that in no event would the Company sell any securities in a public primary offering with a value exceeding one-third of the Company’s non-affiliated public float in any 12-month period unless the Company’s non-affiliated public float subsequently rose to $75.0 million or more. On August 18, 2023, after the Company’s non-affiliated public float subsequently rose to an amount greater than $75.0 million, the Company filed a new prospectus supplement (the “August Prospectus Supplement”) providing for the offer and sale from time to time of up to $25.0 million in shares of Class A Common Stock subject to, and in accordance with, SEC rules. During the three months ended March 31, 2024, the Company issued 13,512,738 shares of Class A Common Stock under the at-the-market offering program for net proceeds of approximately $7.1 million, net of brokerage and placement fees of approximately $0.3 million.