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Shareholders' Equity (Deficit) (Tables) | 3 Months Ended
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Mar. 31, 2025
Stockholders' Equity Note [Abstract] |
Schedule of summarizes the outstanding warrants | The following table summarizes the Company’s outstanding warrants as of March 31, 2025 and December 31, 2024:
|  | Number of Warrant ADSs |  |  |  |  |  |
|  | March 31, |  |  | December 31, |  |  | Weighted-Average |  |  |
|  | 2025 |  |  | 2024 |  |  | Exercise Price |  |  | Expiration Date
Equity-classified Warrants |  |  |  |  |  |  |  |  |  |  |
October 2023 Investor Prefunded Warrants |  |  | 48,387 |  |  |  | 48,387 |  |  | $ | 0.20 |  |  | None
March 2025 Series A Investor Warrants |  |  | 2,283,031 |  |  |  | — |  |  | $ | 0.87 |  |  | 3/6/2026
March 2030 Series B Investor Warrants |  |  | 2,283,031 |  |  |  | — |  |  | $ | 0.87 |  |  | 3/6/2030
May 2024 Investor Warrants |  |  | 4,029,754 |  |  |  | 4,029,754 |  |  | $ | 1.77 |  |  | May-Jun 2027
March 2024 Placement Agent Warrants |  |  | 132,061 |  |  |  | 132,061 |  |  | $ | 1.85 |  |  | 3/27/2029
May 2024 Placement Agent Warrants |  |  | 322,380 |  |  |  | 322,380 |  |  | $ | 1.89 |  |  | 5/31/2029
November 2024 Investor Warrants |  |  | 1,713,402 |  |  |  | 1,713,402 |  |  | $ | 2.26 |  |  | Dec 2027-Jun 2028
October 2023 Placement Agent Warrants |  |  | 42,550 |  |  |  | 42,550 |  |  | $ | 4.13 |  |  | 10/6/2028
March 2022 Investor Warrants |  |  | 186,007 |  |  |  | 186,007 |  |  | $ | 28.00 |  |  | 3/10/2027
March 2022 Placement Agent Warrants |  |  | 14,874 |  |  |  | 14,874 |  |  | $ | 30.00 |  |  | 3/10/2027
December 2021 Investor Warrants |  |  | 107,775 |  |  |  | 107,775 |  |  | $ | 33.00 |  |  | 1/4/2027
December 2021 Placement Agent Warrants |  |  | 8,615 |  |  |  | 8,615 |  |  | $ | 35.00 |  |  | 12/29/2026
2020 Investor Warrants |  |  | — |  |  |  | 139,882 |  |  | $ | 44.00 |  |  | Feb-Mar 2025
July 2021 Placement Agent Warrants |  |  | 19,909 |  |  |  | 19,909 |  |  | $ | 46.40 |  |  | 7/7/2026
2020 Placement Warrants |  |  | — |  |  |  | 22,481 |  |  | $ | 51.00 |  |  | Feb-Mar 2025
|  |  | 11,191,776 |  |  |  | 6,788,077 |  |  |  |  |  |
Liability-classified Warrants |  |  |  |  |  |  |  |  |  |  |
April 2023 Peak Bio Warrants |  |  | 1,187,013 |  |  |  | 1,187,013 |  |  | $ | 2.04 |  |  | 4/28/2028
September 2022 Series B Investor Warrants |  |  | 754,997 |  |  |  | 754,997 |  |  | $ | 17.00 |  |  | 9/14/2029
November 2022 Peak Bio Warrants |  |  | 1,577,556 |  |  |  | 1,577,556 |  |  | $ | 39.18 |  |  | 11/1/2027
|  |  | 3,519,566 |  |  |  | 3,519,566 |  |  |  |  |  |
Total outstanding warrants |  |  | 14,711,342 |  |  |  | 10,307,643 |  |  |  |  |  |
The following table summarizes the Company’s warrants activity for the three months ended March 31, 2025:
|  | Number of |  |  | Weighted-Average |
|  | Warrants |  |  | Exercise Price |
Outstanding at December 31, 2024 |  |  | 10,307,643 |  |  | $ | 10.37 |
Issued |  |  | 4,566,062 |  |  |  | 0.87 |
Exercised |  |  | — |  |  |  | — |
Expired |  |  | (162,363 | ) |  |  | 44.97 |
Outstanding at March 31, 2025 |  |  | 14,711,342 |  |  | $ | 7.04 |

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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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