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Warrants | 6 Months Ended
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Jun. 30, 2025
Warrants |
Warrants | 5. Warrants As of June 30, 2025, the number of shares of common stock issuable upon the exercise of outstanding warrants consisted of the following: ​
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June 30, 2025 | ​ | ​
​ | ​ | Number of Common Shares | ​ | ​ | ​ | ​ | ​
Description |  | Issuable |  | Exercise Price |  | Expiration Date
January 23 2017 Warrants | ​ | 5,450 | ​ | $ | 0.10 | ​ | Upon M&A Event
2019 Warrants | ​ | 690,813 | ​ | $ | 19.50 | ​ | February 2026
March 2020 Coverage Warrants | ​ | 2,594,503 | ​ | $ | 21.10 | ​ | Jan - March 2027
​ | ​ | 3,290,766 | ​ | ​ | ​ | ​ | ​
​ 2017 Warrants The 2017 Warrants contained full ratchet anti-dilution protection provisions. The Company recognized on a prospective basis the value of the effect of the down round feature in the warrant when it was triggered (i.e., when the exercise price was adjusted downward). This value was measured as the difference between (1) the financial instrument’s fair value (without the down round feature) using the pre-trigger exercise price and (2) the financial instrument’s fair value (with the down round feature) using the reduced exercise price. The value of the effect of the down round feature was treated as a dividend and a reduction to income available to common stockholders in the basic EPS calculation. In connection with the April 2024 Private Placement, when the 2017 Warrants were repriced from $10.55 to $2.82, the Company recorded a dividend of $234 during the three months ended June 30, 2024. The 2017 Warrants expired in November 2024. March 2020 Pre-funded Warrants During the six months ended June 30, 2025, 824,718 March 2020 Pre-funded Warrants were cashless exercised, resulting in the issuance of 809,558 common shares of the Company’s common stock. September 2021 Pre-funded Warrants During the six months ended June 30, 2025, 591,603 September 2021 Pre-funded warrants were cashless exercised, resulting in the issuance of 590,424 common shares of the Company’s common stock. April 2024 Pre-funded Warrants During the six months ended June 30, 2025, 1,523,404 April 2024 Pre-funded Warrants were cashless exercised, resulting in the issuance of 1,521,059 common shares of the Company’s common stock. January 2023 Common Stock Warrants In January 2023, pursuant to the Merger, the warrants held by the Flame Warrant Holders became exercisable for 6,530 shares of Leap’s common stock (the “January 2023 Common Stock Warrants”). The January 2023 Common Stock Warrants had an exercise price of $6.78 per share and expired in February 2025. January 2023 Series X Preferred Stock Warrants In January 2023, pursuant to the Merger, the warrants held by the Flame Warrant Holders also became exercisable for 443 shares of Series X Preferred Stock (the “January 2023 Series X Preferred Stock Warrants”). Following Stockholder Approval, each share of Series X Preferred Stock converted into 100 shares of common stock during the three months ended June 30, 2023. The January 2023 Series X Preferred Stock Warrants had an exercise price of $6.78 per share and expired in February 2025.

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