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Note 12 - Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Equity [Text Block] | NOTE 12. STOCKHOLDERS' EQUITY Common Stock and Preferred Stock Under the Company’s Amended and Restated Certificate of Incorporation, as amended, the Company is authorized to issue up to 150,000,000 shares of common stock and up to 5,000,000 shares of preferred stock (with rights and preferences as may be approved by the Company’s Board of Directors). Reverse Stock Split Effective November 15, 2022, the Company amended its Certificate of Incorporation to effect a 1-for-35 reverse split of its outstanding common stock. The Reverse Stock Split was approved by the Company’s stockholders on November 10, 2022. As a result of the Reverse Stock Split, every 35 shares of the Company’s pre-reverse split outstanding common stock were combined and reclassified into 1 share of common stock. Proportionate voting rights and other rights of common stockholders were not affected by the Reverse Stock Split. Any fractional shares of common stock resulting from the Reverse Stock Split were rounded up to the nearest whole share. All stock options outstanding, common stock reserved for issuance under the Company’s equity incentive plans, common stock reserved for issuance under the Series B Preferred Stock and outstanding warrants were adjusted by dividing the number of affected shares of common stock by 35 and, as applicable, multiplying the exercise/conversion price by 35. Except as otherwise specifically noted, all share numbers, share prices, exercise prices and per share amounts have been adjusted, on a retroactive basis, to reflect this 1-for-35 Reverse Stock Split. 2023 Private Placement On May 1, 2023, the Company closed the 2023 Private Placement, which consisted of issuing the Convertible Notes and the May 2023 Warrants. For additional information regarding the Convertible Notes, please see Note 9, “Convertible Note”. For additional information regarding the 2023 Warrants and the related warrant liability and valuation, please see Note 11, “Warrant Liability”. In connection with the 2023 Private Placement, certain Amended November 2021 Warrants, Amended July 2020 Warrants, September 2022 Warrants and 2022 Warrants previously issued to participants exercisable for 1,724,455 shares of common stock were amended in the 2023 Private Placement to lower the exercise price from $6.30 to $1.50 per share, as further described below. 2022 and 2023 Warrant Reprice Transactions, Amended November 2021 Warrants, Amended July 2020 Warrants and September 2022 Warrants On September 9, 2022, the Company entered into a warrant reprice transaction, which included warrant reprice letter agreements with each of the holders of the November 2021 Warrants and certain holders of the July 2020 Warrants (as defined below) (the “2022 Warrant Reprice Transaction”). Pursuant to the terms of the letter agreements, the November 2021 Warrants and certain July 2020 Warrants were amended to: (i) reduce the exercise price to $6.30; (ii) provide that such warrants would not be exercisable until a later date, which was March 9, 2023; and (iii) in the case of the November 2021 Warrants, extend the termination date to September 11, 2028 (as amended, the “Amended November 2021 Warrants” and the “Amended July 2020 Warrants”, respectively). The Amended November 2021 Warrants expire on September 11, 2028, and the Amended July 2020 Warrants expire on January 22, 2026. As a result of the 2023 Private Placement, (1) a portion of the Amended November 2021 Warrants exercisable for 535,716 shares of common stock have an exercise price of $1.50 and the remaining portion of the Amended November 2021 Warrants exercisable for 267,858 shares of common stock have an exercise price of $6.30 and (2) all of the Amended July 2020 Warrants exercisable for 77,145 shares of common stock have an exercise price of $1.50. As a result of the 2022 Warrant Reprice Transaction amendments to the Amended November 2021 Warrants and the Amended July 2020 Warrants, the Company recorded a non-cash loss on modification of common stock warrants in the amount of $1.9 million. The loss represents the increase in fair value of the Amended November 2021 Warrants and the Amended July 2020 Warrants as a result of the 2022 Warrant Reprice Transaction modification. The increase in fair value was calculated as the difference in value immediately before and after modification using the Black-Scholes option pricing model. The fair value of the Amended November 2021 Warrants and the Amended July 2020 Warrants was determined to be $3.3 million immediately prior to the modification in accordance with the following key assumptions:
|  | November 2021 Warrants |  |  | July 2020 Warrants |
Expected price volatility |  |  | 79.6 | % |  |  | 79.6 | %
Expected term (in years) |  |  | 5.4 |  |  |  | 3.4 |
Risk-free interest rate |  |  | 3.43 | % |  |  | 3.58 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 3.15 |  |  | $ | 0.70 |
The fair value of the Amended November 2021 Warrants and the Amended July 2020 Warrants was determined to be $5.2 million immediately after the modification in accordance with the following key assumptions:
|  | November 2021 Warrants |  |  | July 2020 Warrants |
Expected price volatility |  |  | 79.6 | % |  |  | 79.6 | %
Expected term (in years) |  |  | 6.0 |  |  |  | 3.4 |
Risk-free interest rate |  |  | 3.43 | % |  |  | 3.58 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 4.55 |  |  | $ | 3.50 |
As a result of the amendments to the September 2022 Warrants as part of the 2023 Private Placement, the Company allocated $46 thousand between other expenses and Convertible Notes debt issuance cost. The $46 thousand represents the difference in value immediately before and after modification using the Black-Scholes option pricing model. The fair value of the September 2022 Warrants was determined to be $48 thousand immediately prior to the modification in accordance with the following key assumptions:
Stock price |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | %
Expected term (in years) |  |  | 5.4 |
Risk-free interest rate |  |  | 3.59 | %
Dividend yield |  |  | 0.0 | %
Weighted-average fair value of warrants |  | $ | 0.20 |
The fair value of the September 2022 Warrants was determined to be $94 thousand immediately after the modification in accordance with the following key assumptions:
Stock price |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | %
Expected term (in years) |  |  | 5.4 |
Risk-free interest rate |  |  | 3.59 | %
Dividend yield |  |  | 0.0 | %
Weighted-average fair value of warrants |  | $ | 0.39 |
As of September 30, 2023, the September 2022 Warrants were exercisable for an aggregate of 327,860 shares of common stock. As a result of the amendments to the Amended November 2021 Warrants and the Amended July 2020 Warrants as part of the 2023 Private Placement, the Company allocated $117 thousand between other expenses and Convertible Notes debt issuance cost. The $117 thousand represents the difference in value immediately before and after modification using the Black-Scholes option pricing model. The fair value of the Amended November 2021 Warrants and the Amended July 2020 Warrants was determined to be $112 thousand immediately prior to the modification in accordance with the following key assumptions:
|  | November 2021 Warrants |  |  | July 2020 Warrants |
Stock price |  | $ | 0.72 |  |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | % |  |  | 80.1 | %
Expected term (in years) |  |  | 5.4 |  |  |  | 2.7 |
Risk-free interest rate |  |  | 3.59 | % |  |  | 3.88 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 0.20 |  |  | $ | 0.06 |
The fair value of the Amended November 2021 Warrants and the Amended July 2020 Warrants was determined to be $230 thousand immediately after the modification in accordance with the following key assumptions:
|  | November 2021 Warrants |  |  | July 2020 Warrants |
Stock price |  | $ | 0.72 |  |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | % |  |  | 80.1 | %
Expected term (in years) |  |  | 5.4 |  |  |  | 2.7 |
Risk-free interest rate |  |  | 3.59 | % |  |  | 3.88 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 0.39 |  |  | $ | 0.24 |
As of September 30, 2023, the Amended November 2021 Warrants were exercisable for an aggregate of 803,574 shares of common stock and the Amended July 2020 Warrants were exercisable for an aggregate of 77,145 shares of common stock. Additionally, in connection with the 2022 Warrant Reprice Transaction, the Company issued to certain participants in the 2022 Warrant Reprice Transaction that exercised their Amended November 2021 Warrants and their Amended July 2020 Warrants, new common stock purchase warrants (the “September 2022 Warrants”) to purchase a number of shares of common stock equal to 100% of the number of shares that a participant exercised under its November 2021 Warrant or Amended July 2020 Warrant, as applicable. As a result of the 2023 Private Placement, a portion of the September 2022 Warrants exercisable for 238,574 shares of common stock have an exercise price of $1.50 and the remaining portion of the September 2022 Warrants exercisable for 89,286 shares of common stock have an exercise price of $6.30. The September 2022 Warrants expire on September 11, 2028. As of September 30, 2023, the September 2022 Warrants were exercisable for an aggregate of 327,860 shares of common stock. The 2022 Warrant Reprice Transaction resulted in gross proceeds of approximately $2.1 million. The Company allocated the gross proceeds between the common stock issued for the Amended November 2021 Warrants and the Amended July 2020 Warrants exercised, and the September 2022 Warrants issued to participants by applying the relative fair value allocation methodology. The Company allocated $0.7 million in gross proceeds to the common stock issued for the Amended November 2021 Warrants and the Amended July 2020 Warrants exercised, and $1.4 million to the September 2022 Warrants which were classified as a liability. For additional information regarding the warrant liability and valuation, please see Note 11, “Warrant Liability”. Ladenburg Thalmann & Co. Inc. (“Ladenburg”) served as the Company’s warrant solicitation agent for the 2022 Warrant Reprice Transaction in exchange for a fee equal to 8% of the total gross proceeds. The Company incurred total issuance costs of $529 thousand in conjunction with the 2022 Warrant Reprice Transaction. The Company allocated $166 thousand of the issuance costs to the warrant liability which was expensed in the Company’s condensed consolidated statements of operations during the third quarter of 2022. The remaining $363 thousand was recorded as a reduction of common stock and additional paid in capital in the Company’s condensed consolidated balance sheets. Series C Preferred Stock, Series A-1 Warrants and Series A-2 Warrants Concurrent with the 2022 Warrant Reprice Transaction on September 9, 2022, the Company entered into a private placement transaction with accredited investors (the “2022 Private Placement”), a private placement transaction with certain accredited investors to sell units that consisted of: (1) 3,250 shares of Series C Preferred Stock convertible into an aggregate of 516,750 shares of common stock, (2) series A-2 warrants to purchase common stock, which are exercisable for 515,876 shares of common stock through May 20, 2024 (the “Series A-2 Warrants”), and (3) series A-1 warrants to purchase common stock, which are exercisable for 515,876 shares of common stock through November 20, 2028 (the “Series A-1 Warrants” and, together with the Series A-2 Warrants, the “2022 Warrants”). The closing of the 2022 Private Placement was subject to receiving certain stockholder approvals (as obtained on November 10, 2022), effecting the Reverse Stock Split, as well as the satisfaction of other customary closing conditions. On November 18, 2022, the Company closed the 2022 Private Placement and received gross proceeds of $3.2 million from the sale of the Series C Preferred Stock and the 2022 Warrants. As a result of the 2023 Private Placement, a portion of the 2022 Warrants exercisable for 873,020 shares of common stock have an exercise price of $1.50 and the remaining portion of the September 2022 Warrants exercisable for 158,732 shares of common stock have an exercise price of $6.30. The Series C Preferred Stock does not have any preemptive rights or a preference upon any liquidation, dissolution or winding-up of NovaBay. The Series C Preferred Stock does, however, have anti-dilution protection in the event that the Company sells or grants any of its common stock or any other securities, subject to certain limited exceptions, that would entitle the holder thereof to acquire common stock at an effective price per share that is lower than the then applicable conversion price of the Series C Preferred Stock. Each share of the Series C Preferred Stock that the Company issued in the 2022 Private Placement had a purchase price of $1,000 per share and was initially convertible at a conversion price of $6.30 into 159 shares of common stock. On April 27, 2023, the Company entered into the 2023 Private Placement where the May 2023 Warrants were issued with an exercise price of $1.30 per share, which exercise price was lower than the then effective $6.30 conversion price of the Series C Preferred Stock. This triggered the Series C Preferred Stock anti-dilution feature, resulting in the automatic adjustment to the conversion price for each outstanding share of the Series C Preferred Stock to $1.30, and each outstanding share of Series C Preferred Stock became convertible into 770 shares of common stock. As a result of the change, the Company recorded a $194 thousand deemed Series C Preferred Stock dividend. The deemed dividend was recorded as a reduction to income available to common stockholders in the basic earnings per share (EPS) calculation in the second quarter of 2023. In accordance with ASC 820, the deemed dividend was measured as the difference between (1) the fair value of the Series C Preferred Stock immediately prior to the conversion price adjustment (but without the anti-dilution protection feature) and (2) the fair value of the Series C Preferred Stock immediately after the conversion price adjustment (but without the anti-dilution protection feature). The fair value of the Series C Preferred Stock was determined to be $0.9 million immediately prior to the conversion price adjustment in accordance with the following key assumptions:
Stock price |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | %
Expected term (in years) |  |  | 0.8 |
Risk-free interest rate |  |  | 4.91 | %
Dividend yield |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 5.35 |
The fair value of the Series C Preferred Stock was determined to be $1.1 million immediately after the conversion price protection adjustment in accordance with the following key assumptions:
Stock price |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | %
Expected term (in years) |  |  | 0.8 |
Risk-free interest rate |  |  | 4.91 | %
Dividend yield |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 0.61 |
As of September 30, 2023, the Series A-1 Warrants were exercisable into 515,876 shares of common stock and the Series A-2 Warrants were exercisable into 515,876 shares of common stock. As of September 30, 2023, 2,153 shares of the Series C Preferred Stock had been converted into common stock. Each of the remaining 1,097 shares of the Series C Preferred Stock, as of September 30, 2023, were convertible into 770 shares of common stock at a conversion price of $1.30. As a result of the 2023 Private Placement transaction, amendments to the Series A-1 Warrants and the Series A-2 Warrants, the Company allocated $122 thousand between other expenses and Convertible Notes debt issuance cost. The $122 thousand represents the difference in value immediately before and after modification using the Black-Scholes option pricing model. The fair value of the Series A-1 Warrants and the Series A-2 Warrants was determined to be $93 thousand immediately prior to the adjustment to the exercise price with the following key assumptions:
|  | Series A-1 Warrants |  |  | Series A-2 Warrants |
Stock price |  | $ | 0.72 |  |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | % |  |  | 80.1 | %
Expected term (in years) |  |  | 5.6 |  |  |  | 1.1 |
Risk-free interest rate |  |  | 3.59 | % |  |  | 4.73 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 0.21 |  |  | $ | 0.00 |
The fair value of the Series A-1 Warrants and the Series A-2 Warrants was determined to be $216 thousand immediately after the adjustment to the exercise price with the following key assumptions:
|  | Series A-1 Warrants |  |  | Series A-2 Warrants |
Stock price |  | $ | 0.72 |  |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | % |  |  | 80.1 | %
Expected term (in years) |  |  | 5.6 |  |  |  | 1.1 |
Risk-free interest rate |  |  | 3.59 | % |  |  | 4.73 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 0.40 |  |  | $ | 0.09 |
Series B Preferred Stock and November 2021 Warrants On October 29, 2021, the Company entered into a private placement (the “2021 Private Placement”), including a securities purchase agreement with various institutional investors to sell in a private placement offering (i) an aggregate of 15,000 shares of our newly-created Series B Preferred Stock convertible into an aggregate of 1,071,429 shares of common stock, and (ii) the November 2021 Warrants exercisable for 1,071,429 shares of common stock for net proceeds of $14.9 million. The 2021 Private Placement closed on November 2, 2021. The November 2021 Warrants became exercisable as of January 31, 2022, and are exercisable through September 11, 2028. The Series B Preferred Stock does not have any preemptive rights or a preference upon any liquidation, dissolution or winding-up of NovaBay. The Series B Preferred Stock does, however, have anti-dilution protection in the event that the Company sells or grants any of its common stock or any other securities, subject to certain limited exceptions, that would entitle the holder thereof to acquire common stock at an effective price per share that is lower than the then applicable conversion price of the Series B Preferred Stock. Table of Contents Each share of the Series B Preferred Stock that the Company issued in the 2021 Private Placement had a purchase price of $1,000 per share and was initially convertible at a conversion price of $0.40 into 2,500 shares of common stock, or an aggregate of 37,500,000 shares of common stock (which does not account for the Reverse Stock Split). On September 9, 2022, the 2022 Warrant Reprice Transaction provided for amendments to certain common stock purchase warrants to lower their exercise price to $0.18 per share as well as the issuance of the September 2022 Warrants also with an exercise price of $0.18 per share, which exercise price was lower than the then effective $0.40 conversion price of the Series B Preferred Stock (which does not account for the Reverse Stock Split). This triggered the Series B Preferred Stock anti-dilution feature, resulting in the automatic adjustment to the conversion price for each outstanding share of the Series B Preferred Stock to $0.18, and each outstanding share of Series B Preferred Stock became convertible into 5,556 shares of common stock (which does not account for the Reverse Stock Split). As a result of the change, the Company recorded a $5.7 million deemed Series B Preferred Stock dividend. The deemed dividend was recorded as a reduction to income available to common stockholders in the basic earnings per share (EPS) calculation in the third quarter of 2022. In accordance with ASC 820, the deemed dividend was measured as the difference between (1) the fair value of the Series B Preferred Stock immediately prior to the conversion price adjustment (but without the anti-dilution protection feature) and (2) the fair value of the Series B Preferred Stock immediately after the conversion price adjustment (but without the anti-dilution protection feature). The fair value of the Series B Preferred Stock was determined to be $6.8 million immediately prior to the conversion price adjustment in accordance with the following key assumptions:
Expected price volatility |  |  | 79.6 | %
Expected term (in years) |  |  | 1.3 |
Risk-free interest rate |  |  | 3.64 | %
Dividend yield |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 8.05 |
The fair value of the Series B Preferred Stock was determined to be $12.5 million immediately after the conversion price protection adjustment in accordance with the following key assumptions:
Expected price volatility |  |  | 79.6 | %
Expected term (in years) |  |  | 1.3 |
Risk-free interest rate |  |  | 3.64 | %
Dividend yield |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 2.10 |
Thereafter, the Company effected the Reverse Stock Split, which resulted in an automatic adjustment to the conversion price for each outstanding share of the Series B Preferred Stock to $6.30, and each outstanding share of Series B Preferred Stock became convertible into 159 shares of common stock. On April 27, 2023, the Company entered into the 2023 Private Placement where the May 2023 Warrants were issued with an exercise price of $1.30 per share, which exercise price was lower than the then effective $6.30 conversion price of the Series B Preferred Stock. This triggered the Series B Preferred Stock anti-dilution feature, resulting in the automatic adjustment to the conversion price for each outstanding share of the Series B Preferred Stock to $1.30, and each outstanding share of Series B Preferred Stock became convertible into 770 shares of common stock. As a result of the change, the Company recorded a $1.8 million deemed Series B Preferred Stock dividend. The deemed dividend was recorded as a reduction to income available to common stockholders in the basic earnings per share (EPS) calculation in the second quarter of 2023. In accordance with ASC 820, the deemed dividend was measured as the difference between (1) the fair value of the Series B Preferred Stock immediately prior to the conversion price adjustment (but without the anti-dilution protection feature) and (2) the fair value of the Series B Preferred Stock immediately after the conversion price adjustment (but without the anti-dilution protection feature). The fair value of the Series B Preferred Stock was determined to be $8.7 million immediately prior the conversion price adjustment in accordance with the following key assumptions:
Stock price |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | %
Expected term (in years) |  |  | 0.8 |
Risk-free interest rate |  |  | 4.91 | %
Dividend yield |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 5.35 |
The fair value of the Series B Preferred Stock was determined to be $10.5 million immediately after the conversion price protection adjustment in accordance with the following key assumptions:
Stock price |  | $ | 0.72 |
Expected price volatility |  |  | 80.1 | %
Expected term (in years) |  |  | 0.8 |
Risk-free interest rate |  |  | 4.91 | %
Dividend yield |  |  | 0.00 | %
Weighted-average fair value of warrants |  | $ | 0.61 |
As of September 30, 2023, 8,850 shares of the Series B Preferred Stock had been converted into common stock. Each of the remaining 6,150 shares of the Series B Preferred Stock as of September 30, 2023, was currently convertible into 770 shares of common stock at a conversion price of $1.30. Further, on September 9, 2022, in connection with the 2022 Warrant Reprice Transaction, the November 2021 Warrants were amended to reduce the exercise price to $6.30 and extend the expiration date to September 11, 2028. Additionally, in conjunction with the 2022 Warrant Reprice Transaction, holders of the November 2021 Warrants, as amended, exercised a portion of their warrants at the reduced exercise price. Common Stock Common Stock Warrants In addition to the Amended July 2020 Warrants, the Amended November 2021 Warrants, the September 2022 Warrants, the 2022 Warrants and the May 2023 Warrants, the Company also has the following outstanding warrants: 2019 Ladenburg Warrants In 2019, Ladenburg was granted warrants exercisable for 4,799 shares of common stock (the “2019 Ladenburg Warrants”). The 2019 Ladenburg Warrants bear an exercise price of $34.65 and an expiration date of August 8, 2024. July 2020 Warrants In 2020, certain of the Company’s accredited investors were granted warrants with an exercise price of $57.75 (the “July 2020 Warrants”). A portion of these warrants were subsequently amended as described above to become the Amended July 2020 Warrants. As of September 30, 2023, outstanding July 2020 Warrants which were not amended were exercisable for 59,960 shares of common stock. The July 2020 Warrants expire on January 22, 2026. TLF Bio Innovation 2021 Warrants In 2021, TLF Bio Innovation was granted warrants exercisable for 429 shares of common stock with an exercise price of $23.51 (the “TLF Warrants”). The TLF Warrants expire on January 15, 2026. Summary of Warrants Outstanding The details of all outstanding warrants as of September 30, 2023 and December 31, 2022 are as follows:
|  | Warrants (in thousands) |  |  | Weighted- Average Exercise Price |
Outstanding at December 31, 2022 |  |  | 2,306 |  |  | $ | 7.70 |
Warrants granted |  |  | 5,076 |  |  |  | 1.30 |
Warrants expired |  |  | — |  |  |  | — |
Outstanding at September 30, 2023 |  |  | 7,382 |  |  |  | 2.18 |

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