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Warrants and Options | 12 Months Ended
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Dec. 31, 2024
Warrants and Rights Note Disclosure [Abstract] |
Warrants and Options | Note 13. Warrants and Options Equity Classified Common Stock Warrants The Company issued the following warrants to purchase shares of its common stock, which are outstanding as of December 31, 2024 and 2023, respectively. These warrants are exercisable any time at the option of the holder until their expiration date.
|  | Issuance Date |  | Term |  | Exercise Price Per Share |  |  | Exercised during the Year Ended December 31, 2023 |  |  | Outstanding at December 31, 2023 |  |  | Exercised during the Year Ended December 31, 2024 |  |  | Outstanding at December 31, 2024 |
March 2023 Pre-Funded Warrants |  | Mar-23 |  | perpetual |  | $ — |  |  |  | (425,834 | ) |  |  | 75,000 |  |  |  | (75,000 | ) |  | — |
December 2022 Service and Performance Warrants (1) |  | Dec-22 |  | 5 years |  | $ | 11.20 |  |  | — |  |  |  | 1,000 |  |  | — |  |  |  | 1,000 |
October 2022 Service and Performance Warrants (1) |  | Oct-22 |  | 5 years |  | $ | 16.00 |  |  | — |  |  |  | 1,000 |  |  | — |  |  |  | 1,000 |
August 2022 Pre-Funded Warrants |  | Aug-22 |  | perpetual |  | $ — |  |  |  | (56,813 | ) |  | — |  |  | — |  |  | — |
January 2021 Placement Agent Warrants |  | Jan-21 |  | 5.5 years |  | $ | 159.60 |  |  | — |  |  |  | 9,846 |  |  | — |  |  |  | 9,846 |
December 2020 Warrants (2) |  | Dec-20 |  | 5.5 years |  | $ | 9.0 0 |  |  | — |  |  |  | 16,367 |  |  | — |  |  |  | 16,367 |
December 2020 Warrants |  | Dec-20 |  | 5.5 years |  | $ | 120.00 |  |  | — |  |  |  | 49,100 |  |  | — |  |  |  | 49,100 |
December 2020 Placement Agent Warrants |  | Dec-20 |  | 5 years |  | $ | 152.80 |  |  | — |  |  |  | 3,274 |  |  | — |  |  |  | 3,274 |
July 2020 Warrants (2) |  | Jul-20 |  | 5.5 years |  | $ | 9.00 |  |  | — |  |  |  | 16,036 |  |  | — |  |  |  | 16,036 |
July 2020 Placement Agent Warrants |  | Jul-20 |  | 5.5 years |  | $ | 198.80 |  |  | — |  |  |  | 802 |  |  | — |  |  |  | 802 |
May 2020 Warrants (2) |  | May-20 |  | 5 years |  | $ | 9.00 |  |  | — |  |  |  | 9,946 |  |  | — |  |  |  | 9,946 |
May 2020 Warrants |  | May-20 |  | 5 years |  | $ | 191.20 |  |  | — |  |  |  | 24,863 |  |  | — |  |  |  | 24,863 |
May 2020 Placement Agent Warrants |  | May-20 |  | 5 years |  | $ | 245.20 |  |  | — |  |  |  | 1,741 |  |  | — |  |  |  | 1,741 |
September 2019 Placement Agent Warrants (3) |  | Sep-19 |  | 5 years |  | $ | 379.20 |  |  | — |  |  |  | 1,649 |  |  | — |  |  | — |
June 2019 Placement Agent Warrants (3) |  | Jun-19 |  | 5 years |  | $ | 251.60 |  |  | — |  |  |  | 1,862 |  |  | — |  |  | — |
April 2019 Service and Performance Warrants (1)(3) |  | Apr-19 |  | 5 years |  | $ | 247.20 |  |  | — |  |  |  | 3,629 |  |  | — |  |  | — |
January 2021 Warrants (2) |  | Jan-21 |  | 5.5 years |  | $ | 9.00 |  |  | — |  |  |  | 7,831 |  |  | — |  |  |  | 7,831 |
January 2021 Warrants |  | Jan-21 |  | 5.5 years |  | $ | 125.20 |  |  | — |  |  |  | 90,629 |  |  | — |  |  |  | 90,629 |
September 2019 Warrants (2) |  | Sep-19 |  | 5.5 years |  | $ | 9.00 |  |  | — |  |  |  | 9,892 |  |  | — |  |  |  | 9,892 |
September 2019 Warrants |  | Sep-19 |  | 5.5 years |  | $ | 300.80 |  |  | — |  |  |  | 6,594 |  |  | — |  |  |  | 6,594 |
June 2019 Warrants |  | Jun-19 |  | 5.5 years |  | $ | 200.00 |  |  | — |  |  |  | 10,896 |  |  | — |  |  |  | 10,896 |
Total |  |  |  |  |  |  |  |  |  | (482,647 | ) |  |  | 341,957 |  |  |  | (75,000 | ) |  |  | 259,817 |
(1) The Company issued service and performance warrants (“Service and Performance Warrants”) in connection with professional services agreements with non-affiliated third party entities. (2) These warrants were repriced as part of the March 2023 Private Placement offering. (3) These warrants expired during the year ended December 31, 2024. Liability Classified Preferred Investment Options The preferred investment options issued in connection with the March 2023 Private Placement and August 2022 Registered Direct offerings contain certain early settlement provisions that preclude them from equity classification and therefore were accounted for as liabilities at the date of issuance and are adjusted to fair value at each balance sheet date. The change in fair value of the options liabilities is recorded as change in fair value of common stock warrant and option liabilities in the consolidated statements of operations and comprehensive loss. The key terms and activity of the liability classified preferred investment options are summarized as follows:
|  | Issuance Date |  | Term |  | Exercise Price Per Share |  |  | Exercised during the Year Ended December 31, 2023 |  |  | Outstanding at December 31, 2023 |  |  | Exercised during the Year Ended December 31, 2024 |  |  | Outstanding at December 31, 2024 |
March 2023 Options - Series A |  | March 2023 |  | 5 years |  | $ | 9.00 |  |  |  | — |  |  |  | 666,334 |  |  |  | — |  |  |  | 666,334 |
March 2023 Options - Series B |  | March 2023 |  | 1.5 years |  | $ | 9.00 |  |  |  | — |  |  |  | 666,334 |  |  |  | — |  |  |  | — |
March 2023 Placement Agent Options |  | March 2023 |  | 5 years |  | $ | 11.25 |  |  |  | — |  |  |  | 33,317 |  |  |  | — |  |  |  | 33,317 |
August 2022 Options (1) |  | August 2022 |  | 5 years |  | $ | 9.00 |  |  |  | — |  |  |  | 118,063 |  |  |  | — |  |  |  | 118,063 |
August 2022 Placement Agent Options |  | August 2022 |  | 5 years |  | $ | 52.80 |  |  |  | — |  |  |  | 5,904 |  |  |  | — |  |  |  | 5,904 |
Total |  |  |  |  |  |  |  |  |  | — |  |  |  | 1,489,952 |  |  |  | — |  |  |  | 823,618 |
See Note 7 for the Black-Scholes option-pricing model and weighted-average assumptions used to estimate the fair value of the preferred investment options liabilities.

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