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Stock Warrants | 3 Months Ended
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Mar. 31, 2024
Stock Warrants |
Stock Warrants | 9. Stock Warrants On October 15, 2018, the Company closed its underwritten public offering pursuant to which it received gross proceeds of approximately $18.6 million before deducting underwriting discounts, commissions and other offering expenses payable by the Company and sold (i) Class A Units (the “Class A Units”), consisting of an aggregate of 252,000 shares of the Common Stock, warrants to purchase an aggregate of 252,000 shares of Common Stock at an exercise price of $13.80 per share, which subsequently was reduced to $6.90 per share and then again to $1.22 (each a “Warrant” and collectively, the “Warrants”) and (ii) Class B Units (the “Class B Units”, and together with the Class A Units, the “Units”), consisting of an aggregate of 15,723 shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”), with a stated value of $1,000 and convertible into shares of Common Stock at the stated value divided by a conversion price of $11.50 per share, with all shares of Series B Preferred Stock convertible into an aggregate of 1,367,218 shares of Common Stock, and issued with a warrant to purchase an aggregate of 1,367,218 shares of Common Stock. The Warrants were valued on the date of grant using Monte Carlo simulations. There were no Warrants exercised during the year ended December 31, 2023. The Warrants expired in October 2023 and are no longer outstanding. Upon expiration, the balance in additional paid - in capital related to the warrants was transferred to the additional paid - in capital balance related to common stock with no effect on additional paid - in capital. A summary of all warrant activity for the Company for the year ended December 31, 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average
​ |  | Number of |  | Weighted Average |  | Remaining
​ | ​ | Warrants | ​ | Exercise Price |  | Contractual Life
Balance at December 31, 2022 |  | 634,426 | ​ | $ | 1.22 | ​ | 0.78 years
Granted | ​ | — | ​ | ​ | — | ​ | ​
Exercised | ​ | — | ​ | ​ | — | ​ | ​
Forfeited | ​ | (634,426) | ​ | ​ | 1.22 | ​ | ​
Balance at December 31, 2023 | ​ | — | ​ | $ | — | ​ | —
​

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- Definition The entire disclosure for stock warrants. + References No definition available. + Details
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