Quarterly report pursuant to Section 13 or 15(d)

Warrants (Tables)

v3.21.2
Warrants (Tables)
6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Activity of Warrants
The following summarizes the Company's outstanding warrants to purchase shares of the Company's common stock as of and for the periods ended June 30, 2021 and December 31, 2020:
Warrants Exercise Price
Warrants outstanding as of December 31, 2019 2,830,309  $ 19.38 
Issued 8,321,412  $ 4.62 
Exercised (322,949) $ 3.48 
Terminated/Expired (911,776) $ 18.42 
Warrants outstanding as of December 31, 2020 9,916,996  $ 7.32 
Issued 548,111  $ 8.70 
Exercised (389,881) $ 4.52 
Terminated/Expired (641,642) $ 24.64 
Warrants outstanding as of June 30, 2021 9,433,584  $ 5.92 
The following schedule shows the fair value of the warrant derivative liability as of June 30, 2021 and December 31, 2020, and the change in fair value during the periods ended June 30, 2021 and year ended December 31, 2020 (in thousands):
Warrant Derivative Liability
Balance as of December 31, 2019 $ 2,220 
Change in fair value of  warrant derivative liability (2,220)
Balance as of December 31, 2020 $ — 
Change in fair value of  warrant derivative liability (1)
— 
Balance as of June 30, 2021 $ — 
(1) All of the May Acquisition Warrants expired during January 2021.
The following schedule shows the fair value of the warrant liability upon issuance, and the change in fair value during the periods ended June 30, 2021 and December 31, 2020 (in thousands):
Warrant liability
Issuance of Series F warrants $ 14,952 
Change in fair value of  warrant liability 24,898 
Balance as of December 31, 2020 $ 39,850 
Change in fair value of warrant liability (22,873)
Balance as of June 30, 2021 $ 16,977 
Schedule of fair value measurement inputs
The following schedule shows the inputs used to measure the fair value of the warrant liability:
Warrant Liability June 30, 2021 December 31, 2020
Stock Price $4.30 $7.62
Exercise Price $4.50 $4.50
Expected remaining term (in years)
5.25 - 5.31
5.75 - 5.81
Volatility 60.0% 67.5%
Risk-free interest rate 0.92% 0.5%