Stockholders’ Equity |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2023 | |||
| Equity [Abstract] | |||
| Stockholders’ Equity |
Common Stock
On May 11, 2023, the Company filed a Certificate of Change to the Company’s Articles of Incorporation with the Secretary of State of Nevada to effect the Reverse Stock Split. The Reverse Stock Split was effective at 12:01 a.m., Eastern Time, on May 15, 2023. No fractional shares were issued as a result of the Reverse Stock Split and any remaining share fractions were rounded up to the nearest whole share, resulting in new shares of common stock being issued to existing holders of the Company’s common stock.
Warrants
In connection with its July 2021 private placement, the Company issued warrants to purchase an aggregate of 462,963 shares of the Company’s common stock (the “Series A Warrants”). The Series A Warrants are immediately exercisable at a price of $33.00 per share of common stock and expire on February 23, 2025. Series A Warrants were exercised or forfeited during the three and nine months ended September 30, 2023 and 2022.
In addition, the Company has publicly traded warrants to purchase approximately 2,100 shares of common stock outstanding as of both September 30, 2023 and December 31, 2022. These warrants have an exercise price of $130.00 per share and expire on July 17, 2024. The warrants trade on Nasdaq under the symbol “XBIOW.” The warrants also provide that if the weighted-average price of common stock on any trading day on or after 30 days after issuance is lower than the then-applicable exercise price per share, each warrant may be exercised, at the option of the holder, on a cashless basis for one share of common stock. of these warrants were exercised during the three and nine months ended September 30, 2023. Warrants to purchase approximately shares of common stock were exercised on a cashless, one-for-one basis during the nine months ended September 30, 2022. No warrants were exercised during the three months ended September 30, 2022. of these warrants were forfeited during the three and nine months ended September 30, 2023 and 2022.
The Company also has outstanding warrants to purchase approximately 800 shares of the Company’s common stock as of September 30, 2023 and December 31, 2022. These warrants have an exercise price of $29.09 per share and expire on July 3, 2026. of these warrants were exercised or forfeited during the three and nine months ended September 30, 2023 and 2022. |