Stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' equity

Schedule of outstanding warrants

	Shares of Common Stock Issuable
	for Outstanding Warrants
	As of December 31,		Exercise		Expiration
Warrant Issuance	2024	2023	Price		Date
July 2018 (1)	6	6	$	44,820.00	July 2028
April 2020 (1)	159	159	$	3,000.00	April 2025
January 2021 (1)	10,421	10,421	$	1,447.20	July 2026
October 2021 (1)	15,390	15,390	$	900.00	April 2025
November 2022 Series B (2)	177,938	177,938	$	0.00	December 2027
June 2024 Placement Agent (3)	127,227	—	$	4.91	July 2026
June 2024 Pre-Funded (4)	1,430,000	—	$	0.00	no expiration date
June 2024 Series A (5)	5,089,060	—	$	3.93	September 2025 (latest date)
June 2024 Series B (6)	7,633,591	—	$	3.93	September 2029 (latest date)
Total	14,483,792	203,914

(1) The number of outstanding and exercisable warrants is equal to the number of shares of common stock issuable for outstanding warrants.

(2) The number of outstanding and exercisable warrants of 1,423,504 represent eight times the number of shares of common stock issuable for these warrants. These warrants have a cashless exercise provision whereby eight warrants can be exercised for one share of common stock for no additional consideration, which renders the $3.00 per warrant exercise price to be zero. In 2023, 6,843,666 Series B warrants issued in November 2022 were exercised for 855,458 shares of our common stock.

(3) These warrants are exercisable at any time from the Stockholder Approval Date and expire two years after a resale registration statement covering the shares of common stock issuable upon the exercise of the warrants hereunder becomes effective with the SEC. In July 2024, a resale registration statement was filed with the SEC and became effective.

(4) These warrants are exercisable immediately upon their issuance in June 2024 and are considered to be perpetual warrants without any expiration date. Additionally, in the third quarter of 2024, 351,171 Pre-Funded Warrants were exercised for an equivalent number of shares of our common stock.

(5) These warrants are exercisable at any time from the Stockholder Approval Date and expire earlier of (i) the twelve months anniversary of the Stockholder Approval Date, and (ii) the 60th day following the date on which the Company publicly announces the receiving of positive Phase 1 MAD data readout for DA-1726.

(6) These warrants are exercisable at any time from the Stockholder Approval Date and expire on the earlier of (i) the five-year anniversary of the Stockholder Approval Date and (ii) the six months anniversary following the date on which the Company publicly announce the receiving of positive Phase 1, Part 3 data readout for DA-1726.

Schedule of stock-based compensation expense

Stock-based compensation expense was included in general and administrative and research and development as follows (in thousands):

	Year Ended December 31,
	2024		2023
General and administrative	$	366	$	178
Research and development		172		44
Total stock-based compensation	$	538	$	222

Schedule of outstanding awards issued pursuant to our stock-based award plans and inducement grants

			Remaining shares of
	Stock		common stock available
Plan Name	Options	RSUs	for future issuance
2019 Plan	1,575	—	—
2022 Plan	3,125	175,086	356,992
2021 Inducement Plan	—	—	4,166
Total	4,700	175,086	361,158

Schedule of RSUs and related transactions

The following table summarizes the status of our RSUs and related transactions for the period presented (in thousands, except share and per share amounts):

	Outstanding					Vested and Deferred Release
	Shares of	Average				Shares of	Average
	Common Stock	Grant Date		Aggregate		Common Stock	Grant Date		Aggregate
	Issuable	Fair Value		Fair		Issuable	Fair Value		Intrinsic
	for RSUs	Price		Value		for RSUs	Price		Value
As of January 1, 2023	—	$	—	$	—	—	$	—	$	—
Granted	173,395		4.45
Forfeited/cancelled	(7,032)		4.04
Vested and released	(25,002)		3.99		100
Vested and deferred release						5,469		4.02
As of December 31, 2023	141,361		4.55		523	5,469		4.02		20
Granted	120,129		4.56
Vested and released	(86,404)		4.31		284
Vested and deferred release						7,554		4.44
As of December 31, 2024	175,086	$	4.68	$	355	13,023	$	4.26	$	26

Schedule of the status of outstanding and exercisable options and related transactions

The following table summarizes the status of our outstanding and exercisable options and related transactions for the period presented (in thousands, except share and per share amounts):

	Outstanding				Exercisable
	Shares of			Weighted	Shares of			Weighted
	Common	Weighted		Average	Common	Weighted		Average
	Stock	Average		Remaining	Stock	Average		Remaining
	Issuable	Exercise		Contractual	Issuable	Exercise		Contractual
	for Options	Price		Term (years)	for Options	Price		Term (years)
As of January 1, 2023	4,560	$	796.96	8.5	2,238	$	1,173.60	8.1
Granted	3,125		5.36
Forfeited and cancelled	(2,985)		596.32
As of December 31, 2023	4,700		398.30	8.6	4,577		391.04	8.6
As of December 31, 2024	4,700	$	398.30	7.5	4,695	$	398.46	7.5

Schedule of assumptions used in the Black Scholes option-pricing model

	Placement Agent
				Contingent			Stock
	Warrants			Warrants			Options
	Granted in			Granted in			Granted in
	June 2024			June 2024			March 2023
Weighted average fair value	$	2.73		$	3.43		$	3.63
Expected stock price volatility		140.0	%		127.0	%		82.9	%
Expected term (years)		2.1			5.7			5.0
Expected dividend yield		—	%		—	%		—	%
Risk-free interest rate		4.63	%		4.31	%		3.54	%