Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity (Deficit)

Stockholders’ Equity (Deficit)

Pursuant to the Company’s Second Amended and Restated Certificate of Incorporation, the Company authorized the issuance of 400,000,000 shares of common stock and 100,000,000 shares of preferred stock, each with par value of $0.0001 per share. The Company had 116,432,029 and 114,991,026 shares issued and outstanding at December 31, 2022 and 2021, respectively. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors. The Company’s Board of Directors has not declared common stock dividends since inception.

As outlined in Note 3, in connection with the closing of the Business Combination on October 6, 2021 and following the Science 37 Preferred Stock Conversion, all Legacy Science 37 Common Stock was converted into Common Stock of Science 37 Holdings, Inc., at an Exchange Ratio of approximately 1.815. Also in connection with the Business Combination, pursuant to the Subscription Agreements, certain investors agreed to subscribe for an aggregate of 20,000,000 newly-issued shares of Common Stock.

The following is a summary of common share activity for the years ended December 31, 2022 and 2021 (as adjusted for the Exchange Ratio):

	2022	2021
Common stock shares, beginning balance	114,991,026	5,019,582
Conversion of preferred stock into common stock	—	75,495,266
Issuance of common stock	1,441,003	34,476,178
Common stock shares, ending balance	116,432,029	114,991,026

The Company had one common stock warrant outstanding with available shares to be issued of 6,439 and an exercise price of $1.61 per share during the fiscal year ended December 31, 2021, which was exercised in October 2021 immediately preceding consummation of the Merger with LSAQ. The Company had no common stock warrants outstanding as of December 31, 2022 or 2021.