Note 11. Equity-classified Warrants

On August 4, 2020, the Company issued a warrant to the underwriter of its IPO (the “Underwriter Warrant”) to purchase 240,100 shares of common stock. The Underwriter Warrant is exercisable at a per share exercise price of $11.00, and is exercisable at any time from and after January 31, 2021 through August 4, 2025.

During the three months ended March 31, 2021, no warrants to purchase common stock were issued, exercised, or expired.