10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____  

Commission File Number 001-33351

_________________________________________________ 

 NEUROMETRIX, INC.

(Exact name of registrant as specified in its charter)

Delaware	04-3308180
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)
4B Gill Street Woburn, Massachusetts	01801
(Address of principal executive offices)	(Zip Code)

(781) 890-9989

(Registrant’s telephone number, including area code) 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $0.0001 par value per share	NURO	The Nasdaq Stock Market LLC
Preferred Stock Purchase Rights

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x     No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	Accelerated filer	Non-accelerated filer	Smaller reporting company	Emerging growth company
☐	☐	☒	☒	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐     No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 2,011,485 shares of common stock, par value $0.0001 per share, were outstanding as of May 14, 2024.

.

NeuroMetrix, Inc.

Form 10-Q

Quarterly Period Ended March 31, 2024

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023	1
	Statements of Operations (unaudited) for the Quarters Ended March 31, 2024 and 2023	2
	Statements of Comprehensive Loss (unaudited) for the Quarters Ended March 31, 2024 and 2023	2
	Statements of Changes in Stockholders' Equity (unaudited) for the Quarters Ended March 31, 2024 and 2023	3
	Statements of Cash Flows (unaudited) for the Quarters Ended March 31, 2024 and 2023	4
	Notes to Unaudited Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16
Item 4.	Controls and Procedures	17
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	18
Item 1A.	Risk Factors	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Mine Safety Disclosures	18
Item 5.	Other Information	18
Item 6.	Exhibits	19
Signatures		20

All share amounts in the Quarterly Report on Form 10-Q have been adjusted to reflect a 1-for-8 reverse stock split that was effected on November 21, 2023.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

NeuroMetrix, Inc.

Balance Sheets

	March 31, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	1,259,930	$	1,731,946
Available-for-sale securities	16,339,180		16,265,205
Accounts receivable, net	469,650		518,824
Inventories	1,471,438		1,559,428
Prepaid expenses and other current assets	611,735		779,039
Total current assets	20,151,933		20,854,442
Fixed assets, net	268,541		293,449
Right of use asset	217,254		250,150
Other long-term assets	26,400		26,400
Total assets	$	20,664,128	$	21,424,441
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	144,553	$	215,509
Accrued expenses and compensation	1,554,226		876,739
Lease obligation, current	148,391		148,391
Total current liabilities	1,847,170		1,240,639
Lease obligation, net of current portion	60,946		92,485
Total liabilities	1,908,116		1,333,124
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—
Convertible preferred stock	1		1
Common stock, $0.0001 par value; 25,000,000 shares authorized at March 31, 2024 and December 31, 2023; 1,986,997 and 1,524,939 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	199		152
Additional paid-in capital	231,647,562		229,960,346
Accumulated other comprehensive income	247,177		240,171
Accumulated deficit	(213,138,927)		(210,109,353)
Total stockholders’ equity	18,756,012		20,091,317
Total liabilities and stockholders’ equity	$	20,664,128	$	21,424,441

The accompanying notes are an integral part of these interim financial statements.

1

NeuroMetrix, Inc.

Statements of Operations

(Unaudited)

	Quarters Ended March 31,
	2024		2023
Revenues	$	1,093,556	$	1,724,771
Cost of revenues	576,539		526,372
Gross profit	517,017		1,198,399
Operating expenses:
Research and development	943,552		699,425
Sales and marketing	1,061,729		815,872
General and administrative	1,765,727		1,393,171
Total operating expenses	3,771,008		2,908,468
Loss from operations	(3,253,991)		(1,710,069)
Other income:
Interest income	19,162		135,895
Other income	205,255		—
Total other income	224,417		135,895
Net loss	$	(3,029,574)	$	(1,574,174)
Net loss per common share, basic and diluted	$	(1.67)	$	(1.64)
Weighted average number of common shares outstanding, basic and diluted	1,812,455		961,153

The accompanying notes are an integral part of these interim financial statements.

Statements of Comprehensive Loss

(Unaudited)

 

	Quarters Ended March 31,
	2024		2023
Net loss	$	(3,029,574)	$	(1,574,174)
Other comprehensive income:
Unrealized gain on available-for-sale securities	212,261		65,874
Reclassification of realized gain on available-for-sale securities to other income	(205,255)		—
Comprehensive loss	(3,022,568)		(1,508,300)

2

NeuroMetrix, Inc.

Statements of Changes in Stockholders' Equity

(Unaudited)

	Series B Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total
	Number of Shares	Amount		Number of Shares	Amount
Balance at December 31, 2023	200	$	1	1,518,717	$	152	$	229,960,346	$	240,171	$	(210,109,353)	$	20,091,317
Stock-based compensation expense	—	—		—	—		216,164		—		—		216,164
Issuance of common stock under at the market offering	—	—		458,380	46		1,471,053		—		—		$	1,471,099
Vesting of restricted stock under option plan	—	—		6,699	1		(1)		—		—		—
Unrealized gain on available-for-sale securities	—	—		—	—		—		212,261		—		212,261
Realized gain on available-for-sale securities	—	—		—	—		—		(205,255)		—		(205,255)
Net loss	—	—		—	—		—		—		(3,029,574)		(3,029,574)
Balance at March 31, 2024	200	$	1	1,983,796	$	199	$	231,647,562	$	247,177	$	(213,138,927)	$	18,756,012
	Series B Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total
	Number of Shares	Amount		Number of Shares	Amount
Balance at December 31, 2022	200	$	1	959,460	$	96	$	226,935,456	$	—	$	(203,579,866)	$	23,355,687
Stock-based compensation expense	—	—		—	—		165,361		—		—		165,361
Vesting of restricted stock under option plan	—	—		2,439	—		—		—		—		—
Unrealized gain on available-for-sale securities	—	—		—	—		—		65,874				65,874
Net loss	—	—		—	—		—		—		(1,574,174)		(1,574,174)
Balance at March 31, 2023	200	$	1	961,899	$	96	$	227,100,817	$	65,874	$	(205,154,040)	$	22,012,748

The accompanying notes are an integral part of these interim financial statements.

3

NeuroMetrix, Inc.

Statements of Cash Flows

(Unaudited)

	Quarters Ended March 31,
	2024		2023
Cash flows from operating activities:
Net loss	$	(3,029,574)	$	(1,574,174)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24,908		10,222
Stock-based compensation	216,164		165,361
Inventory reserve charged to cost of revenues	74,209		63,420
Amortization of premiums and discounts on held-to-maturity securities	—		(109,198)
Realized gain on available-for-sale securities	(205,255)		—
Changes in operating assets and liabilities:
Accounts receivable	49,174		70,490
Inventories	13,781		(196,548)
Prepaid expenses and other current and long-term assets	108,661		78,467
Accounts payable	(70,956)		32,217
Accrued expenses and compensation	737,487		338,326
Net cash used in operating activities	(2,081,401)		(1,121,417)
Cash flows from investing activities:
Purchases of available-for-sale securities	(7,361,714)		(9,336,984)
Proceeds from maturities of available-for-sale securities	7,500,000		—
Proceeds from maturities of held-to-maturity securities	—		8,500,000
Net cash provided by (used) in investing activities	138,286		(836,984)
Cash flows from financing activities:
Net proceeds from issuance of stock	1,471,099		—
Net cash provided by financing activities	1,471,099		—
Net decrease in cash and cash equivalents	(472,016)		(1,958,401)
Cash and cash equivalents, beginning of period	1,731,946		4,335,020
Cash and cash equivalents, end of period	$	1,259,930	$	2,376,619

The accompanying notes are an integral part of these interim financial statements.

4

NeuroMetrix, Inc.

Notes to Unaudited Financial Statements

For the Quarter Ended March 31, 2024

1.Business and Basis of Presentation

NeuroMetrix, Inc. (the "Company" or "NeuroMetrix") develops and commercializes health care products that utilize non-invasive neurostimulation. Revenues are derived from the sale of medical devices and after-market consumable products and accessories. The Company’s products are sold in the United States and select overseas markets. They are cleared by the U.S. Food and Drug Administration ("FDA") and regulators in foreign jurisdictions where appropriate. The Company has two primary products. DPNCheck® is a point-of-care test for diabetic peripheral neuropathy, which is the most common long-term complication of Type 2 diabetes. Quell is an app-enabled, wearable device for lower extremity chronic pain and for the symptoms of fibromyalgia.

The Company held cash, cash equivalents and investment grade securities totaling $17.6 million on March 31, 2024. The Company believes that its present balance of cash resources and securities coupled with cash inflows from product sales will enable the Company to fund its operations for at least the next twelve months from the date of issuance of the financial statements. Actual cash requirements could differ from management's projections for many reasons, including changes the Company may make to its business strategy, commercial challenges, regulatory developments, changes to research and development programs, supply chain issues, staffing challenges and other items affecting the Company's projected uses of cash.

During February 2024, the Company announced that it would undertake a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction. A timetable for completion of this evaluation process has not been established, and even if certain strategic alternatives may be available, the Company cannot provide any assurance that the strategic alternatives review process will result in the successful realization of any particular alternative, transaction or value. Accordingly, the unaudited financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Unaudited Interim Financial Statements

The accompanying unaudited balance sheet as of March 31, 2024, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2023 has been derived from the audited balance sheet as of December 31, 2023 included in the Company's Form 10-K referenced below and does not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC"), on March 1, 2024 (File No. 001-33351).

Revenues

Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Revenue from product sales that occur via an online pharmacy agent are recognized on a gross basis and the related fulfillment fees are expensed within cost of revenues.

5

Accounts receivable are recorded in the amount the Company expects to collect, net of the allowance for credit losses. The allowance for credit losses is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are over 90 days past due are reviewed individually for collectability and written-off when recovery is not probable. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for credit losses was $25,000 as of March 31, 2024 and December 31, 2023.

Two customers accounted for 25% and 39% of total revenues in the quarters ended March 31, 2024 and 2023, respectively. Three customers accounted for 64% and 74% of accounts receivable as of March 31, 2024 and December 31, 2023, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities.

Securities

The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either "held-to-maturity" ("HTM") or “available-for-sale” ("AFS") at the point of investment. Securities classified as short-term have maturities of less than one year. As of March 31, 2024, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less.

HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive loss. For certain types of securities, such as U.S. Treasuries, the Company generally expects zero credit losses. No allowance for credit losses was recorded on its securities portfolio as of March 31, 2024 or December 31, 2023.

Fair Value

The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates.

6

Recent Accounting Pronouncements

Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements.

Recently adopted accounting pronouncement

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s Financial Statements and disclosures.

2.     Comprehensive Income (Loss)

For the quarter ended March 31, 2024, the Company had comprehensive income of $7,006 for net unrealized gains on AFS, in addition to net loss of $3,029,574 in the statements of operations. The Company had comprehensive income of $65,874 for net unrealized gains on AFS, in addition to net loss of $1,574,174 in the statements of operations for the quarter ended March 31, 2023.

3.    Net Loss Per Common Share

Basic and dilutive net loss per common share were as follows:

	Quarters Ended March 31,
	2024		2023
Net loss applicable to common stockholders	$	(3,029,574)	$	(1,574,174)
Weighted average number of common shares outstanding, basic and diluted	1,812,455		961,153
Net loss per common share applicable to common stockholders, basic and diluted	$	(1.67)	$	(1.64)

Shares underlying the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: 

	Quarters Ended March 31,
	2024	2023
Options	63,755	65,683
Unvested restricted stock awards	3,201	10,745
Unvested restricted stock units	48,565	22,477
Convertible preferred stock	8	8
Total	115,529	98,913

4. Securities

7

The Company's marketable debt securities are classified as either HTM or AFS pursuant to ASC 320 - Investments - Debt Securities. HTM securities are valued at amortized cost. The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2024 and December 31, 2023.

	March 31, 2024
			Gross Unrealized
Available-for-sale securities	Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	7,842,359	$	51,676	$	—	$	—	$	7,894,035
Commercial paper	8,249,644		196,488		(987)		—		8,445,145
Total	$	16,092,003	$	248,164	$	(987)	$	—	$	16,339,180

	December 31, 2023
			Gross Unrealized
Available-for-sale securities	Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	4,412,935	$	5,665	$	—	$	—	$	4,418,600
Commercial paper	11,612,099		234,506		—		—		$	11,846,605
Total	$	16,025,034	$	240,171	$	—	$	—	$	16,265,205

The Company evaluates all HTM and AFS securities for impairment at each reporting period. It determined that changes in the fair value of its securities at March 31, 2024 resulted primarily from interest rate fluctuations subsequent to the purchase date of the securities. There was no deterioration in the credit worthiness of the issuers and no credit losses were recorded as of March 31, 2024.

5. Fair Value Measurements

The following tables set forth the Company’s financial instruments that were measured at fair value:

	March 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	1,255,736	$	1,255,736	$	—	$	—
U.S. government bonds	7,894,035		7,894,035		—		—
Commercial paper	8,445,145		—		8,445,145		—
Total	$	17,594,916	$	9,149,771	$	8,445,145	$	—

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	1,284,290	$	1,284,290	$	—	$	—
U.S. government bonds	4,418,600		4,418,600		—		—
Commercial paper	11,846,605		—		11,846,605		—
Total	$	17,549,495	$	5,702,890	$	11,846,605	$	—

The Company's accounts receivable, accounts payable, and accrued expenses are valued at cost which approximates fair value.

8

6.     Inventories

Inventories consist of the following: 

	March 31, 2024		December 31, 2023
Purchased components	$	1,093,201	$	1,151,381
Finished goods	378,237		408,047
	$	1,471,438	$	1,559,428

In the first quarter of 2024, the Company recorded a charge of $74,209 to write down the value of ADVANCE inventory within cost of revenues on the Company's statement of operations. The Company also recorded a charge of $63,420 in the first quarter of 2023 to reduce the carrying value of inventory to net realizable value.

7.     Accrued Expenses and Compensation

Accrued expenses and compensation consist of the following:

	March 31, 2024		December 31, 2023
Professional services	$	547,498	$	298,534
Compensation	202,424		346,245
Severance	555,000		—
Clinical	37,383		39,000
Warranty	8,000		9,400
Sales Tax	143,185		141,672
Other	60,736		41,888
	$	1,554,226	$	876,739

In the first quarter of 2024, the Company recorded a $50,000 estimated liability included in "Other" in the table above, associated with additional costs expected to be incurred related to a discontinued product line within cost of revenues. In addition the Company recorded a severance accrual of $555,000, see note 10 for additional details.

8.     Operating Leases

The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities extends through mid September 2025 at a monthly base rent of $13,846 and with a 5-year extension option.

The following is a maturity analysis of the annual cash flows of the operating lease liabilities as of March 31, 2024:

2024	$	124,339
2025	117,431
Total minimum lease payments	$	241,770
Discount rate, 15%	$	32,433
Lease obligation, current portion	148,391
Lease obligation, net of current portion	60,946
	$	241,770

Total recorded rent expense was $50,377 and $49,232, for the quarters ended March 31, 2024 and 2023, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. The remaining operating lease term was 1.5 years as of March 31, 2024.

9

9.     Stockholders’ Equity

Preferred stock and convertible preferred stock consist of the following: 

	March 31, 2024		December 31, 2023
Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	$	—	$	—
Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2024 and December 31, 2023; 200 shares issued and outstanding at March 31, 2024 and December 31, 2023	$	1	$	1

2024 equity activity

In January and February 2024, the Company issued 458,380 shares of its common stock, under an at-the-market ("ATM") program for net proceeds of $1,471,099. As of April 18, 2024, the Company terminated the ATM program.

In March 2024, 1,015 restricted stock awards and 5,912 restricted stock units were forfeited due to the employee reduction described in Note 10. As of March 31, 2024, the Company had 3,201 restricted stock awards and 48,565 restricted stock units that remain unvested. At December 31, 2023 the Company had 6,222 restricted stock awards and 60,492 restricted stock units that were unvested.

2023 equity activity

As of March 31, 2023, the Company had 10,745 restricted stock awards and 22,476 restricted stock units that remain unvested.

10.     Employee Reduction

As indicated in Note 1., the Company has initiated a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction.

The Company incurred severance charges related to a reduction of 10 full time employees in the first quarter of 2024. The reduction was implemented in order to better align staffing with work responsibilities and to reduce operating expenses. Cash payments of approximately $207,000 for a majority of the employees will be made by the end of May 2024 and approximately $348,000 in cash payments related to two employees who have extended agreements will be ratably paid through December 2024.

The following table sets forth the activity during the quarter in accrued severance.

	Quarter ended March 31, 2024
Severance
Beginning balance	$	—
Additions	580,427
Amounts paid out	(25,427)
Ending balance	$	555,000

Within the Company's Statements of Operations for the quarter ended March 31, 2024, $580,427 in severance charges were recorded as follows: $310,200 within research and development, $234,527 within sales and marketing, $4,200 within general and administrative and $31,500 within cost of revenues.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion of our financial condition and results of operations in conjunction with our financial statements and the accompanying notes to those financial statements included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. For a description of factors that may cause our actual results to differ materially from those anticipated in these forward-looking statements, please refer to the below section of this Quarterly Report on Form 10-Q titled “Cautionary Note Regarding Forward-Looking Statements.” Unless the context otherwise requires, all references to “we”, “us”, the “Company”, or “NeuroMetrix” in this Quarterly Report on Form 10-Q refer to NeuroMetrix, Inc.

Business Overview

NeuroMetrix is a commercial stage neurotechnology company based in Woburn, Massachusetts. The Company’s mission is to improve individual and population health through innovative medical devices and technology solutions for pain syndromes and neurological disorders. Our core expertise in biomedical engineering has been refined over two decades of designing, building and marketing medical devices that stimulate nerves and analyze nerve response for diagnostic and therapeutic purposes. We are fully integrated with in-house capabilities spanning research and development, manufacturing, regulatory affairs and compliance, sales and marketing, product fulfillment and customer support. We hold extensive, proprietary intellectual property.

NeuroMetrix created the market for point-of-care nerve testing and introduced sophisticated wearable technology for chronic pain syndromes. Nearly five million patients have been served with our products. Revenue is derived from the sale of medical devices, after-market consumable products and accessories in the United States and select overseas markets. Products are authorized by the U.S. Food and Drug Administration (FDA) and regulators in foreign jurisdictions where appropriate. We have two principal product categories:

•Therapeutic technology – wearable neuromodulation for chronic pain syndromes

•Diagnostic technology - point-of-care peripheral neuropathy assessment

Chronic pain is a significant public health problem. It is defined by the National Institutes of Health (the "NIH") as pain lasting more than 12 weeks. This contrasts with acute pain which is a normal bodily response to injury or trauma. Chronic pain conditions include low back pain, arthritis, fibromyalgia, neuropathic pain, and cancer pain, among many others. Chronic pain

may be triggered by an injury or there may be an ongoing cause such as disease or illness. There may also be no clear cause. Chronic pain can also lead to other health problems which can include fatigue, sleep disturbance and mood changes, which cause difficulty in carrying out important activities and contributing to disability and despair. In general, chronic pain cannot be cured. Treatment of chronic pain is focused on reducing pain and improving function. The goal is effective pain management.

Chronic pain affects nearly 100 million adults in the United States and more than 1.5 billion people worldwide. The estimated incremental impact of chronic pain on health care costs in the United States is over $250 billion per year, and lost productivity is estimated to exceed $300 billion per year. The most common approach to chronic pain management is pain medication. This includes over-the-counter internal and external analgesics as well as prescription pain medications, both non-opioid and opioids. The approach to treatment is individualized, drug combinations may be employed, and the results are often inadequate. Side effects, including the potential for addiction are substantial. Reflecting the complexity of chronic pain and the difficulty in treating it, we believe that inadequate relief leads 25% to 50% of pain sufferers to seek alternatives to prescription pain medications. These alternatives include nutraceuticals, acupuncture, chiropractic care, non-prescription analgesics, electrical stimulators, braces, sleeves, pads and other items. In total, these pain relief products and services account for approximately $20 billion in annual out-of-pocket spending in the United States.

Nerve stimulation is a long-established category of treatment for chronic pain. This treatment approach is available through implantable devices which have both surgical and ongoing risks, such as migration of the implanted nerve stimulation leads. Non-invasive approaches involving transcutaneous electrical nerve stimulation ("TENS") have achieved limited efficacy in practice due to power limitations, inadequate dosing and low patient adherence. We believe that our Quell wearable technology for chronic pain is designed to address many of the limitations of traditional TENS.

Peripheral neuropathies, or polyneuropathies, are diseases of the peripheral nerves. They affect about 10% of adults in the United States, with the prevalence rising to over 30% among individuals 65 years and older. Peripheral neuropathies are associated with loss of sensation, pain, increased risk of falling, weakness, and other complications. People with peripheral

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neuropathies have a diminished quality of life, poor overall health and higher mortality. The most common specific cause of peripheral neuropathies, accounting for about one-third of cases, is diabetes. Diabetes is a worldwide epidemic with an estimated affected population of over 400 million people. Within the United States there are over 30 million people with diabetes and another 80 million with pre-diabetes. The annual direct cost of treating diabetes in the United States exceeds $100 billion. Although there are dangerous acute manifestations of diabetes, the primary burden of the disease is in its long-term complications, which include cardiovascular disease, nerve disease and resulting conditions such as foot ulcers which may require amputation, eye disease leading to blindness, and kidney failure. The most common long-term complication of diabetes, affecting over 50% of the diabetic population, is peripheral neuropathy. Diabetic peripheral neuropathy ("DPN") is the primary trigger for diabetic foot ulcers which may progress to the point of requiring amputation. People with diabetes have a 15 to 25% lifetime risk of foot ulcers and approximately 15% of foot ulcers lead to amputation. Foot ulcers are the most expensive complication of diabetes with a typical cost of $5,000 to $50,000 per episode. In addition, between 16% and 26% of people with diabetes suffer from chronic pain in their feet and lower legs.

Early detection of peripheral neuropathies, such as DPN, is important because there are no treatment options once the nerves have degenerated. Currently available diagnostic methods for peripheral neuropathies range from a simple monofilament test for lack of sensory perception in the feet to a nerve conduction study performed by a specialist. Our DPNCheck nerve conduction technology provides a rapid, low cost, quantitative test for peripheral neuropathies, including DPN. It addresses an important medical need and is particularly effective in screening large populations. DPNCheck has been validated in multiple clinical studies.

Business Strategy

Our leading commercial products, and the focus of our strategic attention, are Quell and DPNCheck.

Quell is our wearable neuromodulation technology for chronic pain. It has been refined over the past seven years with feedback from over 204,000 chronic pain patients and is protected by over 20 U.S. utility patents. Patients control and personalize the technology with a mobile phone app, and their utilization of the devices and certain clinical metrics may be tracked in the Quell Health Cloud. The degree of technological sophistication, combined with our extensive consumer experience and the compelling results of clinical studies, gives us the opportunity to leverage this technology base into a portfolio of Quell-based prescription ("Rx") wearable neurotherapeutics.

In 2021, Quell received Breakthrough Device Designation from the FDA for a fibromyalgia indication. A pivotal double-blind, randomized, sham-controlled clinical study of Quell - Fibromyalgia was completed, and a De Novo marketing authorization was obtained from the FDA in 2022. Quell – Fibromyalgia is indicated for use as an aid for reducing the symptoms of fibromyalgia in adults with high pain sensitivity. This Rx product was introduced to the domestic market in late 2022 under the auspices of a controlled, strategic commercial launch in order to broaden market awareness and our understanding of market dynamics. During the first quarter of 2024, we introduced a telemedicine option to facilitate patient prescriptions, increased our refill pricing, and expanded our target market to include Veterans Administration patients.

Quell also received FDA Breakthrough Device Designation in early 2022 for the treatment of chronic Chemotherapy Induced Peripheral Neuropathy ("CIPN"). A CIPN double-blind, randomized, sham-controlled clinical study employing Quell, funded by the National Cancer Institute and the NIH, was completed in 2023. A 510(k) application, which is required for pre-market review and clearance by FDA of pre-market notification, has been filed with FDA for marketing authorization for CIPN patients with moderate to severe neuropathic pain and cramps. Review and approval of the application by FDA could lead to market introduction of Quell - CIPN in late 2024. This would be the second product in our emerging portfolio of Quell-based Rx wearable therapeutics. We plan a similar approach to other disease indications involving chronic pain. These potentially include Fibromyalgia-like Long COVID, Chronic Low Back Pain, and Chronic Overlapping Pain Conditions.

DPNCheck is our well-established testing technology for peripheral neuropathies. This technology has been evaluated in multiple clinical studies and promoted both in the domestic Medicare Advantage ("MA") market and also in the Asian markets of Japan and China. MA has historically contributed the majority of DPNCheck revenue and been the driver of product-line growth.

During 2023, the Centers for Medicare and Medicaid ("CMS") implemented significant changes to its MA Hierarchical Condition Categories ("HCC") risk adjustment payments and to its MA Risk Adjustment Data Validation ("RADV") audit practices. The changes to HCC risk factor coding significantly reduced CMS payments for population screening for various

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conditions, including for neuropathy, and resulted in a significant reduction in our DPNCheck sales. As a result, we have reduced our commercial sales team while continuing to support our customer base and attract new accounts. It is unlikely that there will be a near-term recovery from the decline in revenue of the DPNCheck MA business. DPNCheck sales in Asian markets have remained consistent between the past two years and unaffected by the reimbursement changes in MA.

ADVANCE is our legacy, point-of-care neurodiagnostic technology primarily used for the diagnosis and screening for carpal tunnel syndrome. Manufacturing of ADVANCE devices was discontinued in 2012. While we have continued to service devices and provide disposable electrodes to our eroding customer base, in the first quarter of 2024, we concluded that the remaining business was not viable. During the quarter ended March 31, 2024, the Company recorded a charge of $74,209 to reserve the value of ADVANCE inventory and a $50,000 estimated liability to exit the business within cost of revenues. We have implemented a plan to discontinue ADVANCE during the second quarter of 2024.

Strategy Review

During February 2024, we reported that we would undertake a review of a wide range of Company options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction. We have not set a timetable for completion of this evaluation process and may not disclose further developments unless disclosure is appropriate or necessary. An independent financial advisor has been retained to assist in the process.

Results of Operations

Comparison of Quarters Ended March 31, 2024 and March 31, 2023

	Quarters ended March 31,						Increase (Decrease)
	2024			2023			Amount		Percent
Revenues	$	1,093,556		$	1,724,771		$	(631,215)	(36.6)	%
Gross profit	517,017			1,198,399			$	(681,382)	(56.9)	%
–% of revenues	47.3		%	69.5		%			(22.2)	%
Operating expenses	3,771,008			2,908,468			$	862,540	29.7	%
Other income, net	224,417			135,895			$	88,522	65.1	%
Net loss	$	(3,029,574)		$	(1,574,174)		$	1,455,400	92.5	%
Net loss per common share	$	(1.67)		$	(1.64)		$	0.03	1.8	%

Revenues

Revenues for the first quarter of 2024 decreased by $631 thousand or 36.6% from the first quarter of 2023. DPNCheck sales accounted for the majority of revenues in both quarters and were the primary contributor to the revenue decline in the first quarter of 2024. The DPNCheck sales decline was primarily attributable to adverse CMS reimbursement changes in the Medicare Advantage market initiated in 2023 and scheduled to be phased in over a three year period which have reduced patient screening by healthcare providers for various conditions, including neuropathy. Sales of Quell - Fibromyalgia, Quell – lower extremity chronic pain and ADVANCE consumables have made a small contribution to offsetting the DPNCheck sales reduction.

Gross Profit

Gross profit for the first quarter of 2024 decreased by $681 thousand or 56.9% from the first quarter of 2023. Gross profit reflected a 47.3% gross margin rate in comparison with 69.5% in the prior year quarter. The decline in revenue, particularly DPNCheck revenue, was the largest contributor to the reduction in gross profit. The gross profit rate contraction reflected reduced weighting by DPNCheck, the Company’s highest margin product line and lower absorption of indirect manufacturing costs. In addition, the Company recorded a $74,209 charge to reserve ADVANCE inventory and a $50,000 charge to record the estimated liability to discontinue the ADVANCE product line within cost of revenues.

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Operating Expenses

Operating expenses increased in the first quarter of 2024 by $863 thousand or 29.7% from the first quarter of 2023. The primary contributor across all operating expense categories was increased personnel costs reflecting employee severance costs due to a reduction in headcount. Research and development spending in the first quarter of 2024 of $944 thousand increased by $244 thousand from the first quarter of 2023 due to employee severance costs of $310 thousand offset by a reduction in clinical work of $47 thousand. Sales and marketing spending of $1.1 million in the first quarter of 2024 increased by $245 thousand from the first quarter of 2023, primarily attributable to increased personnel costs including employee severance costs of $235 thousand. General and administrative costs of $1.8 million in the first quarter of 2024 increased by $373 thousand from the first quarter of 2023, due to increased professional fees of $268 thousand, taxes, licenses and fees of $164 thousand, offset by lower personnel costs of $66 thousand.

Net loss

The net loss in the first quarter of 2024 increased by $1.5 million from the first quarter of 2023. Similarly, net loss per common share increased to ($1.67) per common share in the first quarter of 2024 from ($1.64) per common share in the first quarter of 2023.

Liquidity and Capital Resources

The following table contains certain metrics relating to our liquidity and key performance indicators:

	March 31,				December 31,
	2024		2023		2023
Cash, cash equivalents and marketable securities	$	17,599,110	$	20,253,382	$	17,997,151
Working capital	$	18,304,763	$	21,669,214	$	19,613,803
Current ratio	10.9		16.3		16.8
Net debt position	$	(15,690,994)	$	(18,656,082)	$	(16,664,027)
Days sales outstanding	40.7		31.9		35.6
Inventory turnover	1.5		1.3		1.2

Our primary sources of liquidity are cash and cash equivalents, securities, revenues from the sales of our products, and net proceeds from equity sales. Our expected cash outlays relate to funding operations. We believe that our resources are sufficient to fund our cash requirements over at least the next twelve months from the date of issuance of the financial statements. As indicated above, we have initiated a review of our strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction, which could affect our future liquidity.

As of March 31, 2024, we had, working capital of $18.3 million, including $17.6 million in cash, cash equivalents and marketable securities, and a current ratio of 10.9. We had no term debt or borrowings. Net debt, defined as short and long-term debts, less cash, cash equivalents and securities, continues to be negative.

Days sales outstanding ("DSO") reflect our customer payment terms which vary from payment on order to 60 days from shipment date. The increase in DSO in 2024 in comparison with the prior year reflects a greater weighting during 2024 of sales with terms of 30 to 60 days plus extended payment terms provided to a long-term DPNCheck customer related to a volume-based contract. Inventory turnover rate increased during the quarter ended March 31, 2024 due to reduced inventory on-hand.

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Cash Flows

	Three months ended March 31,
	2024		2023		Change
Net cash provided by (used in):
–Operating activities	$	(2,081,401)	$	(1,121,417)	$	(959,984)
–Investing activities	138,286		(836,984)		975,270
–Financing activities	1,471,099		—		1,471,099
Net change in cash and cash equivalents	$	(472,016)	$	(1,958,401)

Operating activities

Operations cash usage in the first quarter of 2024 increased by $960 thousand from the first quarter of 2023, reflecting an increase in net loss of $1.5 million partially offset by the benefits of working capital which included a reduction in inventory of $210 thousand, an increase to accrued expenses of $399 thousand, and a reduction to accounts receivable of $21 thousand.

Investing activities

Investing activities in the first quarter of 2024 reflect $7.4 million in purchases of AFS securities offset by proceeds from maturity of AFS securities of $7.5 million.

Financing activities

During the first quarter of 2024, net proceeds from financing activities totaled $1.5 million from the sale of common stock to investors, under a shelf registration statement for the Company’s ATM facility and administered by an investment bank. As of April 18, 2024, the Company terminated the ATM program. There were no financing activities for the first quarter of 2023.

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Cautionary Note Regarding Forward-Looking Statements

The statements contained in this Quarterly Report on Form 10-Q, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of this Quarterly Report, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, without limitation, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future, such as our estimates regarding anticipated operating losses, future revenues and projected expenses, our future liquidity and our expectations regarding our needs for and ability to raise additional capital; our plan to pursue strategic alternatives to maximize shareholder value and the outcome of such pursuant; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; our ability to manage our expenses effectively and raise the funds needed to continue our business; our belief that there are unmet needs and our estimates regarding the addressable market for the management of chronic pain and in the diagnosis and treatment of diabetic neuropathy; our expectations surrounding our commercialized neurostimulation and neuropathy diagnostic products; our expected timing and our plans to develop and commercialize our products; our ability to meet our proposed timelines for the commercial availability of our products; our ability to obtain and maintain regulatory approval of our existing products and any future products we may develop; regulatory and legislative developments in the United States and foreign countries; the performance of our third-party manufacturers; our ability to obtain and maintain intellectual property protection for our products; the successful development of our sales and marketing capabilities; the size and growth of the potential markets for our products and our ability to serve those markets; our estimate of our customer returns of our products; the rate and degree of market acceptance of any future products; our reliance on key scientific management or personnel; the payment and reimbursement methods used by private or government third party payers; and other factors discussed elsewhere in this Quarterly Report on Form 10-Q. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this quarterly report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section titled “Risk Factors” in our Annual Report on Form 10-K. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We do not use derivative financial instruments in our investment portfolio and have no foreign exchange contracts. Our financial instruments consist of cash and cash equivalents and available for sale debt securities. We consider investments that, when purchased, have a remaining maturity of 90 days or less to be cash equivalents. The primary objectives of our investment strategy are to preserve principal, maintain proper liquidity to meet operating needs, and maximize yields. To minimize our exposure to an adverse shift in interest rates, we invest mainly in cash equivalents and investments with a maturity of twelve months or less and we maintain an average maturity of twelve months or less. We do not believe that a notional or hypothetical 10% change in interest rate percentages would have a material impact on the fair value of our investment portfolio or our interest income.

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Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. Our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2024, have concluded that, based on such evaluation, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls. There were no changes in our internal control over financial reporting identified in connection with the evaluation of such internal control that occurred during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

While we are not currently a party to any material legal proceedings, we could become subject to legal proceedings in the ordinary course of business. We are not aware of and do not expect any such potential issues. However, should they occur, we would not expect them to have a significant impact on our financial position.

Item 1A. Risk Factors

We are supplementing the risk factors described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 to add the following new risk factor.

In February 2024, the Company announced that it would undertake a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction. We have engaged Lucid Capital Markets as financial advisor to the Company to assist in the process. A timetable for completion of this evaluation process has not been established, and even if certain strategic alternatives may be available, the Company cannot provide any assurance that the strategic alternatives review process will result in the successful realization of any particular alternative, transaction or value. We do not expect to disclose developments with respect to any strategic transaction or other alternatives unless and until our board of directors has concluded that disclosure is appropriate or required. If we determine to change our business strategy or to seek to engage in a strategic transaction, our future business, prospects, financial position and operating results could be significantly different than those in historical periods or projected by our management. Because of the significant uncertainty regarding our future plans, we are not able to accurately predict the impact of a potential change in our business strategy and future funding requirements.

Until the review process is concluded, perceived uncertainties related to our future may result in the loss of potential business opportunities and volatility in the market price of our common stock and may make it more difficult for us to attract and retain qualified personnel and business partners.

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.    Defaults Upon Senior Securities

None. 

Item 4.    Mine Safety Disclosures

Not applicable. 

Item 5.    Other Information

During the first quarter of 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), and none of our directors or executive officers adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

On April 25, 2024, the Company entered into addenda to the Employment Agreements with each of Dr. Shai N. Gozani and Thomas T. Higgins to extend such agreements for an additional term of one (1) year, beyond the initial term of three (3) years commencing on January 1, 2021, and ending on December 31, 2023.

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Item 6.    Exhibits

Exhibit No.	Description
10.1	NeuroMetrix, Inc. Form of Indemnification Agreement, as amended on April 24, 2024, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on April 19, 2024 (SEC File No. 001-33351).
10.2	Addendum dated April 25, 2024 to Employment Agreement, dated December 30, 2020, by and between Shai N. Gozani, M.D.,Ph.D and NeuroMetrix, Inc.
10.3	Addendum dated April 25, 2024 to Employment Agreement, dated December 30, 2020, by and between Thomas T. Higgins and NeuroMetrix, Inc.
31.1	Certification of Principal Executive Officer Under Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, and pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2	Certification of Principal Financial Officer Required Under Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32	Certification of Principal Executive Officer and Principal Financial Officer Required Under Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350. Furnished herewith.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). Filed herewith.
101.SCH	Inline XBRL Taxonomy Extension Schema Document. Filed herewith.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		NEUROMETRIX, INC.
May 15, 2024	/s/	SHAI N. GOZANI, M.D., PH. D.
		Shai N. Gozani, M.D., Ph. D.
		Chairman, President and Chief Executive Officer
May 15, 2024	/s/	THOMAS T. HIGGINS
		Thomas T. Higgins
		Senior Vice President, Chief Financial Officer and Treasurer

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EX-10.2

April 25, 2024

Shai N. Gozani, M.D., PhD

Employment Agreement – December 30, 2020

Addendum – Other Terms

On behalf of the Board of Directors of NeuroMetrix, Inc., the Compensation Committee of the Board confirms the following modification to the terms of your employment:

“Other Terms – This agreement is extended for an additional term of one (1) year beyond the initial term of three (3) years commencing on January 1, 2021, and ending on December 31, 2023.”

Other terms of your employment agreement dated December 30, 2020 and subsequent addendums are unchanged.

Please acknowledge your acceptance of this Addendum by signing below.

Sincerely,

NeuroMetrix, Inc.

By:     /s/ David VanAvermaete__________________

    David VanAvermaete

Compensation Committee, Board of Directors

/s/ David Goodman, M.D., MSE____________

David Goodman, M.D., MSE,

Compensation Committee, Board of Directors

Accepted:    /s/ Shai N. Gozani, MD., Ph.D._____________

        Shai N. Gozani, M.D., Ph.D.                     Date: April 25, 2024

4 B Gill Street, Woburn, MA 01801 / neurometrix.com / O 781.890.9989

EX-10.3

April 25, 2024

Thomas T. Higgins

Employment Agreement – December 30, 2020

Addendum

On behalf of the Board of Directors of NeuroMetrix, Inc., the Compensation Committee of the Board confirms the following modification to the terms of your employment:

“Other terms – This agreement is extended for an additional term of one (1) year beyond the initial term of three (3) years commencing on January 1, 2021, and ending on December 31, 2023.”

Other terms of your employment agreement dated December 30, 2020 are unchanged.

Please acknowledge your acceptance of this Addendum by signing below.

Sincerely,

NeuroMetrix, Inc.

By:     /s/ David VanAvermaete__________________

    David VanAvermaete

Compensation Committee, Board of Directors

/s/ David Goodman, M.D., MSE____________

David Goodman, M.D., MSE,

Compensation Committee, Board of Directors

Accepted:     /s/ Thomas T. Higgins_____________________

        Thomas T. Higgins.                         Date: April 25, 2024

4 B Gill Street, Woburn, MA 01801 / neurometrix.com / O 781.890.9989

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Shai N. Gozani, M.D., Ph.D., certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of NeuroMetrix, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	May 15, 2024	/s/ SHAI N. GOZANI, M.D., PH. D.
		Shai N. Gozani, M.D., Ph.D.
		Chairman, President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Thomas T. Higgins, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of NeuroMetrix, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	May 15, 2024	/s/ THOMAS T. HIGGINS
		Thomas T. Higgins
		Senior Vice President, Chief Financial Officer and Treasurer

EX-32

EXHIBIT 32

CERTIFICATION

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of NeuroMetrix, Inc., a Delaware corporation (the "Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report for the quarter ended March 31, 2024 (the "Form 10-Q") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ SHAI N. GOZANI, M.D., PH. D.

Shai N. Gozani, M.D., Ph.D.

Chairman, President and Chief Executive Officer

/s/ THOMAS T. HIGGINS

Thomas T. Higgins

Senior Vice President, Chief Financial Officer and Treasurer

May 15, 2024

This certification is being furnished and not filed, and shall not be incorporated into any document for any purpose, under the Securities Exchange Act of 1934 or the Securities Act of 1933.

XML

Document And Entity Information - shares		3 Months Ended
	Nov. 21, 2023	Mar. 31, 2024	May 14, 2024
Document Information [Line Items]
Entity Central Index Key		0001289850
Current Fiscal Year End Date		--12-31
Document Fiscal Year Focus		2024
Document Fiscal Period Focus		Q1
Amendment Flag		false
Entity Common Stock, Shares Outstanding			2,011,485
Entity Emerging Growth Company		false
Entity Shell Company		false
Document Type		10-Q
Entity Current Reporting Status		Yes
Entity Small Business		true
Entity Interactive Data Current		Yes
Document Quarterly Report		true
Document Period End Date		Mar. 31, 2024
Document Transition Report		false
Entity File Number		001-33351
Entity Registrant Name		NEUROMETRIX, INC.
Entity Incorporation, State or Country Code		DE
Entity Address, Postal Zip Code		01801
Local Phone Number		890-9989
Entity Filer Category		Non-accelerated Filer
Entity Tax Identification Number		04-3308180
Entity Address, Address Line One		4B Gill Street
Entity Address, City or Town		Woburn
Entity Address, State or Province		MA
City Area Code		781
Stockholders' Equity, Reverse Stock Split	All share amounts in the Quarterly Report on Form 10-Q have been adjusted to reflect a 1-for-8 reverse stock split that was effected on November 21, 2023.
Common Stock [Member]
Document Information [Line Items]
Security Exchange Name		NASDAQ
Trading Symbol		NURO
Title of 12(b) Security		Common Stock, $0.0001 par value per share
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security		Preferred Stock Purchase Rights

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Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,259,930	$ 1,731,946
Debt Securities, Available-for-Sale	16,339,180	16,265,205
Accounts receivable, net	469,650	518,824
Inventories	1,471,438	1,559,428
Prepaid expenses and other current assets	611,735	779,039
Total current assets	20,151,933	20,854,442
Fixed assets, net	268,541	293,449
Operating Lease, Right-of-Use Asset	217,254	250,150
Other Assets, Noncurrent	26,400	26,400
Total assets	20,664,128	21,424,441
Current liabilities:
Accounts payable	144,553	215,509
Accrued expenses and compensation	1,554,226	876,739
Operating Lease, Liability, Current	148,391	148,391
Total current liabilities	1,847,170	1,240,639
Operating Lease, Liability, Noncurrent	60,946	92,485
Total liabilities	1,908,116	1,333,124
Commitments and contingencies
Stockholders’ equity:
Common Stock, Value, Issued	199	152
Additional paid-in capital	231,647,562	229,960,346
Accumulated deficit	(213,138,927)	(210,109,353)
Total stockholders’ equity	18,756,012	20,091,317
Total liabilities and stockholders’ equity	$ 20,664,128	$ 21,424,441
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	25,000,000	25,000,000
Common Stock, Shares, Issued	1,986,997	1,524,939
Common Stock, Shares, Outstanding	1,986,997	1,524,939
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 247,177	$ 240,171
Convertible preferred stock
Stockholders’ equity:
Preferred stock	1	1
Preferred Non-Convertible Stock
Stockholders’ equity:
Preferred stock	$ 0	$ 0

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Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer, Including Assessed Tax	$ 1,093,556	$ 1,724,771
Other Nonoperating Income	205,255	0
Net loss	$ (3,029,574)	$ (1,574,174)
Earnings Per Share, Diluted	$ (1.67)	$ (1.64)
Earnings Per Share, Basic	$ (1.67)	$ (1.64)
Weighted Average Number of Shares Outstanding, Diluted	1,812,455	961,153
Weighted Average Number of Shares Outstanding, Basic	1,812,455	961,153
Loss from operations	$ (3,253,991)	$ (1,710,069)
Investment Income, Interest	19,162	135,895
Operating expenses:
Research and development	943,552	699,425
Sales and marketing	1,061,729	815,872
General and administrative	1,765,727	1,393,171
Total operating expenses	3,771,008	2,908,468
Gross profit	517,017	1,198,399
Cost of revenues	576,539	526,372
Nonoperating Income (Expense), Total	$ 224,417	$ 135,895

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Statement of Comprehensive Income (Statement) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (3,022,568)	$ (1,508,300)
Net Income (Loss) Attributable to Parent	(3,029,574)	(1,574,174)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	212,261	65,874
Other Comprehensive Income Realized Gain Adjustment	$ (205,255)	$ 0

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Equity Rollforward Statement - USD ($)	Total	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Common Stock [Member]	Preferred Stock Convertible Preferred Stock [Member]	AOCI Attributable to Parent
Stockholders' Equity Attributable to Parent	$ 23,355,687	$ 226,935,456	$ (203,579,866)	$ 96	$ 1	$ 0
Shares, Outstanding				959,460	200
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	165,361	165,361
Stock Issued During Period, Value, Restricted Stock Award, Gross	0	0		$ 0
Stock Issued During Period, Shares, Restricted Stock Award, Gross				2,439
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent	65,874
Net Income (Loss) Attributable to Parent	(1,574,174)		(1,574,174)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	65,874					65,874
Other Comprehensive Income Realized Gain Adjustment	0
Stockholders' Equity Attributable to Parent	22,012,748	227,100,817	(205,154,040)	$ 96	$ 1	65,874
Shares, Outstanding				961,899	200
Stockholders' Equity Attributable to Parent	20,091,317	229,960,346	(210,109,353)	$ 152	$ 1	240,171
Shares, Outstanding				1,518,717	200
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	216,164	216,164
Stock Issued During Period, Shares, New Issues				458,380
Stock Issued During Period, Value, New Issues	1,471,099	1,471,053		$ 46
Stock Issued During Period, Value, Restricted Stock Award, Gross	0	(1)		$ 1
Stock Issued During Period, Shares, Restricted Stock Award, Gross				6,699
Net Income (Loss) Attributable to Parent	(3,029,574)		(3,029,574)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	212,261					212,261
Other Comprehensive Income Realized Gain Adjustment	(205,255)					205,255
Stockholders' Equity Attributable to Parent	$ 18,756,012	$ 231,647,562	$ (213,138,927)	$ 199	$ 1	$ 247,177
Shares, Outstanding				1,983,796	200

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Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (3,029,574)	$ (1,574,174)
Depreciation, Depletion and Amortization	24,908	10,222
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	216,164	165,361
Debt Securities, Available-for-Sale, Realized Gain	(205,255)	0
Changes in operating assets and liabilities:
Accounts receivable	49,174	70,490
Inventories	13,781	(196,548)
Prepaid expenses and other current and long-term assets	108,661	78,467
Accounts payable	(70,956)	32,217
Accrued expenses and compensation	737,487	338,326
Net Cash Provided by (Used in) Operating Activities	(2,081,401)	(1,121,417)
Payments to Acquire Debt Securities, Available-for-Sale	7,361,714	9,336,984
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	7,500,000	0
Cash flows from investing activities:
Net Cash Provided by (Used in) Investing Activities	138,286	(836,984)
Cash flows from financing activities:
Net proceeds from issuance of stock and warrants	1,471,099	0
Net Cash Provided by (Used in) Financing Activities	1,471,099	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(472,016)	(1,958,401)
Cash and cash equivalents, end of period	1,259,930
Supplemental disclosure of cash flow information:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	1,259,930	2,376,619
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities	0	8,500,000
Inventory Charge Cost of Revenues	74,209	63,420
Investment Income, Net, Amortization of Discount and Premium	$ 0	$ 109,198

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Business and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Business Description and Accounting Policies

Business and Basis of Presentation

NeuroMetrix, Inc. (the "Company" or "NeuroMetrix") develops and commercializes health care products that utilize non-invasive neurostimulation. Revenues are derived from the sale of medical devices and after-market consumable products and accessories. The Company’s products are sold in the United States and select overseas markets. They are cleared by the U.S. Food and Drug Administration ("FDA") and regulators in foreign jurisdictions where appropriate. The Company has two primary products. DPNCheck® is a point-of-care test for diabetic peripheral neuropathy, which is the most common long-term complication of Type 2 diabetes. Quell is an app-enabled, wearable device for lower extremity chronic pain and for the symptoms of fibromyalgia.

The Company held cash, cash equivalents and investment grade securities totaling $17.6 million on March 31, 2024. The Company believes that its present balance of cash resources and securities coupled with cash inflows from product sales will enable the Company to fund its operations for at least the next twelve months from the date of issuance of the financial statements. Actual cash requirements could differ from management's projections for many reasons, including changes the Company may make to its business strategy, commercial challenges, regulatory developments, changes to research and development programs, supply chain issues, staffing challenges and other items affecting the Company's projected uses of cash.

During February 2024, the Company announced that it would undertake a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction. A timetable for completion of this evaluation process has not been established, and even if certain strategic alternatives may be available, the Company cannot provide any assurance that the strategic alternatives review process will result in the successful realization of any particular alternative, transaction or value. Accordingly, the unaudited financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Unaudited Interim Financial Statements

The accompanying unaudited balance sheet as of March 31, 2024, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2023 has been derived from the audited balance sheet as of December 31, 2023 included in the Company's Form 10-K referenced below and does not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC"), on March 1, 2024 (File No. 001-33351).

Revenues

Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Revenue from product sales that occur via an online pharmacy agent are recognized on a gross basis and the related fulfillment fees are expensed within cost of revenues.

Accounts receivable are recorded in the amount the Company expects to collect, net of the allowance for credit losses. The allowance for credit losses is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are over 90 days past due are reviewed individually for collectability and written-off when recovery is not probable. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for credit losses was $25,000 as of March 31, 2024 and December 31, 2023.

Two customers accounted for 25% and 39% of total revenues in the quarters ended March 31, 2024 and 2023, respectively. Three customers accounted for 64% and 74% of accounts receivable as of March 31, 2024 and December 31, 2023, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities.

Securities

The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either "held-to-maturity" ("HTM") or “available-for-sale” ("AFS") at the point of investment. Securities classified as short-term have maturities of less than one year. As of March 31, 2024, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less.

HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive loss. For certain types of securities, such as U.S. Treasuries, the Company generally expects zero credit losses. No allowance for credit losses was recorded on its securities portfolio as of March 31, 2024 or December 31, 2023.

Fair Value

The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates.

Recent Accounting Pronouncements

Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements.

Recently adopted accounting pronouncement

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s Financial Statements and disclosures.

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Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Comprehensive Loss

Comprehensive Income (Loss)

For the quarter ended March 31, 2024, the Company had comprehensive income of $7,006 for net unrealized gains on AFS, in addition to net loss of $3,029,574 in the statements of operations. The Company had comprehensive income of $65,874 for net unrealized gains on AFS, in addition to net loss of $1,574,174 in the statements of operations for the quarter ended March 31, 2023.

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Net Loss Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Common Share

3.    Net Loss Per Common Share

Basic and dilutive net loss per common share were as follows:

	Quarters Ended March 31,
	2024		2023
Net loss applicable to common stockholders	$	(3,029,574)	$	(1,574,174)
Weighted average number of common shares outstanding, basic and diluted	1,812,455		961,153
Net loss per common share applicable to common stockholders, basic and diluted	$	(1.67)	$	(1.64)

Shares underlying the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: 

	Quarters Ended March 31,
	2024	2023
Options	63,755	65,683
Unvested restricted stock awards	3,201	10,745
Unvested restricted stock units	48,565	22,477
Convertible preferred stock	8	8
Total	115,529	98,913

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Quarters Ended March 31,
	2024		2023
Net loss applicable to common stockholders	$	(3,029,574)	$	(1,574,174)
Weighted average number of common shares outstanding, basic and diluted	1,812,455		961,153
Net loss per common share applicable to common stockholders, basic and diluted	$	(1.67)	$	(1.64)

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Investments, Debt and Equity Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

4. Securities

The Company's marketable debt securities are classified as either HTM or AFS pursuant to ASC 320 - Investments - Debt Securities. HTM securities are valued at amortized cost. The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2024 and December 31, 2023.

	March 31, 2024
			Gross Unrealized
Available-for-sale securities	Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	7,842,359	$	51,676	$	—	$	—	$	7,894,035
Commercial paper	8,249,644		196,488		(987)		—		8,445,145
Total	$	16,092,003	$	248,164	$	(987)	$	—	$	16,339,180

	December 31, 2023
			Gross Unrealized
Available-for-sale securities	Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	4,412,935	$	5,665	$	—	$	—	$	4,418,600
Commercial paper	11,612,099		234,506		—		—		$	11,846,605
Total	$	16,025,034	$	240,171	$	—	$	—	$	16,265,205

The Company evaluates all HTM and AFS securities for impairment at each reporting period. It determined that changes in the fair value of its securities at March 31, 2024 resulted primarily from interest rate fluctuations subsequent to the purchase date of the securities. There was no deterioration in the credit worthiness of the issuers and no credit losses were recorded as of March 31, 2024.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following tables set forth the Company’s financial instruments that were measured at fair value:

	March 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	1,255,736	$	1,255,736	$	—	$	—
U.S. government bonds	7,894,035		7,894,035		—		—
Commercial paper	8,445,145		—		8,445,145		—
Total	$	17,594,916	$	9,149,771	$	8,445,145	$	—

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	1,284,290	$	1,284,290	$	—	$	—
U.S. government bonds	4,418,600		4,418,600		—		—
Commercial paper	11,846,605		—		11,846,605		—
Total	$	17,549,495	$	5,702,890	$	11,846,605	$	—

The Company's accounts receivable, accounts payable, and accrued expenses are valued at cost which approximates fair value.

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Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following: 

	March 31, 2024		December 31, 2023
Purchased components	$	1,093,201	$	1,151,381
Finished goods	378,237		408,047
	$	1,471,438	$	1,559,428

In the first quarter of 2024, the Company recorded a charge of $74,209 to write down the value of ADVANCE inventory within cost of revenues on the Company's statement of operations. The Company also recorded a charge of $63,420 in the first quarter of 2023 to reduce the carrying value of inventory to net realizable value.

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Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued Expenses and Compensation

Accrued expenses and compensation consist of the following:

	March 31, 2024		December 31, 2023
Professional services	$	547,498	$	298,534
Compensation	202,424		346,245
Severance	555,000		—
Clinical	37,383		39,000
Warranty	8,000		9,400
Sales Tax	143,185		141,672
Other	60,736		41,888
	$	1,554,226	$	876,739

In the first quarter of 2024, the Company recorded a $50,000 estimated liability included in "Other" in the table above, associated with additional costs expected to be incurred related to a discontinued product line within cost of revenues. In addition the Company recorded a severance accrual of $555,000, see note 10 for additional details.

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Leases Leases (Notes)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lessee, Operating Leases [Text Block]

.     Operating Leases

The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities extends through mid September 2025 at a monthly base rent of $13,846 and with a 5-year extension option.

The following is a maturity analysis of the annual cash flows of the operating lease liabilities as of March 31, 2024:

2024	$	124,339
2025	117,431
Total minimum lease payments	$	241,770
Discount rate, 15%	$	32,433
Lease obligation, current portion	148,391
Lease obligation, net of current portion	60,946
	$	241,770

Total recorded rent expense was $50,377 and $49,232, for the quarters ended March 31, 2024 and 2023, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. The remaining operating lease term was 1.5 years as of March 31, 2024.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred stock and convertible preferred stock consist of the following: 

	March 31, 2024		December 31, 2023
Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	$	—	$	—
Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2024 and December 31, 2023; 200 shares issued and outstanding at March 31, 2024 and December 31, 2023	$	1	$	1

2024 equity activity

In January and February 2024, the Company issued 458,380 shares of its common stock, under an at-the-market ("ATM") program for net proceeds of $1,471,099. As of April 18, 2024, the Company terminated the ATM program.

In March 2024, 1,015 restricted stock awards and 5,912 restricted stock units were forfeited due to the employee reduction described in Note 10. As of March 31, 2024, the Company had 3,201 restricted stock awards and 48,565 restricted stock units that remain unvested. At December 31, 2023 the Company had 6,222 restricted stock awards and 60,492 restricted stock units that were unvested.

2023 equity activity

As of March 31, 2023, the Company had 10,745 restricted stock awards and 22,476 restricted stock units that remain unvested.

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Restructuring and Related Activities

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

10.     Employee Reduction

As indicated in Note 1., the Company has initiated a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction.

The Company incurred severance charges related to a reduction of 10 full time employees in the first quarter of 2024. The reduction was implemented in order to better align staffing with work responsibilities and to reduce operating expenses. Cash payments of approximately $207,000 for a majority of the employees will be made by the end of May 2024 and approximately $348,000 in cash payments related to two employees who have extended agreements will be ratably paid through December 2024.

The following table sets forth the activity during the quarter in accrued severance.

	Quarter ended March 31, 2024
Severance
Beginning balance	$	—
Additions	580,427
Amounts paid out	(25,427)
Ending balance	$	555,000

Within the Company's Statements of Operations for the quarter ended March 31, 2024, $580,427 in severance charges were recorded as follows: $310,200 within research and development, $234,527 within sales and marketing, $4,200 within general and administrative and $31,500 within cost of revenues.

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Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (3,029,574)	$ (1,574,174)

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Business and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Unaudited Interim Financial Statements

Unaudited Interim Financial Statements

The accompanying unaudited balance sheet as of March 31, 2024, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2023 has been derived from the audited balance sheet as of December 31, 2023 included in the Company's Form 10-K referenced below and does not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC"), on March 1, 2024 (File No. 001-33351).

Revenues

Revenues

Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Revenue from product sales that occur via an online pharmacy agent are recognized on a gross basis and the related fulfillment fees are expensed within cost of revenues.

Accounts receivable are recorded in the amount the Company expects to collect, net of the allowance for credit losses. The allowance for credit losses is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, and recent communications with the customer. Individual customer balances which are over 90 days past due are reviewed individually for collectability and written-off when recovery is not probable. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for credit losses was $25,000 as of March 31, 2024 and December 31, 2023.

Two customers accounted for 25% and 39% of total revenues in the quarters ended March 31, 2024 and 2023, respectively. Three customers accounted for 64% and 74% of accounts receivable as of March 31, 2024 and December 31, 2023, respectively.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates.

Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities.

Marketable Securities, Policy

Securities

The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either "held-to-maturity" ("HTM") or “available-for-sale” ("AFS") at the point of investment. Securities classified as short-term have maturities of less than one year. As of March 31, 2024, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less.

HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive loss. For certain types of securities, such as U.S. Treasuries, the Company generally expects zero credit losses. No allowance for credit losses was recorded on its securities portfolio as of March 31, 2024 or December 31, 2023.

New Accounting Pronouncements, Policy

Recent Accounting Pronouncements

Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements.

Recently adopted accounting pronouncement

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s Financial Statements and disclosures.

Fair Value Measurement, Policy

Fair Value

The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5).

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Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Quarters Ended March 31,
	2024		2023
Net loss applicable to common stockholders	$	(3,029,574)	$	(1,574,174)
Weighted average number of common shares outstanding, basic and diluted	1,812,455		961,153
Net loss per common share applicable to common stockholders, basic and diluted	$	(1.67)	$	(1.64)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

	Quarters Ended March 31,
	2024	2023
Options	63,755	65,683
Unvested restricted stock awards	3,201	10,745
Unvested restricted stock units	48,565	22,477
Convertible preferred stock	8	8
Total	115,529	98,913

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Investments, Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities Reconciliation

The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2024 and December 31, 2023.

	March 31, 2024
			Gross Unrealized
Available-for-sale securities	Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	7,842,359	$	51,676	$	—	$	—	$	7,894,035
Commercial paper	8,249,644		196,488		(987)		—		8,445,145
Total	$	16,092,003	$	248,164	$	(987)	$	—	$	16,339,180

	December 31, 2023
			Gross Unrealized
Available-for-sale securities	Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	4,412,935	$	5,665	$	—	$	—	$	4,418,600
Commercial paper	11,612,099		234,506		—		—		$	11,846,605
Total	$	16,025,034	$	240,171	$	—	$	—	$	16,265,205

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

	March 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	1,255,736	$	1,255,736	$	—	$	—
U.S. government bonds	7,894,035		7,894,035		—		—
Commercial paper	8,445,145		—		8,445,145		—
Total	$	17,594,916	$	9,149,771	$	8,445,145	$	—

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	1,284,290	$	1,284,290	$	—	$	—
U.S. government bonds	4,418,600		4,418,600		—		—
Commercial paper	11,846,605		—		11,846,605		—
Total	$	17,549,495	$	5,702,890	$	11,846,605	$	—

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Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following: 

	March 31, 2024		December 31, 2023
Purchased components	$	1,093,201	$	1,151,381
Finished goods	378,237		408,047
	$	1,471,438	$	1,559,428

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Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and compensation consist of the following:

	March 31, 2024		December 31, 2023
Professional services	$	547,498	$	298,534
Compensation	202,424		346,245
Severance	555,000		—
Clinical	37,383		39,000
Warranty	8,000		9,400
Sales Tax	143,185		141,672
Other	60,736		41,888
	$	1,554,226	$	876,739

In the first quarter of 2024, the Company recorded a $50,000 estimated liability included in "Other" in the table above, associated with additional costs expected to be incurred related to a discontinued product line within cost of revenues. In addition the Company recorded a severance accrual of $555,000, see note 10 for additional details.

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Leases Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

2024	$	124,339
2025	117,431
Total minimum lease payments	$	241,770
Discount rate, 15%	$	32,433
Lease obligation, current portion	148,391
Lease obligation, net of current portion	60,946
	$	241,770

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Statement of Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Stock by Class [Table Text Block]

Preferred stock and convertible preferred stock consist of the following: 

	March 31, 2024		December 31, 2023
Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	$	—	$	—
Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2024 and December 31, 2023; 200 shares issued and outstanding at March 31, 2024 and December 31, 2023	$	1	$	1

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Restructuring and Related Activities (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

The following table sets forth the activity during the quarter in accrued severance.

	Quarter ended March 31, 2024
Severance
Beginning balance	$	—
Additions	580,427
Amounts paid out	(25,427)
Ending balance	$	555,000

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Business and Basis of Presentation (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Organization And Basis Of Presentation [Line Items]
Accounts receivable, net	$ 469,650		$ 518,824
Net proceeds from issuance of stock and warrants	1,471,099	$ 0
Accumulated deficit	213,138,927		210,109,353
Cash and cash equivalents	1,259,930		1,731,946
Prepaid expenses and other current assets	(611,735)		(779,039)
Assets, Current	(20,151,933)		(20,854,442)
Liabilities, Current	(1,847,170)		(1,240,639)
Operating Lease, Liability, Noncurrent	(60,946)		(92,485)
Stockholders' Equity Attributable to Parent	18,756,012	22,012,748	20,091,317	$ 23,355,687
Cost of revenues	576,539	526,372
Gross Profit	517,017	1,198,399
Operating Lease, Right-of-Use Asset	(217,254)		(250,150)
Assets	(20,664,128)		(21,424,441)
Accrued Liabilities, Current	(1,554,226)		(876,739)
Liabilities	(1,908,116)		(1,333,124)
Allowance for doubtful accounts	25,000		$ 25,000
Cash, Cash Equivalents, and Short-Term Investments	17,600,000
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent		65,874
Net Income (Loss) Attributable to Parent	$ 3,029,574	$ 1,574,174
Three Customers [Member] | Accounts Receivable | Customer Concentration Risk
Organization And Basis Of Presentation [Line Items]
Concentration risk, percentage	64.00%		74.00%
Two Customers | Revenue | Customer Concentration Risk
Organization And Basis Of Presentation [Line Items]
Concentration risk, percentage	25.00%	39.00%

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Comprehensive Loss (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent		$ 65,874
Net Income (Loss) Attributable to Parent	$ 3,029,574	1,574,174
Other Comprehensive Income (Loss), before Tax	$ 7,006	$ 65,874

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Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities excluded from the computation of earnings per share (in shares)	115,529	98,913
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities excluded from the computation of earnings per share (in shares)	8	8
Equity Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities excluded from the computation of earnings per share (in shares)	63,755	65,683
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities excluded from the computation of earnings per share (in shares)	3,201	10,745
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities excluded from the computation of earnings per share (in shares)	48,565	22,477

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Net Loss Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ (3,029,574)	$ (1,574,174)
Weighted Average Number of Shares Outstanding, Basic	1,812,455	961,153
Weighted Average Number of Shares Outstanding, Diluted	1,812,455	961,153
Earnings Per Share, Diluted	$ (1.67)	$ (1.64)
Earnings Per Share, Basic	$ (1.67)	$ (1.64)

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Investments, Debt and Equity Securities (Details) - AFS - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale	$ 16,339,180	$ 16,265,205	$ 16,265,205
Debt Securities, Available-for-Sale, Amortized Cost	16,092,003		16,025,034
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax	248,164		240,171
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax	(987)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale	8,445,145	$ 11,846,605	11,846,605
Debt Securities, Available-for-Sale, Amortized Cost	8,249,644		11,612,099
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax	196,488		234,506
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax	(987)
US Government Agencies Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale	7,894,035		4,418,600
Debt Securities, Available-for-Sale, Amortized Cost	7,842,359		4,412,935
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax	$ 51,676		$ 5,665

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Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Assets, Fair Value Disclosure	$ 17,594,916	$ 17,549,495
Liabilities [Abstract]
Debt Securities, Available-for-Sale	16,339,180	16,265,205	$ 16,265,205
US Government Agencies Debt Securities
Liabilities [Abstract]
Debt Securities, Available-for-Sale	7,894,035		4,418,600
Money Market Funds
Liabilities [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	1,255,736	1,284,290
US Government Agencies Debt Securities
Liabilities [Abstract]
Debt Securities, Available-for-Sale	7,894,035	4,418,600
Commercial Paper
Liabilities [Abstract]
Debt Securities, Available-for-Sale	8,445,145	11,846,605	$ 11,846,605
Level 1
Assets
Assets, Fair Value Disclosure	9,149,771	5,702,890
Level 1 | Money Market Funds
Liabilities [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	1,255,736	1,284,290
Level 1 | US Government Agencies Debt Securities
Liabilities [Abstract]
Debt Securities, Available-for-Sale	7,894,035	4,418,600
Level 2
Assets
Assets, Fair Value Disclosure	8,445,145	11,846,605
Level 2 | Commercial Paper
Liabilities [Abstract]
Debt Securities, Available-for-Sale	8,445,145	11,846,605
Level 3
Assets
Assets, Fair Value Disclosure	$ 0	$ 0

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Inventories (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory [Line Items]
Purchased components	$ 1,093,201		$ 1,151,381
Finished goods	378,237		408,047
Inventories	1,471,438		$ 1,559,428
Inventory Charge Cost of Revenues	74,209	$ 63,420
ADVANCE Inventory
Inventory [Line Items]
Inventory Charge Cost of Revenues	$ 74,209
Inventory Valuation and Obsolescence
Inventory [Line Items]
Inventory Charge Cost of Revenues		$ 63,420

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Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Sales and Excise Tax Payable, Current	$ 143,185	$ 141,672
Professional services	547,498	298,534
Accrued Salaries, Current	202,424	346,245
Restructuring Reserve	555,000	0
Accrued Clinical Current	37,383	39,000
Warranty reserve	8,000	9,400
Other	60,736	41,888
Accrued expenses	1,554,226	$ 876,739
ADVANCE Inventory | Cost of Sales
Accrued Expenses Table [Line Items]
Increase (Decrease) in Accrued Liabilities	$ 50,000

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Leases Leases (Details) - USD ($)		3 Months Ended
	Jun. 01, 2018	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating Lease, Weighted Average Discount Rate, Percent		15.00%
Operating Lease, Weighted Average Remaining Lease Term		1 year 6 months
Operating Lease, Expense		$ 50,377	$ 49,232
Lessee, Operating Lease, Liability, to be Paid, Year One		117,431
Lessee, Operating Lease, Liability, to be Paid, Year Two		124,339
Lessee, Operating Lease, Liability, to be Paid		241,770
Operating Lease Discount		32,433
Operating Lease, Liability, Current		148,391		$ 148,391
Operating Lease, Liability, Noncurrent		$ 60,946		$ 92,485
Woburn Lease [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Renewal Term	5 years
Woburn Lease [Member] | MonthlyRent [Member]
Operating Leased Assets [Line Items]
Operating Lease, Payments	$ 13,846

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Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Net proceeds from issuance of stock and warrants			$ 1,471,099	$ 0
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001		$ 0.0001
Stock Issued During Period, Value, Restricted Stock Award, Gross			$ 0	$ 0
Stock Issued During Period, Value, New Issues			$ 1,471,099
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			458,380
Stock Issued During Period, Shares, Restricted Stock Award, Gross			6,699	2,439
Stock Issued During Period, Value, Restricted Stock Award, Gross			$ 1	$ 0
Stock Issued During Period, Value, New Issues			$ 46
Restricted Stock
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	3,201		3,201	10,745	6,222
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	1,015
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	48,565		48,565	22,476	60,492
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	5,912
At The Market Offering Program [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		458,380
Proceeds from Issuance of Common Stock		$ 1,471,099

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Preferred Stock and Convertible Preferred Stock (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Preferred Non-Convertible Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Value of preferred stock issued	$ 0	$ 0
Preferred stock, shares outstanding (in shares)	0	0
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	147,000	147,000
Preferred stock, shares issued (in shares)	200	200
Value of preferred stock issued	$ 1	$ 1
Preferred stock, shares outstanding (in shares)	200	200

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Restructuring and Related Activities (Details)	3 Months Ended	4 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring and Related Cost, Number of Positions Eliminated	10
Severance Costs	$ 580,427
Restructuring Cost and Reserve [Line Items]
Severance Costs	580,427
Restructuring Reserve	555,000			$ 0
Majority of Reduction Employees | Forecast
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring		$ 207,000
Two Reduction Employees with Extended Agreement | Forecast
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring			$ 348,000
Research and Development Expense [Member]
Restructuring and Related Activities [Abstract]
Severance Costs	310,200
Restructuring Cost and Reserve [Line Items]
Severance Costs	310,200
Selling and Marketing Expense [Member]
Restructuring and Related Activities [Abstract]
Severance Costs	234,527
Restructuring Cost and Reserve [Line Items]
Severance Costs	234,527
General and Administrative Expense [Member]
Restructuring and Related Activities [Abstract]
Severance Costs	4,200
Restructuring Cost and Reserve [Line Items]
Severance Costs	4,200
Cost of Sales
Restructuring and Related Activities [Abstract]
Severance Costs	31,500
Restructuring Cost and Reserve [Line Items]
Severance Costs	31,500
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	555,000
Payments for Restructuring	$ 25,427

XML

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 1,731,946
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 4,335,020