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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity under the Restated 2013 Plan during the year ended December 31, 2024:

 

 

 

 

 

 

 

 

Weighted-Average

 

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

Contractual

 

 

Aggregate

 

 

 

Shares

 

 

Exercise Price

 

 

Term (in years)

 

 

Intrinsic Value

 

Outstanding at December 31, 2023

 

 

51,983

 

 

$

170.90

 

 

 

7.1

 

 

 

 

Granted

 

 

126,015

 

 

 

5.29

 

 

 

 

 

 

 

Expired

 

 

(248

)

 

 

1,036.80

 

 

 

 

 

 

 

Forfeited or cancelled

 

 

(51,735

)

 

 

166.75

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

126,015

 

 

$

5.29

 

 

 

7.2

 

 

$

 

Vested and expected to vest at December 31, 2024

 

 

126,015

 

 

$

5.29

 

 

 

7.2

 

 

$

 

Exercisable at December 31, 2024

 

 

5,442

 

 

$

5.27

 

 

 

7.5

 

 

$

 

Summary of Estimated Fair Value of Stock Option Award

The estimated fair value of each stock option award granted was determined on the date of grant using the Black Scholes option-pricing valuation model with the following assumptions:

 

 

Year Ended December 31,

 

 

2024

 

2023

Risk free interest rate

 

3.8% – 4.5%

 

1.34% – 3.39%

Expected option term (in years)

 

5.5 – 6.0

 

5.5 – 6.0

Volatility of common stock

 

105.8% – 107.1%

 

99.3% – 103.6%

Expected dividend yield

 

0.0%

 

0.0%

Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

4,231

 

 

$

2,840

 

Selling, general and administrative

 

 

768,890

 

 

 

1,125,269

 

Total stock-based compensation expense

 

$

773,121

 

 

$

1,128,109

 

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Stock options

 

$

766,908

 

 

$

1,128,109

 

ESPP

 

 

6,213

 

 

 

 

Total stock-based compensation expense

 

$

773,121

 

 

$

1,128,109

 

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance as of December 31, 2024 is as follows:

Stock options issued and outstanding

 

 

126,015

 

Warrants issued and outstanding

 

 

1,853,047

 

Authorized for future option grants

 

 

449,608

 

Authorized for employee stock purchase plan

 

 

14,900

 

Total common stock reserved for future issuance

 

 

2,443,570

 

Summary of the Company's Warrants Outstanding

Each of the outstanding warrants is convertible on a one-for-one basis into the Company’s common stock and are fully exercisable as of December 31, 2024. The following table is a summary of the Company’s warrants outstanding as of December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

Warrants Outstanding

 

 

Exercise Price

 

 

Initial Exercise Date

 

Expiration Date

 

Pre-Funded Warrants

 

 

528,609

 

 

$

0.0012

 

 

February 13, 2024

 

Until Exercised in Full

 

Series A Warrants

 

 

354,022

 

 

$

8.16

 

 

February 13, 2024

 

February 13, 2029

 

Modified Series A Warrants(1)

 

 

281,080

 

 

$

0.01

 

 

February 13, 2024

 

February 13, 2029

 

Series C Warrants

 

 

392,754

 

 

$

8.16

 

 

February 13, 2024

 

February 13, 2029

 

Modified Series C Warrants(1)

 

 

250,627

 

 

$

0.01

 

 

February 13, 2024

 

February 13, 2029

 

Representativesʼ Warrants

 

 

45,955

 

 

$

13.47

 

 

August 13, 2024

 

February 13, 2029

 

Total warrants

 

 

1,853,047

 

 

 

 

 

 

 

 

 

The Modified Series A Warrants and Modified Series C Warrants represent Series A Warrants and Series C Warrants, respectively, modified under the September 2024 Exercise Price Warrant Amendment.
Amended and Restated ESPP [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Estimated Fair Value of Stock Option Award

The estimated fair value of each ESPP award granted was determined on the date of purchase date using the Black-Scholes option-pricing valuation model with the following assumptions:

 

 

Year Ended December 31,

 

 

2024

Risk free interest rate

 

4.9%

Expected option term (in years)

 

0.5

Volatility of common stock

 

91.5%

Expected dividend yield

 

0.0%