Fair Value Measurements	12 Months Ended
Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 5. Fair Value Measurements November 2021 Warrants In connection with our common stock offering in November 2021, we sold in conjunction with the common stock, warrants to purchase up to 539,063 shares of common stock with an exercise price of $35.00 per share of common stock. The warrants were issued at the closings on November 5 and November 9, 2021, respectively. No warrants have been exercised as of December 31, 2022 or 2021, respectively. The warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $8.1 million. The value of the warrants issued by the Company in connection with November 2021 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the November 2021 offering included no dividend yield, expected price volatility of 73.1%, a risk-free interest rate of 1.05%-1.08% and an expected term of 5 years. August 2022 Warrants In August 4, 2022, the Company announced the pricing of the public offering (the “August 2022 Offering”) of (i) 931,667 shares (the “Shares”) of common stock, (ii) pre-funded warrants to purchase up to an aggregate of 401,667 shares of common stock and (iii) August Warrants to purchase up to an aggregate of 1,333,333 shares of common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with an August Warrant to purchase one share of common stock. All pre-funded warrants were exercised. The warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $4.9 million. The value of the warrants issued by the Company in connection with August 2022 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the August 2022 Offering included no dividend yield, expected price volatility of 97.67%, a risk-free interest rate of 2.91% and an expected term of 5 years. October 2022 Common Stock Warrants and Series B Preferred Stock On October 3, 2022, the Company entered into the October Securities Purchase Agreement (with the “October Investors” to sell, in the Registered Offering (i) 260,000 shares of common stock, and (ii) Series 1 Warrants to purchase up to an aggregate of 260,000 shares of common stock. The Series 1 Warrants are immediately exercisable at an exercise price of $5.00 per share and will expire two and one-half years following the initial exercise date. The Series 1 Warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $0.34 million. The value of the warrants issued by the Company in connection with October 2022 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the October 2022 Offering included no dividend yield, expected price volatility of 117.34%, a risk-free interest rate of 4.12% and an expected term of 2.5 years. In the Concurrent Private Placement Offering the Company issued (i) Series 2 Warrants to purchase up to an aggregate of 260,000 shares Series 2 Warrant Shares, and (ii) 13,000 shares of Series B Preferred Stock. The Series 2 Warrants are exercisable on the date six (6) months following the date of issuance at an exercise price of $6.00 per share and will expire two and one-half years following the initial exercise date. The Series B Preferred Stock, was not, and the Series 2 Warrants and Series 2 Warrant Shares issuable upon exercise of the Series 2 Warrants have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder. The Series 2 Warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $0.34 million. The value of the warrants issued by the Company in connection with October 2022 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the October 2022 Offering included no dividend yield, expected price volatility of 113.80%, a risk-free interest rate of 4.12% and an expected term of 3 years. The Series B Preferred Stock issued by the Company were recorded as equity and recognized at fair value which was approximately $0.077 million. The Series B Preferred Stock were exercised and retired on November 7, 2022.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Note 5. Fair Value Measurements

November 2021 Warrants

In connection with our common stock offering in November 2021, we sold in conjunction with the common stock, warrants to purchase up to 539,063 shares of common stock with an exercise price of $35.00 per share of common stock. The warrants were issued at the closings on November 5 and November 9, 2021, respectively. No warrants have been exercised as of December 31, 2022 or 2021, respectively.

The warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $8.1 million. The value of the warrants issued by the Company in connection with November 2021 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the November 2021 offering included no dividend yield, expected price volatility of 73.1%, a risk-free interest rate of 1.05%-1.08% and an expected term of 5 years.

August 2022 Warrants

In August 4, 2022, the Company announced the pricing of the public offering (the “August 2022 Offering”) of (i) 931,667 shares (the “Shares”) of common stock, (ii) pre-funded warrants to purchase up to an aggregate of 401,667 shares of common stock and (iii) August Warrants to purchase up to an aggregate of 1,333,333 shares of common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with an August Warrant to purchase one share of common stock. All pre-funded warrants were exercised.

The warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $4.9 million. The value of the warrants issued by the Company in connection with August 2022 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the August 2022 Offering included no dividend yield, expected price volatility of 97.67%, a risk-free interest rate of 2.91% and an expected term of 5 years.

October 2022 Common Stock Warrants and Series B Preferred Stock

On October 3, 2022, the Company entered into the October Securities Purchase Agreement (with the “October Investors” to sell, in the Registered Offering (i) 260,000 shares of common stock, and (ii) Series 1 Warrants to purchase up to an aggregate of 260,000 shares of common stock. The Series 1 Warrants are immediately exercisable at an exercise price of $5.00 per share and will expire two and one-half years following the initial exercise date.

The Series 1 Warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $0.34 million. The value of the warrants issued by the Company in connection with October 2022

Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the October 2022 Offering included no dividend yield, expected price volatility of 117.34%, a risk-free interest rate of 4.12% and an expected term of 2.5 years.

In the Concurrent Private Placement Offering the Company issued (i) Series 2 Warrants to purchase up to an aggregate of 260,000 shares Series 2 Warrant Shares, and (ii) 13,000 shares of Series B Preferred Stock.

The Series 2 Warrants are exercisable on the date six (6) months following the date of issuance at an exercise price of $6.00 per share and will expire two and one-half years following the initial exercise date. The Series B Preferred Stock, was not, and the Series 2 Warrants and Series 2 Warrant Shares issuable upon exercise of the Series 2 Warrants have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder.

The Series 2 Warrants issued by the Company were recorded as equity and recognized at fair value which was approximately $0.34 million. The value of the warrants issued by the Company in connection with October 2022 Offering, were estimated using a Black Scholes option pricing model. The inputs using the Black Scholes model to calculate the fair value of the warrants related to the October 2022 Offering included no dividend yield, expected price volatility of 113.80%, a risk-free interest rate of 4.12% and an expected term of 3 years.

The Series B Preferred Stock issued by the Company were recorded as equity and recognized at fair value which was approximately $0.077 million. The Series B Preferred Stock were exercised and retired on November 7, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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