Stockholders' Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

As of December 31, 2022, redeemable convertible preferred stock consisted of the following:

	Authorized		Issued and Outstanding		Carrying Value		Liquidation Preference		Issuance Price
Series A convertible preferred stock		2,010,728		2,010,728	$	7,714,336	$	7,714,336	$	2.19
Series B convertible preferred stock		2,893,515		2,824,881		7,025,434		7,025,434		2.49
Series C-1 convertible preferred stock		3,436,863		426,732		772,028		772,028		2.54
Series C-2 convertible preferred stock		6,011,960		5,857,512		15,904,275		15,904,275		2.15

Summary of Option Activity

A summary of the option activity during the nine months ended September 30, 2023 is presented below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Aggregate Intrinsic Value
Outstanding, December 31, 2022		2,235,313		$	2.22		8.07	$	1,083,492
Granted		344,631		$	2.91
Exercised		(23,420	)	$	1.75
Expired/Cancelled		(1,004,638	)	$	2.33
Outstanding, September 30, 2023		1,551,886		$	2.15		7.19	$	2,252,300
Vested/Exercisable, September 30, 2023		1,224,773		$	2.05		6.72	$	1,904,182

Schedule of Assumptions used in Black Scholes Option Pricing Model

The weighted average fair value of the options granted during the nine months ended September 30, 2023 was $3.00 per share, based on a Black Scholes option pricing model using the following assumptions:

Expected volatility	70% - 82%
Expected term of option	6.0 - 6.1
Range of risk-free interest rate	3.55% -3.75%
Dividend yield	0%