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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of stock by class | As of December 31, 2023, the Company has designated the following preferred stock:
Designated Preferred Shares |  | December 31, 2023
Series A |  | 4,200 |
Series B |  | 2,360 |
Series C |  | 590 |
Series D |  | 10,000 |
Series E |  | 40,000 |
Series E-1 |  | 12,960 |
Series F-1 |  | 24,900 |
Series F-2 |  | 24,900 |
Series F-3 |  | 34,860 |
Series F-4 |  | 24,900 |
Total |  | 179,670 |
Schedule of compensation plans | The following table sets forth information as of December 31, 2023 with respect to compensation plans (including individual compensation arrangements) under which shares of common stock of the Company are authorized for issuance.
Plan category |  | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) |  | Weighted-average exercise price of outstanding options, warrants and rights (b) |  | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders |  | 3,286,233 |  | $ | 7.69 |  |  | 1,837,509
Equity compensation plans not approved by security holders (1) |  | 896,999 |  | $ | 9.93 |  |  | 623,000
Total |  | 4,183,232 |  | $ | 8.17 |  |  | 2,460,509
(1)Includes (a) stock options for an aggregate of 499 shares of common stock issued under the Company’s 2019 Equity Incentive Plan, which allows for grants in the form of incentive stock options, non-qualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards to the Company’s officers, directors, employees, consultants, and advisors, including options to purchase shares of common stock at exercise prices not less than 100% of fair value on the dates of grant. As of November 2, 2020, no additional grants may be made under this plan, which has been superseded by the Company’s 2020 Omnibus Equity Incentive Plan; however, outstanding awards granted under this plan will remain outstanding and continue to be administered in accordance with the terms of this plan and the applicable award agreements; (b) pursuant to an employment agreement dated as of August 31, 2020 between the Company and Gerard Michel, the Company’s Chief Executive Officer, on October 1, 2020, a non-qualified and non-plan stock option “inducement award” to purchase 498,000 shares of the Company’s common stock in reliance on Nasdaq Rule 5635(c)(4) pursuant to the terms of a stock option award agreement between the Company and Mr. Michel; and (c) new hire inducement awards to purchase 398,500 shares of the Company’s common stock in reliance on Nasdaq Rule 5635(c)(4) pursuant to the terms of a stock option award agreement between the Company and 12 employees hired during 2022 and 2023.
Summary of valuation assumptions | The Company values stock options using the Black-Scholes option pricing model and used the following assumptions during the reporting periods:
| Years Ended December 31
| 2023 |  | 2022
Expected terms (years) | 0.8 - 5.9 |  | 0.7 - 8.4
Expected volatility | 96.4% -172.8% |  | 166.4.% - 180.3%
Risk-free interest rate | 3.9% - 5.4% |  | 1.2% - 4.4%
Expected dividends | 0.00% |  | 0.00%
Summary of stock option activity | The following is a summary of stock option activity for the year ended December 31, 2023:
| Number of Options |  | Weighted Average Exercise Price Per Share |  | Weighted Average Grant Date Fair Value Per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2023 | 2,235,052 |  | $ | 10.30 |  |  | $ | 9.40 |  |  | 7.7 |  | $ | 36 |
Granted | 2,218,757 |  | 5.97 |  |  | 5.62 |  |  | 9.1 |  |
Exercised | (819) |  | 4.67 |  |  | 4.51 |  |  |  |  | $ | 1 |
Expired | (141,059) |  | 8.40 |  |  | 5.76 |  |  |  |  |
Cancelled/Forfeited | (128,699) |  | 7.02 |  |  | 6.74 |  |  |  |  |
Outstanding at December 31, 2023 | 4,183,232 |  | $ | 8.17 |  |  | $ | 7.60 |  |  | 8.3 |  | $ | 147 |
Exercisable at December 31, 2023 | 2,252,556 |  | $ | 9.93 |  |  | $ | 9.15 |  |  | 7.6 |  | $ | 24 |
Unvested at December 31, 2023 | 1,930,676 |  | $ | 6.12 |  |  | $ | 5.79 |  |  | 9.1 |  | $ | 123 |
Summary of stock option shares outstanding and exercisable | The following table summarizes information for stock option shares outstanding and exercisable at December 31, 2023:
|  |  |  | Options Exercisable
Range of Exercise Prices |  | Outstanding Number of Options |  | Weighted Average Remaining Option Term (in years) |  | Number of Options
2.83 - $51.50 |  | 4,182,733 |  | 8.3 |  | 2,252,057
51.50+ |  | 499 |  | 5.1 |  | 499
|  | 4,183,232 |  | 8.3 |  | 2,252,556
Summary of recognized share-based compensation cost | The following is a summary of the share-based compensation expense in the statement of operations for the twelve months ended December 31, 2023:
| Years Ended December 31,
| 2023 |  | 2022
Selling, general and administrative | $ | 4,944 |  |  | $ | 5,282 |
Research and development | 2,837 |  |  | 2,449 |
Cost of goods sold | 370 |  |  | 210 |
Total | $ | 8,151 |  |  | $ | 7,941 |
Summary of warrant activity | The following is a summary of common stock warrant activity for the year ended December 31, 2023:
| Warrants |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (in years)
Outstanding at January 1, 2023 | 5,153,291 |  | $ | 7.01 |  |  |
Warrants issued | 81,848 |  | 2.94 |  |  |
Warrants exercised | (569,938) |  |  | $ | 0.26 |  |  |
Outstanding at December 31, 2023 | 4,665,201 |  | $ | 7.76 |  |  | 1.6
Exercisable at December 31, 2023 | 4,665,201 |  | $ | 7.76 |  |  | 1.6
The following is a summary of preferred stock warrant activity for the year ended December 31, 2023:
| Warrants |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (in years)
Outstanding at January 1, 2023 | — |  | $ | — |  |  |
Warrants issued | 59,759 |  | 1,000.00 |  |  |
Warrants exercised | (34,859) |  |  | $ | 1,000.00 |  |  |
Outstanding at December 31, 2023 | 24,900 |  | $ | 1,000.00 |  |  | 2.3
Exercisable at December 31, 2023 | 24,900 |  | $ | 1,000.00 |  |  | 2.3
Schedule of information related to stock warrants | The following table presents information related to stock warrants at December 31, 2023:
|  |  |  | Warrants Exercisable
Range of Exercise Prices |  | Outstanding Number of Warrants |  | Weighted Average Remaining Warrant Term (in years) |  | Number of Warrants
$0.01 |  | 1,037,792 |  | 3.2 |  | 1,037,792
$6.00 |  | 16,666 |  | 2.2 |  | 16,666
$10.00 |  | 3,610,743 |  | 1.2 |  | 3,610,743
|  | 4,665,201 |  | 1.6 |  | 4,665,201

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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