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Stockholders' Equity (Deficit) (Tables) | 12 Months Ended
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Dec. 31, 2023
Federal Home Loan Banks [Abstract] |
Summary of Common Stock Warrants Outstanding | The following table summarizes our common stock warrants outstanding at December 31, 2023 and 2022:
Issue Date |  | December 31, 2023 |  |  | December 31, 2022 |  |  | Exercise Price |  |  | Termination Date |
6/10/2022 |  |  | 4,848,963 |  |  |  | 4,939,515 |  |  | $ | 3.35 |  |  |  | 12/10/2027 |
3/6/2023 |  |  | 3,703,703 |  |  |  | — |  |  | $ | 3.78 |  |  |  | 3/6/2026 |
Various 2020 |  |  | 551,378 |  |  |  | 551,378 |  |  | $ | 3.99 |  |  |  |  | **
12/1/2023 |  |  | 1,411,769 |  |  |  | — |  |  | $ | 4.25 |  |  |  | 12/1/2026 |
8/14/2020 |  |  | — |  |  |  | 131,816 |  |  | $ | 4.67 |  |  |  | 8/14/2023 |
8/25/2020 |  |  | 1,873,622 |  |  |  | 1,873,622 |  |  | $ | 4.75 |  |  |  | 2/25/2024 |
7/19/2019 |  |  | 196,135 |  |  |  | 196,135 |  |  | $ | 5.76 |  |  |  | 7/8/2024 |
12/1/2023 |  |  | 211,569 |  |  |  | — |  |  | $ | 7.09 |  |  |  | 12/1/2026 |
11/2/2018 |  |  | — |  |  |  | 700,000 |  |  | $ | 7.16 |  |  |  | 11/2/2023 |
|  |  | 12,797,139 |  |  |  | 8,392,466 |  |  |  |  |  |  |  |  |
** | A five-year term commences upon the earliest occurrence of either Trigger Date A or Trigger Date B. Trigger Date A is the date on which the Claimholder ceases the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claim, see NOTE 12 Fair Value Financial Instruments – Litigation Financing. Trigger Date B is the date on which Proceeds are deposited into the Escrow Account.
Summary of Preferred Stock Allocated to Investors | The Stock Purchase Agreement provides for the Company to issue and sell to the Investor shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split):
Convertible Preferred Stock |  | Shares |  |  | Price Per Share |  |  | Total Investment |
SeriesAA-1 |  |  | 8,427,004 |  |  | $ | 12.00 |  |  | $ | 101,124,048 |
SeriesAA-2 |  |  | 7,223,145 |  |  | $ | 6.00 |  |  |  | 43,338,870 |
|  |  | 15,650,149 |  |  |  |  |  |  | $ | 144,462,918 |
Summary of Options Valued in Estimated on Date of Grant Using Black-Scholes Option-Pricing Model with Following Assumptions Used for Grants Issued | The value of the stock options granted was determined using the Black-Scholes-Merton option-pricing model, which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. The options were valued with the following assumptions used for grants issued in the table below. Expected volatilities are based on historical volatility of our Common Stock. The expected term (in years) is determined using historical data to estimate option exercise patterns. The expected dividend yield is based on the annualized dividend rate over the vesting period. The risk-free interest rate is based on the rate for US Treasury bonds commensurate with the expected term of the granted option. Options issued to officers and employees typically vest over a three-year period. Options issued to directors vest immediately.
|  | November 15, 2023 |  |  | August 7, 2023 |  |  | June 9, 2023 |  |  | May 24, 2023 |  |  | December 9, 2022 |
Risk free interest rate |  |  | 4.52 | % |  |  | 4.16 | % |  |  | 3.92 | % |  |  | 3.76 | % |  |  | 3.75 | %
Expected life |  |  | 5 years |  |  |  | 5 years |  |  |  | 5 years |  |  |  | 5 years |  |  |  | 5 years |
Expected volatility |  |  | 63.67 | % |  |  | 64.18 | % |  |  | 63.88 | % |  |  | 63.75 | % |  |  | 83.56 | %
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Grant-date fair value |  |  | 2.10 |  |  |  | 2.12 |  |  |  | 2.01 |  |  |  | 1.70 |  |  |  | 2.45 |
Additionally, on December 8, 2022, we granted 17,105 stock options to a non-employee contractor as an incentive. We did not grant stock options to any third parties in 2023. The fair value of each option grant to the third-party consultant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used for grants issued in the table below.
|  | December 8, 2022 |
Risk free interest rate |  |  | 3.71 | %
Expected life |  |  | 5 years |
Expected volatility |  |  | 83.53 | %
Expected dividend yield |  |  | — |
Grant-date fair value |  |  | 2.34 |
Summary of Stock Option Activity | Additional information with respect to both plans’ stock option activity is as follows:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Life |
Outstanding at December 31, 2021 |  |  | 238,651 |  |  | $ | 15.95 |  |  |  |  |
Granted |  |  | 621,348 |  |  | $ | 3.60 |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |
Cancelled |  |  | — |  |  | $ | — |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 859,999 |  |  | $ | 7.02 |  |  |  |  |
Granted |  |  | 264,458 |  |  | $ | 3.55 |  |  |  |  |
Exercised |  |  | (62,846 | ) |  |  | 3.60 |  |  |  |  |
Cancelled |  |  | (123,987 | ) |  |  | 17.42 |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 937,624 |  |  | $ | 4.90 |  |  |  | 3.62 |
Options exercisable at December 31, 2021 |  |  | 238,651 |  |  | $ | 15.95 |  |  |  | 4.82 |
Options exercisable at December 31, 2022 |  |  | 602,591 |  |  | $ | 8.49 |  |  |  | 3.71 |
Options exercisable at December 31, 2023 |  |  | 615,014 |  |  | $ | 5.60 |  |  |  | 3.25 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2023:
|  | Stock Options Outstanding |
Range of Exercise Prices |  | Number of Shares Outstanding |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Weighted Average Exercise Price |
$12.48 - $12.84 |  |  | 141,000 |  |  |  | 1.00 |  |  | $ | 12.49 |
$2.02 - $3.60 |  |  | 796,624 |  |  |  | 4.08 |  |  | $ | 3.55 |
|  |  | 937,624 |  |  |  | 3.62 |  |  | $ | 4.90 |
Estimated Fair Value of Restricted Stock Award | The estimated fair value of each restricted stock award is calculated using the share price at the date of the grant. A summary of the status of the restricted stock awards as of December 31, 2023 and changes during the year ended December 31, 2023 is presented as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested at December 31, 2022 |  |  | 45,618 |  |  | $ | 6.54 |
Granted |  |  | — |  |  |  |  |
Vested |  |  | (31,537 | ) |  |  |  |
Cancelled |  |  | (3,994 | ) |  |  |  |
Unvested at December 31, 2023 |  |  | 10,087 |  |  | $ | 3.41 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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