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Stockholders' Equity/(Deficit) (Tables) | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Summary of Changes in Warrants Outstanding | The following table sets forth a summary of changes in warrants outstanding for the years ending December 31, 2024 and 2023:
|  |  |  |  | Weighted-Average |
|  | # of Shares |  |  | Exercise Price |
Balance at December 31, 2022 |  |  | 8,392,466 |  |  | $ | 4.10 |
Issued |  |  | 5,327,046 |  |  | $ | 4.04 |
Exercised |  |  | (90,552 | ) |  | $ | 3.35 |
Cancellation/Expiration |  |  | (831,816 | ) |  | $ | 6.76 |
Balance at December 31, 2023 |  |  | 12,797,144 |  |  | $ | 3.90 |
Issued |  |  | — |  |  | $ | — |
Exercised |  |  | — |  |  | $ | — |
Cancellation/Expiration |  |  | (2,069,757 | ) |  | $ | 4.85 |
Balance at December 31, 2024 (1) |  |  | 10,727,387 |  |  | $ | 2.30 |
(1) On December 20, 2024, 5,327,046 warrants were remeasured at $1.17 weighted average exercise price in connection with the March 2023 NWPA Amendment and December 2023 NWPA Amendment.
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 granted during the years ended December 31, 2024 and 2023 were valued with the assumptions in the table below. Expected volatilities are based on historical volatility of the Company's 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. The vesting periods for options issued to officers and employees vary. Options issued to directors vest immediately.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Risk free interest rate |  | 3.97% - 4.32% |  |  | 3.76% - 4.52% |
Expected life |  | 5 years |  |  | 5 years |
Expected volatility |  | 62.42% - 111.62% |  |  | 63.67% - 64.18% |
Expected dividend yield |  |  | — |  |  |  | — |
Grant-date fair value |  | $0.34 - $2.61 |  |  | $1.70 - $2.12 |
Summary of Stock Option Activity | A summary of the stock option activity during the year ended December 31, 2024 is presented below:
|  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2023 |  |  | 937,624 |  |  | $ | 4.90 |  |  |  |
Granted |  |  | 1,355,450 |  |  | $ | 2.26 |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |
Cancelled |  |  | (141,000 | ) |  | $ | 12.49 |  |  |  |
Outstanding at December 31, 2024 |  |  | 2,152,074 |  |  | $ | 2.74 |  |  |  | 3.99 |
Options exercisable at December 31, 2024 |  |  | 1,996,094 |  |  | $ | 2.68 |  |  |  | 4.03 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2024:
Range of Exercise Prices |  | Number of Shares Outstanding |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (Years) |
$0.01 - $1.99 |  |  | 763,250 |  |  | $ | 0.41 |  |  |  | 4.87 |
$2.00 - $3.63 |  |  | 743,707 |  |  | $ | 3.55 |  |  |  | 3.04 |
$3.64 - $4.65 |  |  | 645,117 |  |  | $ | 4.57 |  |  |  | 4.04 |
|  |  | 2,152,074 |  |  | $ | 2.74 |  |  |  | 3.99 |
Estimated Fair Value of Restricted Stock Award | The estimated fair value of each restricted stock unit is calculated using the share price at the date of the grant. A summary of the restricted stock awards activity during the year ended December 31, 2024:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested at December 31, 2023 |  |  | 10,087 |  |  | $ | 3.41 |
Granted |  |  | 39,097 |  |  | $ | 1.98 |
Vested |  |  | (49,184 | ) |  | $ | 2.28 |
Cancelled |  |  | — |  |  | $ | — |
Unvested at December 31, 2024 |  |  | — |  |  | $ | — |

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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 Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + 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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