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Stockholders' Equity/(Deficit) (Tables)
 12 Months Ended
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

 

 

—

 

 

$

—