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Equity and Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Employee Compensation Expenses Included in Consolidated Statements of Operations and Comprehensive Loss | The following table presents stock-based compensation expenses included in our consolidated statements of operations and comprehensive loss (in thousands):
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  |  | 156 |  |  |  | 309 |
Selling and marketing |  |  | 63 |  |  |  | 88 |
General and administrative |  |  | 913 |  |  |  | 1,128 |
Stock-based compensation expense |  | $ | 1,132 |  |  | $ | 1,525 |
Schedule of Specific Assumptions Used to Determine the Fair Value of Options Granted Using the Black Scholes Valuation Model | Specific assumptions used to determine the fair value of options granted during the year ended December 31, 2024, using the Black-Scholes valuation model were as follows:
|  | Year ended December 31, |
|  | 2024 |
Expected term (1) |  | 6.25 years |
Expected volatility factor (2) |  |  | 53 | %
Risk-free interest rate (3) |  |  | 4.2 | %
Expected annual dividend yield |  | n/a |
Summary of Stock Option Transactions for Fixed Stock Option Plan |
|  | 2024 |  |  | 2023 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 2,260,000 |  |  | $ | 4.88 |  |  |  | 2,560,000 |  |  | $ | 4.96 |
Granted (1) |  |  | 1,573,073 |  |  |  | 2.14 |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or cancelled (1) |  |  | (2,257,984 | ) |  |  | 4.80 |  |  |  | (300,000 | ) |  |  | 4.94 |
Outstanding at end of year |  |  | 1,575,089 |  |  | $ | 2.27 |  |  |  | 2,260,000 |  |  | $ | 4.88 |
Exercisable at year end |  |  | 644,082 |  |  | $ | 2.51 |  |  |  | 1,681,037 |  |  | $ | 4.94 |
(1) Includes 933,073 options granted and 2,180,000 cancelled pursuant to the Exchange Offer.
Summary of Stock Options Outstanding | The following table summarizes the stock options outstanding at December 31, 2024:
|  | Options Outstanding |  |  | Options Exercisable |
Exercise Price Range |  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Number |  |  | Weighted Average Exercise Price |
$2 to $3 |  |  | 1,495,089 |  |  | $ | 2.14 |  |  |  | 9.43 |  |  |  | 567,416 |  |  | $ | 2.21 |
$3 to $4 |  |  | — |  |  | $ | — |  |  |  | - |  |  |  | — |  |  | $ | — |
$4 to $5 |  |  | 80,000 |  |  | $ | 4.73 |  |  |  | 6.15 |  |  |  | 76,666 |  |  | $ | 4.73 |
|  |  | 1,575,089 |  |  | $ | 2.27 |  |  |  | 6.98 |  |  |  | 644,082 |  |  | $ | 2.51 |

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