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Equity and Stock Compensation Plans (Tables)
 12 Months Ended
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