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8. Equity Incentive Plan – Stock-Based Compensation Expense and Common Stock Warrants (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Award Activity | A summary of the stock option activity for the year ended December 31, 2022 is as follows: Summary of Stock Option Award Activity
|  | Number of Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2021 |  |  | 926,379 |  |  | $ | 2.08 |  |  |  | 6.47 |  |  | $ | 2,856 |
Granted |  |  | 724,937 |  |  | $ | 2.42 |  |  |  | - |  |  | $ | - |
Exercised |  |  | (160,212 | ) |  | $ | 0.26 |  |  |  | - |  |  | $ | - |
Forfeited |  |  | (91,852 | ) |  | $ | 3.03 |  |  |  | - |  |  | $ | - |
Expired |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
Outstanding as of December 31, 2022 |  |  | 1,399,252 |  |  | $ | 2.40 |  |  |  | 7.79 |  |  | $ | 928 |
Exercisable as of December 31, 2022 |  |  | 662,909 |  |  | $ | 1.79 |  |  |  | 5.87 |  |  | $ | 823 |
Vested and expected to vest as of December 31, 2022 |  |  | 1,399,252 |  |  | $ | 2.40 |  |  |  | 7.79 |  |  | $ | 928 |
Schedule of Ranges of Stock Options | The following table summarizes the outstanding and exercisable options as of December 31, 2022: Schedule of Ranges of Stock Options
|  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  |  | Number of Shares |  |  | Weighted Average Remaining Contractual Life |  |  | Number of Shares |  |  | Weighted Average Remaining Contractual Life |
$ 0.00 - $ 1.00 |  |  |  | 459,080 |  |  |  | 4.51 |  |  |  | 456,179 |  |  |  | 4.49 |
$ 1.01 - $ 2.00 |  |  |  | 130,510 |  |  |  | 9.91 |  |  |  | 4,909 |  |  |  | 9.91 |
$ 2.01 - $ 3.00 |  |  |  | 459,786 |  |  |  | 9.65 |  |  |  | 41,850 |  |  |  | 9.09 |
$ 3.01 - $ 4.00 |  |  |  | 110,530 |  |  |  | 9.19 |  |  |  | 48,066 |  |  |  | 9.19 |
$ 5.01 - $ 6.00 |  |  |  | 66,924 |  |  |  | 8.75 |  |  |  | 54,530 |  |  |  | 8.75 |
$ 6.01 - $ 7.00 |  |  |  | 170,069 |  |  |  | 8.75 |  |  |  | 56,689 |  |  |  | 8.75 |
$ 8.01 - $ 9.00 |  |  |  | 2,353 |  |  |  | 8.86 |  |  |  | 686 |  |  |  | 8.86 |
Total |  |  |  | 1,399,252 |  |  |  | 7.79 |  |  |  | 662,909 |  |  |  | 5.87 |
Schedule of Estimate Fair Value of Stock Options | For the years ended December 31, 2022, and 2021, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock option granted. The Company estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Schedule of Estimate Fair Value of Stock Options
|  |  | Years Ended December 31, |
|  |  | 2022 |  |  |  | 2021 |
Expected volatility |  |  | 100.48% – 103.20 | % |  |  | 41.66% – 82.12 | %
Expected term (years) |  |  | 5.27 – 10.00 |  |  |  | 5.00 – 6.33 |
Risk-free interest rate |  |  | 1.93% – 4.05 | % |  |  | 0.62% – 1.36 | %
Dividend rate |  |  | – | % |  |  | – | %
Schedule of Stock Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in the Company’s statements of operations and comprehensive loss during the years ended December 31, 2022, and 2021 (in thousands): Schedule of Stock Based Compensation Expense
|  | 2022 |  |  | 2021 |
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 134 |  |  | $ | 26 |
General and administrative |  |  | 510 |  |  |  | 121 |
Total stock-based compensation expense |  | $ | 644 |  |  | $ | 147 |
Schedule of Warrant Activity | The following is a summary of the common stock warrant activity during the year ended December 31, 2022: Schedule of Warrant Activity
|  | Shares Issuable Upon Exercise of Outstanding Warrants |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2021 |  |  | 2,786,995 |  |  | $ | 10.80 |  |  |  | 4.67 |  |  | $ | 30,100 |
Issued |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding as of December 31, 2022 |  |  | 2,786,995 |  |  | $ | 10.80 |  |  |  | 3.67 |  |  | $ | 30,100 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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