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8. Equity Incentive Plan – Stock-Based Compensation Expense and Common Stock Warrants (Tables)

12 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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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.

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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.

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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.

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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.

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