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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Reverse Stock Split On September 14, 2022, in connection with the Merger, the Company implemented the Reverse Stock Split, as described in Note 1. All share and per share amounts of common stock, options and warrants in the accompanying financial statements have been restated for all periods presented to give retroactive effect to the Reverse Stock Split. Accordingly, the consolidated statements of equity reflect the impact of the Reverse Stock Split by reclassifying from “common stock” to “additional paid-in capital” in an amount equal to the par value of the decreased shares resulting from the Reverse Stock Split. Equity Plans The Company has used long-term incentive plans for the purpose of granting equity awards to employees of the Company, including officers, and nonemployees, including consultants and nonemployee members of the Company's board of directors (collectively, the “Participants”). The Participants may receive awards as determined by a committee of independent members of the Company's board of directors or, to the extent authorized by such committee with respect to certain Participants, a duly authorized employee (collectively, the “Committee”). The incentive plan currently used by the Company is the 2018 Equity Incentive Compensation Plan (the “2018 Plan”), as adopted by the stockholders of the Company in June 2018, and subsequently increased by the stockholders of the Company in June 2023 with 400,000 shares authorized for issuance thereunder and in September 2022 with 333,333 shares authorized for issuance thereunder and in June 2021 with 400,000 shares authorized for issuance thereunder and in June of 2020 with 166,667 shares authorized for issuance thereunder, plus any shares awarded under the 2015 Equity Compensation Plan (the “2015 Plan”) or the Amended and Restated 2009 Equity Compensation Plan (the “2009 Plan”) that are not issued due to their subsequent forfeiture, cancellation, or other settlement thereof. Concurrent with the adoption of the 2018 Plan, no future awards will occur under the 2015 Plan or the 2009 Plan. The awards that may be made under the 2018 Plan include: (a) incentive stock options and nonqualified stock options, (b) shares of restricted stock, (c) restricted stock units, and (d) other kinds of equity-based compensation awards. All stock options under the 2015 Plan and 2009 Plan were granted and the 2018 Plan are granted at the fair market value of the common stock at the grant date. Stock options vest either on the date of grant, ratably over a period determined at time of grant (typically over 3 years) or upon the accomplishment of specified business milestones, and generally expire 2, 3, or 10 years from the grant date depending on the status of the recipient as a nonemployee, employee or director of the Company. As of December 31, 2023 and 2022 there were 593,141 shares and 578,097 shares, respectively available for future grants under the 2018 Plan. No additional awards may be made under the 2015 Plan or the 2009 Plan. The Company adopted an employee stock purchase plan effective January 1, 2013 and authorized 3,333 shares under the plan (the “2012 ESPP”). The plan has two six-month offering periods per year under which eligible employees may contribute up to 15% of their compensation toward the purchase of the Company's common stock per offering period (with a $25,000 fair market value cap per calendar year). The employee's purchase price is equal to (i) 85% of the closing price of a share of the Company's common stock on the enrollment date of such offering period or (ii) 85% of the closing price of a share of the Company's common stock on the Exercise Date of such Offering Period, whichever is lower. In May 2017, the Company's stockholders approved an amendment and restatement to the 2012 ESPP (the “2017 ESPP”) in order to effect an increase of authorized shares from 3,333 to 6,667. In June 2018, the Company's stockholders approved an amendment to the 2017 ESPP (the “Amended 2017 ESPP”) in order to effect an increase of authorized shares from 6,667 to 33,333. In June 2023, the Company's stockholders approved an amendment to the Amended 2017 ESPP in order to effect an increase of authorized shares from 33,333 to 68,333. During the year ended December 31, 2023, 22,441 shares were issued under the Amended 2017 ESPP. At December 31, 2023 and 2022, the Company had 21,911 shares and 9,352 shares, respectively of the Company's common stock available for future grant in connection with this plan. Equity Issuances At The Market Offering Agreement On June 4, 2021, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $50.0 million. Subsequent to the filing of the Company's Form 10-K on March 22, 2022, the aggregate market value of its outstanding common stock held by non-affiliates was approximately $43.6 million. Pursuant to General Instruction I.B.6 of Form S-3, since the aggregate market value of the Company's outstanding common stock held by non-affiliates was below $75.0 million at the time of such Form 10-K filing, the aggregate amount of securities that the Company is permitted to offer and sell was reduced to $17,698,943, which was equal to one-third of the aggregate market value of the Company's common stock held by non-affiliates as of September 21, 2022. During the twelve months ended December 31, 2023, the Company issued 64,394 shares of common stock under the ATM Agreement for net proceeds of $270,774. Since inception, the Company has issued 64,394 shares of common stock under the ATM Agreement for net proceeds of $270,774. Common Stock In connection with the Merger closing on September 15, 2022, the Company issued an aggregate of 3,772,768 shares of common stock, based on the Exchange Ratio, to holders of Cend, in exchange for all of the Cend capital stock outstanding immediately prior to the closing of the Merger. Stock Options and Warrants In connection with the Merger and after giving effect to the Reverse Stock Split, the Company assumed 1,227,776 of Cend's outstanding options. The options granted under the Cend Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their original date of grant. The Cend Plan stock options generally vest over a four-year term. The following table summarizes the activity for stock options and warrants for the year ended December 31, 2023:
| Stock Options |  | Warrants
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In Thousands) |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2022 | 1,391,352 |  |  | $ | 10.83 |  |  | 7.03 |  | $ | 187.6 |  |  | 1,423,774 |  |  | $ | 42.57 |  |  | 3.37 |  | $ | — |
Changes during the Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted | 182,846 |  |  | $ | 3.45 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Exercised | (82,500) |  |  | $ | 1.88 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Forfeited | (144,594) |  |  | $ | 3.63 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Expired | (24,603) |  |  | $ | 29.60 |  |  |  |  |  |  | (2,000) |  |  | 88.35 |  |  |  |  |
Outstanding at December 31, 2023 | 1,322,501 |  |  | $ | 10.81 |  |  | 6.06 |  | $ | 164.1 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.42 |  | $ | — |
Vested at December 31, 2023 or expected to vest in the future | 1,319,053 |  |  | $ | 10.83 |  |  | 6.05 |  | $ | 164.1 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.42 |  | $ | — |
Exercisable at December 31, 2023 | 1,229,103 |  |  | $ | 11.25 |  |  | 5.84 |  | $ | 159.9 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.42 |  | $ | — |
Restricted Stock During the years ended December 31, 2023 and 2022, the Company issued restricted stock for services as follows ($ in thousands, except share data):
| 2023 |  | 2022
Number of Restricted Stock Issued | 159,950 |  |  | 70,740 |
Value of Restricted Stock Issued | $ | 479.9 |  |  | $ | 973.4 |
The weighted average estimated fair value of restricted stock issued for services in the years ended December 31, 2023 and 2022 was $3.00 and $13.76 per share, respectively. The fair value of the restricted stock was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock issuances are generally between one to four years. The following is a summary of the changes in non-vested restricted stock for the year ended December 31, 2023:
| Restricted Stock Shares |  | Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2022 | 56,209 |  |  | $ | 16.55 |
Changes during the Year: |  |  |
Granted | 159,950 |  |  | $ | 3.00 |
Vested | (65,511) |  |  | $ | 9.03 |
Forfeited | (24,873) |  |  | $ | 3.28 |
Non-vested at December 31, 2023 | 125,775 |  |  | $ | 5.86 |
Restricted Stock Units During the years ended December 31, 2023 and 2022, the Company issued restricted stock units for services as follows ($ in thousands, except share data):
| 2023 |  | 2022
Number of Restricted Stock Units Issued | 188,850 |  |  | 111,170 |
Value of Restricted Stock Units Issued | $ | 566.6 |  |  | $ | 1,385.5 |
The weighted average estimated fair value of restricted stock units issued for services in the years ended December 31, 2023 and 2022 was $3.00 and $12.46 per share, respectively. The fair value of the restricted stock units was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock unit issuances are generally one year, or upon the achievement of performance-based milestones. The following is a summary of the changes in non-vested restricted stock units for the year ended December 31, 2023:
| Restricted Stock Units |  | Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2022 | 32,286 |  |  | $ | 9.29 |
Changes during the Year: |  |  |
Granted | 188,850 |  |  | $ | 3.00 |
Vested | (29,486) |  |  | $ | 8.48 |
Forfeited | (78,850) |  |  | $ | 3.00 |
Non-vested at December 31, 2023 | 112,800 |  |  | $ | 3.37 |

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