XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity 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. As of the date of this filing and so long as the Company’s public float remains below $75.0 million, the Company is subject to limitations pursuant to General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), which limits the amount the Company can offer to up to one-third of its public float during any trailing 12-month period. Subsequent to the filing of the Company's Registration Statement on Form S-3 (File No. 333-279034) on May 1, 2024, the aggregate market value of its outstanding common stock held by non-affiliates was approximately $26.7 million. Pursuant to the Baby Shelf Limitation, 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 S-3 filing, the aggregate amount of securities that the Company is permitted to offer and sell is now $8,915,094, which is equal to one-third of the aggregate market value of our common stock held by non-affiliates as of March 21, 2024. If the Company’s public float exceeds $75.0 million on a future measurement date, it will no longer be subject to the Baby Shelf Limitation. There were no issuances of common stock under the ATM Agreement for the three months ended March 31, 2024. Since inception, the Company has issued 64,394 shares of common stock under the ATM Agreement for net proceeds of $270,774. Stock Options and Warrants The following table summarizes the activity for stock options and warrants for the three months ended March 31, 2024:
|  | 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, 2023 |  | 1,322,501 |  |  | $ | 10.81 |  |  | 6.06 |  | $ | 164.1 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.42 |  | $ | — |
Changes during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  | 132,575 |  |  | 3.07 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Forfeited |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Expired |  | (1,163) |  |  | 1,165.50 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2024 |  | 1,453,913 |  |  | $ | 9.18 |  |  | 6.18 |  | $ | 232.1 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.00 |  | $ | — |
Vested at March 31, 2024 or expected to vest in the future |  | 1,443,689 |  |  | $ | 9.22 |  |  | 6.16 |  | $ | 231.5 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.00 |  | $ | — |
Vested at March 31, 2024 |  | 1,285,911 |  |  | $ | 9.92 |  |  | 5.75 |  | $ | 215.9 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 2.00 |  | $ | — |
Restricted Stock During the three months ended March 31, 2024 and 2023, the Company issued restricted stock for services as follows (in thousands, except share data):
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Number of restricted stock issued |  | 203,800 |  |  | 159,950 |
Value of restricted stock issued |  | $ | 628 |  |  | $ | 480 |
The vesting terms of restricted stock issuances are generally between one and four years. The following is a summary of the changes in non-vested restricted stock for the three months ended March 31, 2024:
| Restricted Stock Shares |  | Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2023 | 125,775 |  |  | $ | 5.86 |
Changes during the Year: |  |  |
Granted | 203,800 |  |  | $ | 3.08 |
Vested | (99,686) |  |  | $ | 5.22 |
Forfeited | — |  |  | $ | — |
Non-vested at March 31, 2024 | 229,889 |  |  | $ | 3.67 |
Restricted Stock Units During the three months ended March 31, 2024 and 2023, the Company issued restricted stock units for services as follows (in thousands, except share data):
| Three Months Ended March 31,
| 2024 |  | 2023
Number of restricted stock units issued | 205,300 |  |  | 188,850 |
Value of restricted stock units issued | $ | 632 |  |  | $ | 567 |
The weighted average estimated fair value of restricted stock units issued for services in the three months ended March 31, 2024 and 2023 was $3.08 and $3.00 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 three months ended March 31, 2024:
| Restricted Stock Units |  | Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2023 | 112,800 |  |  | $ | 3.37 |
Changes during the Year: |  |  |
Granted | 97,400 |  |  | $ | 3.08 |
Vested | (100,000) |  |  | $ | 3.00 |
Forfeited | — |  |  | $ | — |
Non-vested at March 31, 2024 | 110,200 |  |  | $ | 3.45 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration