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Stockholders' Equity | 9 Months Ended
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Sep. 30, 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 a prospectus supplement to the Company's Registration Statement on Form S-3 (File No. 333-279034) relating to the at the market offering on August 21, 2024, the aggregate market value of its outstanding common stock held by non-affiliates was approximately $29.6 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 prospectus supplement filing, the aggregate amount of securities that the Company is permitted to offer and sell is now $9,855,890, which is equal to one-third of the aggregate market value of our common stock held by non-affiliates as of August 20, 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 and nine months ended September 30, 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 nine months ended September 30, 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 |  | 136,475 |  |  | 3.07 |  |  |  |  |  |  | 75,000 |  |  | 2.88 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Forfeited |  | (2,681) |  |  | 2.52 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Expired |  | (1,803) |  |  | 1,079.25 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Outstanding at September 30, 2024 |  | 1,454,492 |  |  | $ | 8.78 |  |  | 5.68 |  | $ | 199.2 |  |  | 1,496,744 |  |  | $ | 40.52 |  |  | 1.55 |  | $ | 9.0 |
Vested at September 30, 2024 or expected to vest in the future |  | 1,447,508 |  |  | $ | 8.80 |  |  | 5.67 |  | $ | 199.2 |  |  | 1,496,744 |  |  | $ | 40.52 |  |  | 1.55 |  | $ | 9.0 |
Vested at September 30, 2024 |  | 1,287,104 |  |  | $ | 9.46 |  |  | 5.26 |  | $ | 196.3 |  |  | 1,421,744 |  |  | $ | 42.51 |  |  | 1.50 |  | $ | — |
Restricted Stock During the nine months ended September 30, 2024 and 2023, the Company issued restricted stock for services as follows (in thousands, except share data):
|  | Nine Months Ended September 30,
|  | 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 nine months ended September 30, 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 | (1,461) |  |  | $ | 3.51 |
Non-vested at September 30, 2024 | 228,428 |  |  | $ | 3.67 |
Restricted Stock Units During the nine months ended September 30, 2024 and 2023, the Company issued restricted stock units for services as follows (in thousands, except share data):
| Nine Months Ended September 30,
| 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 nine months ended September 30, 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 nine months ended September 30, 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 | 205,300 |  |  | $ | 3.08 |
Vested | (106,400) |  |  | $ | 3.20 |
Forfeited | (800) |  |  | $ | 3.08 |
Non-vested at September 30, 2024 | 210,900 |  |  | $ | 3.18 |

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