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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Total Stock-Based Compensation | The Company recorded total stock-based compensation in its Statements of Operations as follows (in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2023 |  | 2022
Research and development |  |  |  |  | $ | 714 |  |  | $ | 804 |
General and administrative |  |  |  |  | 684 |  |  | 365 |
Total stock-based compensation expense |  |  |  |  | $ | 1,398 |  |  | $ | 1,169 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the range of assumptions used to estimate the fair value of stock options issued in 2023 and 2022:
| 2023 |  | 2022
Stock price | $2.82 to 6.88 |  | $4.50
Exercise price | $2.82 to 6.88 |  | $4.50
Expected volatility | 97.06 to 99.74% |  | 103.85%
Risk free interest rates | 3.87 to 4.97% |  | 3.59%
Expected term (years) | 5.75 to 6.25 |  | 3 to 4
Share-Based Payment Arrangement, Option, Activity | The following table summarizes the activity for stock options for the year ended December 31, 2023:
| Options |  | Weighted- Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 | 1,044,250 |  | $ | 8.48 |  |  | 6.6 |  | $ | 235 |
Issued | 208,000 |  | $ | 5.25 |  |  |  |  |
Exercised | (12,500) |  | $ | 2.00 |  |  |  |  |
Forfeited and cancelled | - |  | $ | — |  |  |  |  |
Outstanding at December 31, 2023 | 1,239,750 |  | $ | 8.00 |  |  | 6.4 |  | $ | 1,865 |
Exercisable at December 31, 2023 | 850,250 |  | $ | 8.15 |  |  | 5.2 |  | $ | 1,201 |
Schedule Of Share-Based Payment Award, Warrants, Valuation Assumptions | The following table summarizes the range of assumptions used to estimate the fair value of warrants issued in 2023 and 2022:
| 2023 |  | 2022
Stock price | $3.10 to $5.00 |  | $4.50
Exercise price | $6.00 to $6.25 |  | $4.50
Expected volatility | 97.06% to 103.85% |  | 103.85%
Risk free interest rates | 3.59% to 4.85% |  | 3.59%
Expected term (years) | 3 to 5 |  | 10
Schedule of Warrants, Activity | The following table summarizes the activity for warrants for the year ended December 31, 2023:
| Warrants |  | Weighted- Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 | 357,750 |  | $ | 6.00 |  |  | 4.8 |  | $ | 183 |
Issued | 459,950 |  | $ | 6.46 |  |  |  |  |
Exercised | (12,500) |  | $ | 2.00 |  |  |  |  |
Forfeited and cancelled | (3,250) |  | $ | 11.50 |  |  |  |  |
Outstanding at December 31, 2023 | 801,950 |  | $ | 6.30 |  |  | 3.9 |  | $ | 2,096 |
Exercisable at December 31, 2023 | 699,200 |  | $ | 6.26 |  |  | 3.8 |  | $ | 1,876 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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