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Equity Incentive Plans and Warrants (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity Incentive Plans and Warrants [Abstract] |
Stock Option Plans Activity | Activity under the Company’s stock option plans for the nine months ended September 30, 2024 was as follows:
|  | Number of options |  |  | Weighted average exercise price |
Outstanding at December 31, 2023 |  |  | 2,102,030 |  |  | $ | 2.00 |
Granted |  |  | 1,259,421 |  |  |  | 1.07 |
Forfeited |  |  | (359,807 | ) |  |  | 1.96 |
Outstanding at September 30, 2024 |  |  | 3,001,644 |  |  | $ | 1.61 |
Vested and exercisable at September 30, 2024 |  |  | 1,295,956 |  |  | $ | 2.36 |
Share-based Compensation Expense | The following table shows the share-based compensation expense related to vested stock option grants to employees and nonemployees by financial statement line item on the accompanying condensed statement of comprehensive loss:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 49,800 |  |  |  | 79,561 |  |  |  | 114,437 |  |  |  | 131,812 |
Sales and marketing |  |  | 18,895 |  |  |  | 623 |  |  |  | 43,659 |  |  |  | (1,319 | )
General and administrative |  |  | 59,711 |  |  |  | 424,175 |  |  |  | 151,908 |  |  |  | 496,036 |
Total share-based compensation expense |  | $ | 128,406 |  |  |  | 504,359 |  |  |  | 310,004 |  |  |  | 626,529 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Warrants Valuation Assumptions | The common stock was valued at $1,133,480, based on the Company’s stock price. The pre-funded warrants and common warrants were valued at $1,615,701 and $1,854,099, respectively, using the following Black-Scholes assumptions:
|  | Pre-funded warrants |  |  | Common warrants |
Expected term (in years) |  |  | 4 |  |  |  | 4 |
Risk‑free interest rate |  |  | 3.83 | % |  |  | 3.83 | %
Dividend yield |  |  | — | % |  |  | — | %
Expected volatility |  |  | 100.25 | % |  |  | 100.25 | %
Exercise price |  | $ | 0.0001 |  |  | $ | 1.095 |
Stock price |  | $ | 0.86 |  |  | $ | 0.86 |
Black-Scholes value |  | $ | 0.86 |  |  | $ | 0.58 |
2021 Stock Option Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Valuation Assumptions | Options granted under our 2021 Stock Option Plan for the nine months ended September 30, 2024 to employees and nonemployees were 1,186,521 and 72,900, respectively and the weighted average exercise prices were $1.06 and $1.13, respectively. The weighted-average fair values of the options granted to employees and nonemployees were $0.91 and $0.93, respectively and were estimated using the following Black-Scholes assumptions:
|  | Employee |  |  | Nonemployee |
Expected term (in years) |  |  | 6.25 |  |  |  | 5.36 |
Risk‑free interest rate |  |  | 4.05 | % |  |  | 4.09 | %
Dividend yield |  |  | — | % |  |  | — | %
Expected volatility |  |  | 110.29 | % |  |  | 111.97 | %
Inducement Grants [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Valuation Assumptions | On February 12, 2024, the Company awarded, outside the 2021 Plan, our Chief Commercial Officer a stock option grant for the right to purchase 100,000 shares of common stock at an exercise price of $1.10 per share (inducement grant), which was approved by the Compensation committee. The inducement grant will vest in equal installments over four years provided the employee remains employed by the Company on the vesting date. The fair value of the inducement grant was $0.94 and was estimated using the following assumptions:
|  | Inducement |
Expected term (in years) |  |  | 6.25 |
Risk‑free interest rate |  |  | 4.10 | %
Dividend yield |  |  | — | %
Expected volatility |  |  | 109.64 | %

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