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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract] |
Inventory Stated at Cost, Net of Reserve | Inventory stated at cost, consisted of the following as of December 31:
|  | 2024 |  |  | 2023 |
Materials |  | $ | 1,308,863 |  |  |  | 367,934 |
Work in progress |  |  | 982,630 |  |  |  | 128,993 |
Finished goods |  |  | 754,830 |  |  |  | 170,191 |
Inventory |  | $ | 3,046,323 |  |  |  | 667,118 |
Other Assets | The Company has included these amounts on the accompanying balance sheets as follows as of December 31:
|  | 2024 |  |  | 2023 |
Prepaid and other current assets |  | $ | 315,897 |  |  |  | 224,000 |
Other long-term assets |  |  | 714,912 |  |  |  | 704,234 |
Research tax credits available to the Company |  | $ | 1,030,809 |  |  |  | 928,234 |
Estimated Useful Lives of Assets | Depreciation and amortization are computed using the straight‑line method over estimated useful lives of assets as follows:
Leasehold improvements | Shorter of lease term(s) or useful life
Office equipment | 5 years
Furniture and fixtures | 7 years
Machinery and equipment | 5 to 7 years
Intangible Assets | Intangible assets consist of the following as of December 31:
|  | 2024 |  |  | 2023 |
Cost |  | $ | 1,755,009 |  |  |  | 1,668,951 |
Accumulated amortization |  |  | (1,689,091 | ) |  |  | (1,668,951 | )
Net book value |  | $ | 65,918 |  |  |  | — |
Accrued Expenses | Accrued expenses consisted of the following as of December 31:
|  | 2024 |  |  | 2023 |
Incentive and other compensation costs |  | $ | 650,768 |  |  |  | 1,082,606 |
Clinical trial costs |  |  | 354,762 |  |  |  | 276,141 |
Director fees |  |  | 70,000 |  |  |  | 60,210 |
Franchise taxes |  |  | — |  |  |  | 12,160 |
Other |  |  | 75,519 |  |  |  | 13,179 |
Accrued expenses |  | $ | 1,151,049 |  |  |  | 1,444,296 |
Clinical Holdback Liability | The following table shows the activity within the clinical holdback liability accounts for the year ended December 31, 2024:
Balance at December 31, 2023 |  | $ | 120,235 |
Clinical holdback retained |  |  | 19,452 |
Clinical holdback paid |  |  | (11,495 | )
Balance at December 31, 2024 |  | $ | 128,192 |
Less: clinical holdback - current portion |  |  | (88,581 | )
Clinical holdback - long-term portion |  | $ | 39,611 |
The following table shows the activity within the clinical holdback liability accounts for the year ended December 31, 2023:
Balance at December 31, 2022 |  | $ | 141,864 |
Clinical holdback retained |  |  | 5,900 |
Clinical holdback paid |  |  | (27,529 | )
Balance at December 31, 2023 |  | $ | 120,235 |
Less: clinical holdback - current portion |  |  | (65,300 | )
Clinical holdback - long-term portion |  | $ | 54,935 |
Sales by Geographic Region | The following table summarizes the Company’s sales by geographic region for the years ending December 31:
Primary geographical markets |  | 2024 |  |  | 2023
U.S. |  | $ | 1,073,508 |  |  |  | 1,013,925
International |  |  | 555,600 |  |  |  | 58,045
Total |  | $ | 1,629,108 |  |  |  | 1,071,970

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