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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 31, 2023 and 2022 are as follows:
($ in thousands) |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance as of December 31, 2023 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  | $ | 5,744 |  |  | $ | 5,744 |  |  | $ | — |  |  | $ | — |
($ in thousands) |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance as of December 31, 2022 |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  | $ | 38,058 |  |  | $ | 38,058 |  |  | $ | — |  |  | $ | — |
Share-Based Compensation Expense Included in Statements of Operations | The following table presents share-based compensation expense included in the Company’s statements of operations:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Research and development |  |  | 439 |  |  |  | 868 |
General and administrative |  |  | 2,361 |  |  |  | 2,660 |
Stock-based compensation expense |  | $ | 2,800 |  |  | $ | 3,528 |
Assumptions for Volatility, Expected life, Dividend Yield and Risk-free Interest Rate | The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:
|  | Year Ended December 31,
|  | 2023 |  | 2022
Risk-free interest rate |  | 3.51 – 4.01% |  | 1.63 – 4.21%
Expected life in years |  | 5.06 – 6.25 |  | 5.27 – 6.25
Expected volatility |  | 89.69 – 112.12% |  | 74.49 – 88.75%
Expected dividend yield |  | —% |  | —%
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | Basic net loss per common share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effect of outstanding options and warrants, using the treasury stock method and the average market price of the Company’s common stock during the applicable period, unless their effect on net loss per share is antidilutive. The effect of computing diluted net loss per common share was antidilutive for any potentially issuable shares of common stock from the conversion of stock options, unvested restricted stock and warrants and, as such, have been excluded from the calculation. The computation of basic and diluted net loss per share consists of the following:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Net loss |  | $ | (35,140 | ) |  | $ | (37,730 | )
Weighted-average common shares outstanding, basic and diluted |  |  | 15,995,323 |  |  |  | 14,475,354 |
Net loss per share, basic and diluted |  | $ | (2.20 | ) |  | $ | (2.61 | )
Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share | Such potential common shares on December 31, 2023 and 2022 consist of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Common stock options |  |  | 465,898 |  |  |  | 693,909 |
Unvested restricted stock |  |  | - |  |  |  | 62,604 |
Warrants |  |  | 1,452,399 |  |  |  | 1,528,156 |
|  |  | 1,918,297 |  |  |  | 2,284,669 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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