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Convertible Redeemable Preferred Stock and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Convertible Redeemable Preferred Stock and Stockholders [Abstract]  
Schedule of Fair Value of the Preferred Investment Options The increase in the fair value of the preferred investment options as a result of the exchange was approximately $860,000, and was determined using the Black-Scholes option pricing model, with the following assumptions:

  

Original

  

Exchanged

Exercise price

  

$

6.65

 

  

$

2.546

 

Term (years)

  

 

3.67

 

  

 

5.0

 

Expected stock price volatility

  

 

116.2

%

  

 

120.2

%

Risk-free rate of interest

  

 

3.16

%

  

 

2.98

%
Schedule of Valuation of the Contingent Warrant Liability The following significant assumptions were used in the valuation of the contingent warrant liability, related to the August Contingent Warrants, as of the date of the August 2022 Private Placement and as of December 31, 2022:

  

August 11,
2022

  

December 31,
2022

Exercise price

  

$

3.3938

 

  

$

3.3938

 

Term (years)

  

 

5.00

 

  

 

4.61

 

Expected stock price volatility

  

 

127.8

%

  

 

120.8

%

Risk-free rate of interest

  

 

2.98

%

  

 

4.03

%
Schedule of Outstanding Warrants, Excluding Contingent Warrants

The following summarizes activity related to the Company’s outstanding warrants, excluding contingent warrants issuable upon exercise of the preferred investment options, for the year ended December 31, 2023:

  

Number of
Shares

  

Weighted
Average
Exercise
Price

  

Weighted
Average
Remaining
Contractual
Life
(in years)

Outstanding as of December 31, 2022

  

5,910,914

 

  

$

2.37

  

4.7

Granted

  

5,121,601

 

  

 

1.10

    

Exercised

  

(3,132,854

)

  

 

0.865

    

Cancelled

  

—

 

  

 

—

  

 

Outstanding as of December 31, 2023

  

7,899,661

 

  

 

1.68

  

4.3

Warrants vested and exercisable as of December 31, 2023

  

7,899,661

 

  

$

1.68

  

4.3
Schedule of Stock Options

The following summarizes activity related to the Company’s stock options under the 2019 Plan and the 2022 Plan for the year ended December 31, 2023:

  

Number of
Shares

  

Weighted
Average
Exercise
Price

  

Total
Intrinsic
Value

  

Weighted
Average
Remaining
Contractual
Life
(in years)

Outstanding as of December 31, 2022

  

1,392,654

 

  

$

3.30

  

$

670,161

  

8.2

Granted

  

962,154

 

  

 

0.48

  

 

—

  

—

Forfeited/cancelled

  

(404,058

)

  

 

4.87

  

 

—

  

—

Exercised

  

(45,920

)

  

 

0.01

  

 

45,920

  

—

Outstanding as of December 31, 2023

  

1,904,830

 

  

 

1.63

  

 

94,239

  

8.4

Options vested and exercisable as of December 31, 2023

  

861,177

 

  

$

2.23

  

$

94,239

  

7.1
Schedule of Fair Value of Options Granted

The fair value of options granted in 2023 and 2022 was estimated using the following assumptions:

  

For the
Year Ended
December 31,
2023

  

For the
Year Ended
December 31,
2022

Exercise price

  

$0.26 – 1.29

  

$1.06 – 6.45

Term (years)

  

5.00 – 10.00

  

5.00 – 10.00

Expected stock price volatility

  

101.1% – 119.5

  

112.6% – 121.2%

Risk-free rate of interest

  

3.5% – 4.7%

  

2.9% – 4.3%
Schedule of Unvested Restricted Stock

On August 16, 2023 and October 4, 2023, upon their respective resignations, the Company’s former CEO and former CFO forfeited 150,000 shares and 75,000 shares of unvested restricted stock, respectively.

  

Number of
Shares

  

Weighted
Average
Weighted
Average
Grant Date
Fair Value

Nonvested as of December 31, 2022

  

—

 

  

$

—

Granted

  

512,940

 

  

 

1.01

Forfeited/cancelled

  

(250,110

)

  

 

1.02

Vested

  

(6,250

)

  

 

1.03

Nonvested as of December 31, 2023

  

256,580

 

  

$

1.03
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the years ended December 31, 2023 and 2022 was as follows:

  

For the Years Ended
December 31,
   

2023

  

2022

Selling, general and administrative

  

$

234,298

  

$

1,309,687

Research and development

  

 

95,462

  

 

664,879

Total

  

$

329,760

  

$

1,974,566