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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 11. Fair Value Measurements The following tables summarize the fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis as of: Schedule of Fair Value Measurements for Assets and Liabilities December 31, 2023
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock warrants |  | $ | — |  |  | $ | — |  |  | $ | 35,453 |  |  | $ | 35,453 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 35,453 |  |  | $ | 35,453 |
December 31, 2022
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock warrants |  | $ | — |  |  | $ | — |  |  | $ | 70,283 |  |  | $ | 70,283 |
2022 Convertible Notes |  |  | — |  |  |  | — |  |  |  | 5,600,000 |  |  |  | 5,600,000 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 5,670,283 |  |  | $ | 5,567,283 |
The following table presents the changes in Level 3 instruments measured on a recurring basis for the period ended December 31, 2023: Schedule of Changes in Level 3 Instruments Measured on a Recurring Basis
Balance at December 31, 2021 |  | $ | 71,104 |
Change in fair value of warrants |  |  | (821 | )
Issuance of 2022 Convertible Notes |  |  | 4,350,000 |
Change in fair value of 2022 Convertible Notes |  |  | 1,250,000 |
Balance at December 31, 2022 |  |  | 5,670,283 |
Changes in fair value of warrants |  |  | (34,830 | )
Changes in fair value of 2022 Convertible Notes |  |  | 3,630,100 |
Conversion of 2022 Convertible Notes |  |  | (9,230,100 | )
Balance at December 31, 2023 |  |  | 35,453 |
AZITRA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2023 and 2022 11. Fair Value Measurements (continued) At December 31, 2023 and 2022, the Company estimated the fair value of the warrants using the Black-Scholes option pricing model with the following assumptions: Schedule of Fair Value of Warrants Using Black Scholes Option Pricing Model
|  | December 31, 2023 |  |  | December 31, 2022 |
Underlying common stock value |  | $ | 0.92 |  |  | $ | 1.70 |
Expected term (years) |  |  | 4.29 |  |  |  | 5.00 |
Expected volatility |  |  | 99 | % |  |  | 86 | %
Risk free interest rate |  |  | 4 | % |  |  | 3 | %
Dividend yield |  |  | — | % |  |  | — | %
Fluctuation in the fair value of the Company’s Common stock is the primary driver for the change in the Common Stock Warrant liability valuation during each year. As the fair value of the Common stock increases the value to the holder of the instrument generally increases. Prior to their redemption, fluctuations in the various inputs, including the enterprise value, time to liquidity, volatility, and discount rate are the primary drivers for the changes in valuation of the 2022 Convertible Notes each reporting period. As the fair value of the enterprise value, estimated time to liquidity, volatility, and discount rate increase, the value to the holder of the 2022 Convertible Notes generally increases.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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