v3.25.1
Convertible Redeemable Preferred Stock and Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2024
Convertible Redeemable Preferred Stock and Stockholders Equity [Abstract]  
Schedule of Series C PIPE Warrant Liabilities that are Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s Series C PIPE warrant liabilities that are measured at fair value on a recurring basis with changes in fair value presented in the statements of operations:
Description  Level  December 31,
2024
 
Contingent warrant liabilities – Series C PIPE warrants*  3  $  32,892 
Total     $32,892 

 

*Included within contingent warrant liabilities of the accompanying consolidated balance sheet as of December 31, 2024.
Schedule of Changes in the Fair Value of the Series C PIPE Warrants

The following table presents the changes in the fair value of the Series C PIPE warrants:

 

   Series C
PIPE
warrants*
 
Fair value as of October 2, 2024 (inception)  $1,138,476 
Change in fair value   (1,105,584)
Fair value as of December 31, 2024  $32,892 

 

*Included within Change in Fair Value of Contingent Warrant Liabilities in the accompanying consolidated statement of operations for the year ended December 31, 2024.
Schedule of Fair Value Measurements for the Derivative Liability Warrants

The following table provides quantitative information regarding the fair value measurements for the derivative liability warrants using the Monte Carlo pricing model:

 

   At Inception   December 31,
2024
 
Strike price  $4.38   $4.38 
Expected annual volatility   90%   90%
Risk-free rate   3.55%   4.31%
Expected term, years   3.50    3.25 
Schedule of Outstanding 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 years ended December 31, 2024 and 2023:

 

           Weighted 
           Average 
       Weighted   Remaining 
       Average   Contractual 
   Number of   Exercise   Life 
   Shares   Price   (in years) 
Outstanding as of December 31, 2022   147,773   $94.8    4.7 
Granted   128,040    44.0    - 
Exercised   (78,321)   34.6    - 
Cancelled   
-
    
-
    - 
Outstanding as of December 31, 2023   197,492   $67.20    4.3 
Granted   1,318,334    4.59    - 
Exercised   (340,493)   34.53    - 
Cancelled   
-
    
-
    - 
Outstanding as of December 31, 2024   1,175,333    6.72    2.92 
Warrants vested and exercisable as of December 31, 2024   583,475   $9.10    2.57 
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 years ended December 31, 2024 and 2023:

 

               Weighted 
               Average 
       Weighted       Remaining 
       Average   Total   Contractual 
   Number of   Exercise   Intrinsic   Life 
   Shares   Price   Value   (in years) 
Outstanding as of December 31, 2022   34,816   $132.0   $670,161    8.2 
Granted   24,054    19.2    
     
Forfeited / cancelled   (10,103)   194.80    
     
Exercised   (1,148)   0.4    1,148     
Outstanding as of December 31, 2023   47,619    65.20    94,239    8.4 
Granted   
    
    
     
Forfeited / cancelled   (33,539)   28.35    
     
Exercised   (406)   0.5    2,512     
Outstanding as of December 31, 2024   13,674    156.96    
    7.87 
Options vested and exercisable as of December 31, 2024   9,336   $189.15         7.65 
Schedule of Fair Value of Options Granted

There were no stock options granted during the year ended December 31, 2024. The fair value of options granted during the year ended December 31, 2023 was estimated using the following assumptions:

 

   For the Year
Ended December 31,
 
   2023 
Exercise price  $10.40 – 51.60 
Term (years)   5.00 – 10.00 
Expected stock price volatility   101.1% – 119.5%
Risk-free rate of interest   3.5% – 4.7%
Schedule of Restricted Stock
       Weighted 
       Average 
   Number of   Grant Date 
   Shares   Fair Value 
Nonvested as of December 31, 2023   6,414   $41.20 
Granted   700,124    0.42 
Vested   (688,308)   0.62 
Forfeited   (313)   40.93 
Nonvested as of December 31, 2024   17,917   $6.15 
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the years ended December 31, 2024 and 2023 was as follows:

 

   For the Years Ended
December 31,
 
   2024   2023 
Selling, general and administrative  $483,226   $234,298 
Research and development   (44,573)   95,462 
Total  $438,653   $329,760