Convertible Redeemable Preferred Stock and Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2024 |
Convertible Redeemable Preferred Stock and Stockholders Equity [Abstract] |
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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. |
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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. |
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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 | |
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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 | |
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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 | |
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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 | % |
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Schedule of Restricted Stock |
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| | |
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 | |
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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 | |
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