v3.25.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]    
Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share data) for the three months ended March 31, 2025 and 2024:

 

   Three Months Ended
March 31,		 
Numerator:  2025   2024 
Income (Loss) allocated to common shares - Basic  $(3,887)  $312 
Effect of dilutive securities:          
Income allocated to preferred stock   
-
    324(1)
Income (Loss) allocated to common shares - Diluted  $(3,887)  $636 
           
Denominator:          
Weighted average common shares outstanding - Basic   50,922,432    19,181,066 
Effect of dilutive securities:          
Options and RSUs   
-
    5,481,051 
Convertible preferred stock   
-
    19,887,616 
Dilutive potential common shares   -    25,368,667 
Weighted average common shares outstanding - Diluted   50,922,432    44,549,733 
           
Net income (loss) per share:          
Basic  $(0.08)  $0.02 
Diluted  $(0.08)  $0.01 

 

(1)Allocated based on the common stock issuable upon conversion of the outstanding preferred stock of 19,887,616 as compared to the sum of common stock outstanding of 19,181,066 and the common stock issuable upon conversion of 19,887,616.
 
Schedule of Diluted Net Loss Per Share of Common Stock Attributable to Common Stockholders

The following table presents the potentially dilutive shares that were excluded from the computation of diluted net loss per share of common stock attributable to common stockholders, because their effect was anti-dilutive:

 

   March 31, 
   2025   2024 
Warrants   29,700,000    124,763 
Stock options   6,952,734    
-
 
Convertible Notes   15,789,474    
-
 
Unvested restricted stock units   5,539    
-
 
Total   52,447,747    124,763 

The following table presents the potentially dilutive shares that were excluded from the computation of diluted net loss per share of common stock attributable to common stockholders, because their effect was anti-dilutive:

 

   December 31, 
   2024   2023 
Convertible Preferred Stock   
-
    9,725,520 
Warrants   28,850,000    61,009 
Stock options   9,881,842    5,414,848 
Convertible Notes   1,764,706    
-
 
Unvested restricted stock units   22,156    45,835 
Total   40,518,704    15,247,212 
Schedule of Consolidated Statements of Cash Flows   The following tables reconcile cash and restricted cash to amounts shown in the consolidated statements of cash flows:
   December 31, 
   2024   2023 
Cash  $2,850   $723 
Restricted cash   142    138 
Total cash and restricted cash  $2,992   $861 
Schedule of Depreciation on Property and Equipment Estimated Useful Lives  

Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives as follows: 

 

Classification   Estimated
Useful Life
(in years)
Computer hardware and software   3 - 5 
Lab equipment   3 - 5
Furniture and fixtures   5 - 7
Leasehold improvements   Shorter of useful life or lease term
Schedule of Balance Sheet  

The impact of the revision on the Company’s balance sheet as of December 31, 2023 is reflected in the following table:

 

   As previously
reported		   Adjustment   As restated 
Accrued expenses  $2,081   $3,300   $5,381 
Total liabilities   12,891    3,300    16,191 
Accumulated deficit   (105,571)   (3,300)   (108,871)
Total stockholders’ deficit   (85,135)   (3,300)   (88,435)

 

The impact of the revision on the Company’s balance sheet as of December 31, 2022 is reflected in the following table:

 

   As previously
reported		   Adjustment   As restated 
Accrued expenses  $1,897   $3,300   $5,197 
Total liabilities   11,987    3,300    15,287 
Accumulated deficit   (93,865)   (3,300)   (97,165)
Total stockholders’ deficit   (75,734)   (3,300)   (79,034)

 

The impact of the revision on the Company’s balance sheet as of September 30, 2024 is reflected in the following table:

 

   As previously
reported		   Adjustment   As restated 
Accrued expenses  $2,745   $3,300   $6,045 
Total liabilities   15,277    3,300    18,577 
Accumulated deficit   (109,468)   (3,300)   (112,768)
Total stockholders’ deficit   (87,501)   (3,300)   (90,801)