Lightbridge (LTBR) 10-Q 1 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Entity Registrant Name	LIGHTBRIDGE CORPORATION
Entity Central Index Key	0001084554
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		15,766,902
Entity File Number	001-34487
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	91-1975651
Entity Address Address Line 1	11710 Plaza America Drive
Entity Address Address Line 2	Suite 2000
Entity Address City Or Town	Reston
Entity Address State Or Province	VA
Entity Address Postal Zip Code	20190
City Area Code	571
Local Phone Number	730-1200
Security 12b Title	Common Stock, $0.001 par value
Trading Symbol	LTBR
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 26,634,951	$ 28,598,445
Prepaid expenses and other current assets	403,922	207,063
Total Current Assets	27,038,873	28,805,508
Other Assets
Prepaid project costs and other long-term assets	472,875	483,000
Trademarks	108,865	108,865
Total Assets	27,620,613	29,397,373
Current Liabilities
Accounts payable and accrued liabilities	1,159,566	486,326
Total Current Liabilities	1,159,566	486,326
Stockholders' Equity
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value, 25,000,000 authorized, 15,276,331 shares and 13,698,274 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	15,276	13,698
Additional paid-in capital	186,693,926	181,295,125
Accumulated deficit	(160,248,155)	(152,397,776)
Total Stockholders' Equity	26,461,047	28,911,047
Total Liabilities and Stockholders' Equity	$ 27,620,613	$ 29,397,373

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred Stock, Shares Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares issued	0	0
Preferred Stock, Shares outstanding	0	0
Common Stock, Shares Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	25,000,000	25,000,000
Common Stock, Shares Issued	15,276,331	13,698,274
Common Stock, Shares Outstanding	15,276,331	13,698,274

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 0	$ 0	$ 0	$ 0
Operating Expenses
General and administrative	1,676,209	1,609,142	5,626,567	5,071,889
Research and development	1,298,601	552,751	3,232,036	1,367,650
Total Operating Expenses	2,974,810	2,161,893	8,858,603	6,439,539
Other Operating Income
Contributed services - research and development	0	0	0	31,028
Total Other Operating Income	0	0	0	31,028
Operating Loss	(2,974,810)	(2,161,893)	(8,858,603)	(6,408,511)
Other Income
Interest income	318,649	322,065	1,008,224	869,879
Total Other Income	318,649	322,065	1,008,224	869,879
Net Loss Before Income Taxes	(2,656,161)	(1,839,828)	(7,850,379)	(5,538,632)
Income taxes	0	0	0	0
Net Loss	$ (2,656,161)	$ (1,839,828)	$ (7,850,379)	$ (5,538,632)
Net Loss Per Common Share
Basic and Diluted	$ (0.19)	$ (0.15)	$ (0.57)	$ (0.47)
Weighted Average Number of Common Shares Outstanding
Basic and Diluted	14,189,787	12,252,342	13,871,756	11,902,010

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY - USD ($)	Total	Accumulated Deficit	Common Stock	Additional Paid-In Capital
Balance, shares at Dec. 31, 2022			11,900,217
Balance, amount at Dec. 31, 2022	$ 29,118,155	$ (144,489,130)	$ 11,900	$ 173,595,385
Shares issued - registered offerings - net of offering costs, shares			169,978
Shares issued - registered offerings - net of offering costs, amount	731,052	0	$ 170	730,882
Shares issued to consultant and directors for services, shares			55,835
Shares issued to consultant and directors for services, amount	215,000	0	$ 56	214,944
Stock-based compensation	284,360	0	0	284,360
Net loss for the period	(2,026,580)	(2,026,580)	$ 0	0
Balance, shares at Mar. 31, 2023			12,126,030
Balance, amount at Mar. 31, 2023	28,321,987	(146,515,710)	$ 12,126	174,825,571
Balance, shares at Dec. 31, 2022			11,900,217
Balance, amount at Dec. 31, 2022	29,118,155	(144,489,130)	$ 11,900	173,595,385
Net loss for the period	(5,538,632)
Balance, shares at Sep. 30, 2023			12,934,226
Balance, amount at Sep. 30, 2023	29,207,896	(150,027,762)	$ 12,934	179,222,724
Balance, shares at Mar. 31, 2023			12,126,030
Balance, amount at Mar. 31, 2023	28,321,987	(146,515,710)	$ 12,126	174,825,571
Shares issued - registered offerings - net of offering costs, shares			320,023
Shares issued - registered offerings - net of offering costs, amount	1,583,330	0	$ 320	1,583,010
Shares issued to consultant and directors for services, shares			3,658
Shares issued to consultant and directors for services, amount	15,000	0	$ 4	14,996
Stock-based compensation	316,798	0	0	316,798
Net loss for the period	(1,672,224)	(1,672,224)	$ 0	0
Shares issued pursuant to restricted stock awards, shares			35,088
Shares issued pursuant to restricted stock awards, amount	0	0	$ 35	(35)
Balance, shares at Jun. 30, 2023			12,484,799
Balance, amount at Jun. 30, 2023	28,564,891	(148,187,934)	$ 12,485	176,740,340
Shares issued - registered offerings - net of offering costs, shares			446,850
Shares issued - registered offerings - net of offering costs, amount	2,167,104	0	$ 447	2,166,657
Shares issued to consultant and directors for services, shares			2,577
Shares issued to consultant and directors for services, amount	15,000	0	$ 2	14,998
Stock-based compensation	300,729	0	0	300,729
Net loss for the period	(1,839,828)	(1,839,828)	$ 0	0
Balance, shares at Sep. 30, 2023			12,934,226
Balance, amount at Sep. 30, 2023	29,207,896	(150,027,762)	$ 12,934	179,222,724
Balance, shares at Dec. 31, 2023			13,698,274
Balance, amount at Dec. 31, 2023	28,911,047	(152,397,776)	$ 13,698	181,295,125
Shares issued - registered offerings - net of offering costs, shares			427,300
Shares issued - registered offerings - net of offering costs, amount	1,221,982	0	$ 428	1,221,554
Shares issued to consultant and directors for services, shares			64,206
Shares issued to consultant and directors for services, amount	255,000	0	$ 64	254,936
Stock-based compensation	456,904	0	0	456,904
Net loss for the period	(2,819,584)	(2,819,584)	$ 0	0
Balance, shares at Mar. 31, 2024			14,189,780
Balance, amount at Mar. 31, 2024	28,025,349	(155,217,360)	$ 14,190	183,228,519
Balance, shares at Dec. 31, 2023			13,698,274
Balance, amount at Dec. 31, 2023	28,911,047	(152,397,776)	$ 13,698	181,295,125
Net loss for the period	(7,850,379)
Balance, shares at Sep. 30, 2024			15,276,331
Balance, amount at Sep. 30, 2024	26,461,047	(160,248,155)	$ 15,276	186,693,926
Balance, shares at Mar. 31, 2024			14,189,780
Balance, amount at Mar. 31, 2024	28,025,349	(155,217,360)	$ 14,190	183,228,519
Shares issued - registered offerings - net of offering costs, shares			400,831
Shares issued - registered offerings - net of offering costs, amount	982,642	0	$ 400	982,242
Shares issued to consultant and directors for services, shares			5,000
Shares issued to consultant and directors for services, amount	15,000	0	$ 5	14,995
Stock-based compensation	384,216	0	0	384,216
Net loss for the period	(2,374,634)	(2,374,634)	$ 0	0
Net share settlement for withholding taxes paid upon vesting of restricted stock awards, shares			(4,134)
Net share settlement for withholding taxes paid upon vesting of restricted stock awards, amount	(10,583)	0	$ 4	(10,579)
Balance, shares at Jun. 30, 2024			14,591,477
Balance, amount at Jun. 30, 2024	27,021,990	(157,591,994)	$ 14,591	184,599,393
Shares issued - registered offerings - net of offering costs, shares			608,690
Shares issued - registered offerings - net of offering costs, amount	1,511,741	0	$ 609	1,511,132
Shares issued to consultant and directors for services, shares			76,164
Shares issued to consultant and directors for services, amount	195,000	0	$ 76	194,924
Stock-based compensation	388,477	0	0	388,477
Net loss for the period	(2,656,161)	(2,656,161)	$ 0	0
Balance, shares at Sep. 30, 2024			15,276,331
Balance, amount at Sep. 30, 2024	$ 26,461,047	$ (160,248,155)	$ 15,276	$ 186,693,926

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net Loss	$ (7,850,379)	$ (5,538,632)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Common stock issued for services	50,806	30,000
Stock-based compensation	1,229,597	901,887
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(37,665)	(137,139)
Prepaid project costs and other long-term assets	10,125	(141,375)
Accounts payable and accrued liabilities	928,240	740,308
Net Cash Used in Operating Activities	(5,669,276)	(4,144,951)
Investing Activities
Trademarks	0	(640)
Net Cash Used in Investing Activities	0	(640)
Financing Activities
Net proceeds from the issuances of common stock and tax payments for share settlement of equity awards	3,705,782	4,481,486
Net Cash Provided by Financing Activities	3,705,782	4,481,486
Net (Decrease) Increase in Cash and Cash Equivalents	(1,963,494)	335,895
Cash and Cash Equivalents, Beginning of Period	28,598,445	28,899,997
Cash and Cash Equivalents, End of Period	26,634,951	29,235,892
Cash paid during the period:
Interest paid	0	0
Income taxes paid	0	0
Non-Cash Financing Activities:
Payment of accrued liabilities with common stock	255,000	215,000
Common stock issued for consulting services	$ 180,000	$ 0

Nature of Operations Basis of P

Nature of Operations Basis of Presentation Summary of Significant Accounting Policies and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Nature of Operations Basis of Presentation Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Nature of Operations, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 1. Nature of Operations, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Nature of Operations and Basis of Presentation When used in these notes, the terms “Lightbridge,” “Company,” “we,” “us” or “our” mean Lightbridge Corporation and all entities included in the condensed consolidated financial statements. The Company was formed on October 6, 2006, when Thorium Power, Ltd., which was incorporated in the state of Nevada on February 2, 1999, merged with Thorium Power, Inc. (TPI), which was incorporated in the state of Delaware on January 8, 1992. On September 29, 2009, the Company changed its name from Thorium Power, Ltd. to Lightbridge Corporation and began its focus on developing and commercializing metallic nuclear fuels. The Company is a nuclear fuel technology company developing its next generation nuclear fuel technology. These condensed consolidated financial statements include the accounts of the Company and the Company’s wholly-owned subsidiaries, TPI, and Lightbridge International Holding LLC, a Delaware limited liability company. These wholly-owned subsidiaries are inactive, and all significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of Lightbridge Corporation and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America, including a summary of the Company’s significant accounting policies, have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and footnotes necessary for comprehensive condensed consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 4, 2024. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three and nine-month periods have been made. Results for the interim period presented are not necessarily indicative of the results that might be expected for the entire fiscal year. Summary of Significant Accounting Policies Fair Value of Financial Instruments The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unaffiliated market participants at the measurement date. Accounting Standards Codification (ASC), Fair Value Measurement Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability; and Level 3 - Unobservable inputs that reflect management’s assumptions. For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. The Company’s financial instruments consist principally of cash and cash equivalents, accounts payable and accrued liabilities. The carrying amounts of accounts payable and accrued liabilities are considered to be a Level 1 measurement, representative of their respective fair values because of the short-term nature of those instruments. At the end of the reporting period, the Company reviews U.S. treasury instruments held to determine whether the securities are of the most recent issuance of that security with the same maturity (referred to as “on-the-run”, which is the most liquid version of the maturity band). If a U.S. treasury instrument held at the end of the reporting period was from the most recent issuance it is classified as level 1, otherwise it is referred to as “off-the-run” and is classified as level 2. During the nine months ended September 30, 2024 and 2023, there were $0 transfers from level 1 to level 2 related to U.S. Treasury instruments acquired on-the-run that as of the reporting period became off-the-run, respectively. The following table summarizes the valuation of the Company’s cash equivalents (rounded in millions) that fall within the fair value hierarchy at September 30, 2024. There were no cash equivalents at December 31, 2023. Assets Level I Level II Level III Treasury Bills $ — $ 20.0 $ — Certain Risks and Uncertainties The Company will need additional funding and/or in-kind support via a combination of strategic alliances, government grants, further offerings of equity securities, or an offering of debt securities in order to support its future research and development (R&D) activities required to further enhance and complete the development and commercialization of its fuel products. There can be no assurance that the Company will be able to successfully continue to conduct its operations if there is a lack of financial resources available in the future to continue its fuel development activities, and a failure to do so would have a material adverse effect on the Company’s future R&D activities, financial position, results of operations, and cash flows. Also, the success of the Company’s operations will be subject to other numerous contingencies, some of which are beyond management’s control. These contingencies include general and regional economic conditions, contingent liabilities, potential competition with other nuclear fuel developers, including those entities developing accident tolerant fuels (ATFs), changes in government regulations, risks related to the R&D of our nuclear fuel, regulatory approval of the Company’s fuel, support for nuclear power, changes in accounting and taxation standards, inability to achieve overall short-term and long-term R&D milestones toward commercialization, future impairment charges to the Company’s assets, and global or regional catastrophic events. The Company may also be subject to various additional political, economic, and other uncertainties. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which expands on the required disclosure of incremental segment information. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires companies to annually disclose categories in the effective tax rate reconciliation and additional information about income taxes paid. The new guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects the new standard to have an immaterial effect on its consolidated financial statements and related disclosures upon adoption. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options and Derivatives and Hedging- Contracts in Entity’s Own Equity Debt: Debt with Conversion and Other Options Earnings Per Share The Company has evaluated other recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these unaudited condensed consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on the Company’s consolidated financial statements and related disclosures.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Net Loss Per Common Share
Net Loss Per Share	Note 2. Net Loss Per Share Basic net loss per share is computed using the weighted-average number of common shares outstanding during the reporting period, except that it does not include unvested common shares subject to repurchase or cancellation. Diluted net loss per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options. The outstanding securities noted below have been excluded from the computation of diluted weighted shares outstanding for the three and nine months ended September 30, 2024 and 2023, as they would have been anti-dilutive due to the Company’s losses at September 30, 2024 and 2023 and also because the exercise price of certain of these outstanding securities was greater than the average closing price of the Company’s common stock. Three and Nine Months Ended September 30, 2024 2023 Stock options outstanding 547,362 503,843 Restricted stock awards outstanding 545,992 451,404 Total 1,093,354 955,247

Prepaid Project Costs and Other

Prepaid Project Costs and Other Longterm Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Project Costs and Other Longterm Assets
Prepaid Project Costs and Other Long-term Assets	Note 3. Prepaid Project Costs and Other Long-term Assets In 2022, the Company entered into two agreements with Idaho National Laboratory (INL), in collaboration with the United States Department of Energy (DOE), to support the development of Lightbridge Fuel™. At the time of signing, the Company made advanced payments for future project work totaling $0.4 million to Battelle Energy Alliance, LLC (BEA), DOE’s operating contractor for INL. In May 2023, the Company and INL modified the agreements to extend the contract term to May 2029, aligning it with the duration of the irradiation testing and increasing the advanced payments by $0.1 million to $0.5 million. The prepaid project costs were $0.5 million as of September 30, 2024 and December 31, 2023, recorded under Other Assets - Prepaid project costs and other long-term assets on the accompanying condensed consolidated balance sheets.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	Note 4. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following (rounded in millions): September 30, December 31, 2024 2023 Trade payables $ 0.1 $ 0.1 Accrued research and development expenses 0.2 — Accrued legal and consulting expenses 0.1 0.4 Accrued bonus 0.8 — Total $ 1.2 $ 0.5

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 5. Commitments and Contingencies As of September 30, 2024 and December 31, 2023, the Company had total project task orders and contractual commitments for R&D work for the following three R&D projects (rounded in millions): September 30, December 31, 2024 2023 INL Project $ 2.4 $ 2.9 Romania Feasibility Study — 0.2 Centrus Energy FEED Study — 0.5 Total $ 2.4 $ 3.6 Project Task Statements - INL Project On March 26, 2024, the Company and BEA entered into Modification No. 2 to the Project Task Statement (PTS) under the Strategic Partnership Project Agreement (SPPA), dated December 9, 2022, as amended on May 23, 2023, by and between the Company and BEA. Pursuant to the terms of Modification No. 2, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by approximately $0.6 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $1.7 million. After Modification No. 2, total cash payments from the Company to BEA under both Agreements were estimated at approximately $4.3 million (excluding project contingencies) on a cost reimbursable basis over the performance periods under the initial releases. As of September 30, 2024, the Company had approximately $2.4 million in outstanding PTSs to BEA relating to the R&D work being conducted under the SPPA and “umbrella” Cooperative Research and Development Agreement (CRADA) at INL. Performance of work under these agreements may be terminated at any time by either party, without any liability, after the effective date of termination, upon giving a thirty-day written notice under the SPPA and a sixty-day written notice under the CRADA, to the other party. In the event of termination, the Company shall be responsible for BEA’s costs (including the closeout costs), through the effective date of termination, but in no event shall the Company’s cost responsibility exceed the total estimated cost stated in each PTS and any subsequent modification to the PTS. On October 24, 2024, the Company and BEA entered into Modification No. 3 PTS under the SPPA. See Note 8. Subsequent Events of the Notes to our condensed consolidated financial statements included in Part I. Item 1. Financial Statements, Romania Feasibility Study of Lightbridge Fuel™ for use in CANDU reactors On October 16, 2023, the Company engaged Institutul de Cercetări Nucleare Pitești, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara (RATEN ICN) in Romania to perform an engineering study to assess the compatibility and suitability of Lightbridge Fuel™ for use in CANDU reactors. On July 2, 2024, the Company and RATEN ICN agreed to a change order modifying the remaining scope, schedule, and total fee for the engineering study. The revised total fee was $0.2 million. As of September 30, 2024, the Company had approximately $27,000 in remaining outstanding project commitments to RATEN ICN, payable upon the acceptance of the final engineering study report by the Company. FEED Study with Centrus Energy for a Lightbridge Pilot Fuel Fabrication Facility On December 5, 2023, the Company entered into an agreement with Centrus Energy Corp. (Centrus Energy) to conduct a front-end engineering and design (FEED) study to evaluate deployment of a Lightbridge Pilot Fuel Fabrication Facility (LPFFF) to manufacture Lightbridge Fuel™ using high-assay low-enriched uranium (HALEU) at the American Centrifuge Plant in Piketon. In the second quarter of 2024, Centrus completed Phase 1 of the FEED Study and issued a report. On June 27, 2024, the Company and Centrus Energy agreed to a Change Order modifying the remaining scope, schedule, and total fee for the FEED study. The revised total fee was $0.3 million with $0.1 million as the remaining amount due to Centrus Energy, upon the acceptance of the final FEED study report by the Company. In the third quarter of 2024, Centrus completed the remaining scope of work as modified under the Change Order and submitted its final report that was accepted by the Company. Subsequently, the Company made its final payment due under the agreement and Change Order to Centrus and has no further obligations to Centrus under the agreement or Change Order. Operating Leases The Company leased office space for a 12-month term from January 1, 2024 through December 31, 2024 with a monthly payment of approximately $8,000. The future minimum lease payments required under the non-cancellable operating leases for 2024 total approximately $0.1 million. Total rent expense for the three and nine months ended September 30, 2024 was approximately $24,000 and $73,000, respectively. Total rent expense for the three and nine months ended September 30, 2023 was approximately $23,000 and $70,000, respectively.

Research and Development Costs

Research and Development Costs	9 Months Ended
	Sep. 30, 2024
Research and Development Costs
Research and Development Costs	Note 6. Research and Development Costs INL Project In 2022, Lightbridge entered into agreements with BEA, to support the development of Lightbridge Fuel™. These framework agreements use an innovative structure that consists of an “umbrella” SPPA and an “umbrella” CRADA, with an initial duration of seven years. Throughout the duration of these umbrella agreements, all R&D work contracted with BEA is through the issuance of PTSs. The initial phase of work under the two agreements is expected to culminate in future irradiation testing in the Advanced Test Reactor of fuel samples using enriched uranium supplied by the DOE. The initial phase of work aims to generate irradiation performance data for Lightbridge’s delta-phase uranium-zirconium alloy relating to various thermophysical properties. Data gathered during future post-irradiation examination work are expected to support fuel performance modeling and regulatory licensing efforts for the commercial deployment of Lightbridge Fuel™. For the three and nine months ended September 30, 2024, the Company recorded $0.4 million and $1.1 million in R&D expenses associated with INL, respectively. For the three and nine months ended September 30, 2023, the Company recorded $0.3 million and $0.6 million in R&D expenses associated with INL, respectively. Romania Feasibility Study On October 16, 2023, the Company engaged RATEN ICN in Romania to perform an engineering study to assess the compatibility and suitability of Lightbridge Fuel™ for use in CANDU reactors. The total price of approximately $0.2 million is payable in three installments, including an advance payment of $0.1 million and an interim milestone payment and final payment totaling approximately $0.1 million. For the three and nine months ended September 30, 2024, the Company recorded zero and $0.1 million, respectively in R&D expenses associated with RATEN ICN. Centrus Energy FEED Study On December 5, 2023, the Company entered into an agreement with Centrus Energy to conduct a FEED study to evaluate deployment of a LPFFF at the American Centrifuge Plant in Piketon, Ohio. For the three and nine months ended September 30, 2024, the Company recorded $0.1 million and $0.3 million, respectively in R&D expenses associated with this FEED study. In the second quarter of 2024, Centrus completed Phase 1 of the FEED Study and issued a report. In the Company’s judgement, the preliminary labor effort and schedule estimates show that the Piketon site may be better suited for deployment of an industrial-scale facility rather than a much smaller pilot-scale fuel fabrication facility the Company is looking to establish over the next few years. In the third quarter of 2024, Centrus completed the remaining scope of work as modified under the Change Order and submitted its final report that was accepted by the Company. Subsequently, the Company made its final payment due under the agreement and Change Order to Centrus and has no further obligations to Centrus under the agreement or Change Order. The following table presents the total R&D expenses for the three and nine months ended September 30, 2024 and 2023 (rounded to millions): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 INL Project $ 0.4 $ 0.2 $ 1.1 $ 0.5 Romania Feasibility Study — — 0.1 — Centrus Energy FEED Study 0.1 — 0.3 — Allocated employee compensation and stock-based compensation expenses 0.5 0.2 1.2 0.5 Other outside R&D expenses 0.3 0.1 0.5 0.3 Total $ 1.3 $ 0.5 $ 3.2 $ 1.3

Stockholders Equity and Stock-B

Stockholders Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Stockholders Equity and Stock-Based Compensation
Stockholders' Equity and Stock-Based Compensation	Note 7. Stockholders’ Equity and Stock-Based Compensation At September 30, 2024, the Company had 15,276,331 common shares outstanding (including outstanding RSAs totaling 545,992 shares). Also outstanding were stock options relating to 547,362 shares of common stock (of which 527,697 stock options were vested), all totaling 15,823,693 shares of common stock and all common stock equivalents, potentially outstanding at September 30, 2024. At December 31, 2023, the Company had 13,698,274 common shares outstanding (including outstanding RSAs totaling 557,688 shares). Also outstanding were stock options relating to 510,787 shares of common stock (of which 498,177 stock options were vested), all totaling 14,209,061 shares of common stock and all common stock equivalents, outstanding at December 31, 2023. Common Stock Equity Offerings At-the-Market (ATM) Offerings On May 28, 2019, the Company entered into an at-the-market equity offering sales agreement with Stifel, Nicolaus & Company, Incorporated (Stifel), which was amended on April 9, 2021 and May 8, 2024 (the ATM Agreement), pursuant to which the Company may issue and sell shares of its common stock from time to time through Stifel as the Company’s sales agent. On May 8, 2024, the Company entered into an amendment to the ATM Agreement with Stifel. Under this amended agreement, the Company pays Stifel a commission equal to 3.0% of the aggregate gross proceeds of any sales of common stock under the agreement. The offering of common stock pursuant to this agreement can be terminated with 10 days written notice by either party. Sales of the Company’s common stock through Stifel, if any, will be made by any method that is deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act of 1933. On March 29, 2024, the Company filed a shelf registration statement on Form S-3, registering the sale of up to $75.0 million of the Company’s securities, which registration statement was declared effective on April 19, 2024. On May 10, 2024, the Company filed a prospectus supplement, which was further supplemented on July 19, 2024 and August 9, 2024, pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $12.6 million from time to time through its ATM. The Company records its ATM sales on a settlement date basis. The Company sold 1.4 million shares under the ATM for the nine months ended September 30, 2024 resulting in net proceeds of $3.7 million (stock issuance costs were approximately $0.4 million). The Company sold approximately 0.9 million shares under the ATM for the nine months ended September 30, 2023 resulting in net proceeds of $4.5 million (stock issuance costs were $0.2 million). Stock-based Compensation Amendment to 2020 Equity Incentive Plan On March 9, 2020, the Board of Directors adopted the Company’s 2020 Omnibus Incentive Plan (the 2020 Plan). On September 3, 2020, the shareholders approved the 2020 Plan to authorize grants of the following types of awards: (a) Options, (b) Stock Appreciation Rights, (c) Restricted Stock and Restricted Stock Units, and (d) Other Stock-Based and Cash-Based Awards. The total number of shares of common stock available for issuance under the 2020 Plan is 2,500,000 shares with 1,471,026 shares available for future issuance at September 30, 2024. On February 27, 2024, the Board of Directors approved an increase of 700,000 shares to the authorized number of shares under the 2020 Equity Incentive Plan, increasing the total authorized number of shares from 1,800,000 shares to 2,500,000 shares. This increase was approved by the stockholders at the shareholders’ annual meeting on April 19, 2024. Stock Options During the nine months ended September 30, 2024, the Company issued 71,330 stock options to two consultants. These options were assigned a fair value of $1.19 per share (total fair value of $85,000). During the nine months ended September 30, 2023, the Company issued 28,538 stock options to two consultants. These options were assigned a fair value of $1.68 per share (total fair value of $47,830). Common Stock Consultants’ Stock Issuances For the nine months ended September 30, 2024 and 2023, the Company issued 13,201 shares (with stock prices at $3.00 to $4.00 per share) and 9,985 shares (with stock prices at $3.89 to $5.82 per share) of common stock, respectively, to its investor relations firm for services provided during the period, recorded to general and administrative expenses. The expense recorded for these share issuances was $15,000 for each quarter with a weighted average grant date fair value of $3.41 per share. On August 19, 2024, the Board of Directors approved an equity grant valued at $180,000 to a consulting and investment research firm, for corporate advisory services to be provided over a twelve-month period, and preparation and dissemination of a report regarding the Company, which resulted in issuing the consultant 71,713 shares of common stock, valued on the grant date at $2.51 per share. This compensation cost of $180,000 is recognized on a straight-line basis over the requisite service period. Approximately $21,000 of stock-based compensation expense was recorded to general and administrative expenses for the three and nine months ended September 30, 2024. As of September 30, 2024, the unrecognized compensation cost of approximately $159,000 was recorded under Prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets, which is expected to be recognized over a remaining service period of 0.8 years. Directors’ Stock Issuances On November 20, 2023, the Board of Directors approved an equity grant valued at $240,000 in total to its six directors, which resulted in granting a total of 60,456 shares of common stock, valued on the grant date at $3.97 per share, which vested and were issued on January 2, 2024. On December 15, 2022, the Board of Directors approved an equity grant valued at $200,000 in total to its five independent directors, recorded in general and administrative expenses, which resulted in granting a total of 52,085 shares of common stock to the five independent directors, valued on the grant date at $3.84 per share, which vested and were issued on January 3, 2023. Restricted Stock Awards As of September 30, 2024 and December 31, 2023, there were 545,992 and 557,688 restricted stock awards (RSAs) included in the total issued and outstanding common stock. A total of $1.1 million and $0.9 million of compensation expense was recorded for the nine months ended September 30, 2024 and 2023, respectively. Compensation expense is recognized straight line over the three-year vesting period. As of September 30, 2024, total unrecognized compensation cost related to restricted stock units was $1.45 million, which is expected to be recognized over a remaining weighted-average vesting period of 1.64 years. Stock-Based Compensation Expense Stock Options The following assumptions were used in the Black-Scholes pricing model to determine the fair value of stock options granted during the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 Expected volatility 75.36%-92.89% 68.13%-95.70% Risk free interest rate 3.76%-4.54% 4.21%-4.88% Dividend yield rate — — Weighted average years 2 – 6 years 1 – 6 years Closing price per share - common stock $2.49 – $2.62 $4.31 - $4.35 Total non-cash stock-based compensation expense recorded related to options granted and restricted stock awards included in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 are as follows (rounded in millions): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Research and development expenses $ 0.1 $ — $ 0.2 $ 0.1 General and administrative expenses $ 0.3 $ 0.3 $ 1.0 $ 0.8 Total stock-based compensation expense $ 0.4 $ 0.3 $ 1.2 $ 0.9

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	Note 8. Subsequent Events ATM Sales Sales of common stock under the Company’s ATM from October 1, 2024 to November 1, 2024 amounted to 485,571 shares, which resulted in total net proceeds of approximately $1.4 million. INL Contract On October 24, 2024, the Company and BEA entered into Modification No. 3 PTS under the SPPA, dated December 9, 2022, as amended on May 23, 2023 and March 26, 2024, by and between the Company and BEA. This modification was done to increase funding for additional demonstration extrusions. Pursuant to the terms of Modification No. 3, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by approximately $0.3 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $2.0 million. After Modification No. 3, total cash payments from the Company to BEA under both Agreements were estimated at approximately $4.6 million (excluding project contingencies) on a cost reimbursable basis over the performance periods under the initial releases.

Nature of Operations Basis of_2

Nature of Operations Basis of Presentation Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Nature of Operations Basis of Presentation Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Fair Value of Financial Instruments	The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unaffiliated market participants at the measurement date. Accounting Standards Codification (ASC), Fair Value Measurement Level 1 - Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability; and Level 3 - Unobservable inputs that reflect management’s assumptions. For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. The Company’s financial instruments consist principally of cash and cash equivalents, accounts payable and accrued liabilities. The carrying amounts of accounts payable and accrued liabilities are considered to be a Level 1 measurement, representative of their respective fair values because of the short-term nature of those instruments. At the end of the reporting period, the Company reviews U.S. treasury instruments held to determine whether the securities are of the most recent issuance of that security with the same maturity (referred to as “on-the-run”, which is the most liquid version of the maturity band). If a U.S. treasury instrument held at the end of the reporting period was from the most recent issuance it is classified as level 1, otherwise it is referred to as “off-the-run” and is classified as level 2. During the nine months ended September 30, 2024 and 2023, there were $0 transfers from level 1 to level 2 related to U.S. Treasury instruments acquired on-the-run that as of the reporting period became off-the-run, respectively. The following table summarizes the valuation of the Company’s cash equivalents (rounded in millions) that fall within the fair value hierarchy at September 30, 2024. There were no cash equivalents at December 31, 2023. Assets Level I Level II Level III Treasury Bills $ — $ 20.0 $ —
Certain Risks and Uncertainties	The Company will need additional funding and/or in-kind support via a combination of strategic alliances, government grants, further offerings of equity securities, or an offering of debt securities in order to support its future research and development (R&D) activities required to further enhance and complete the development and commercialization of its fuel products. There can be no assurance that the Company will be able to successfully continue to conduct its operations if there is a lack of financial resources available in the future to continue its fuel development activities, and a failure to do so would have a material adverse effect on the Company’s future R&D activities, financial position, results of operations, and cash flows. Also, the success of the Company’s operations will be subject to other numerous contingencies, some of which are beyond management’s control. These contingencies include general and regional economic conditions, contingent liabilities, potential competition with other nuclear fuel developers, including those entities developing accident tolerant fuels (ATFs), changes in government regulations, risks related to the R&D of our nuclear fuel, regulatory approval of the Company’s fuel, support for nuclear power, changes in accounting and taxation standards, inability to achieve overall short-term and long-term R&D milestones toward commercialization, future impairment charges to the Company’s assets, and global or regional catastrophic events. The Company may also be subject to various additional political, economic, and other uncertainties.
Recent Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which expands on the required disclosure of incremental segment information. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires companies to annually disclose categories in the effective tax rate reconciliation and additional information about income taxes paid. The new guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company expects the new standard to have an immaterial effect on its consolidated financial statements and related disclosures upon adoption. In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options and Derivatives and Hedging- Contracts in Entity’s Own Equity Debt: Debt with Conversion and Other Options Earnings Per Share The Company has evaluated other recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these unaudited condensed consolidated financial statements and do not believe the future adoption of any such standards will have a material impact on the Company’s consolidated financial statements and related disclosures.

Nature of Operations Basis of_3

Nature of Operations Basis of Presentation Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2024
Nature of Operations Basis of Presentation Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Schedule of fair value of treasury bill	Assets Level I Level II Level III Treasury Bills $ — $ 20.0 $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Net Loss Per Common Share
Summary of outstanding securities excluded from diluted weighted shares outstanding	Three and Nine Months Ended September 30, 2024 2023 Stock options outstanding 547,362 503,843 Restricted stock awards outstanding 545,992 451,404 Total 1,093,354 955,247

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accrued liabilities	September 30,  December 31,   2024  2023 Trade payables $0.1  $0.1 Accrued research and development expenses  0.2   — Accrued legal and consulting expenses  0.1   0.4 Accrued bonus   0.8   — Total  $1.2  $0.5

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Schedule Of commitments and contingencies R and D works	September 30, December 31, 2024 2023 INL Project $ 2.4 $ 2.9 Romania Feasibility Study — 0.2 Centrus Energy FEED Study — 0.5 Total $ 2.4 $ 3.6

Research and Development Costs

Research and Development Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Research and Development Costs
Schedule of research and development expenses	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 INL Project $ 0.4 $ 0.2 $ 1.1 $ 0.5 Romania Feasibility Study — — 0.1 — Centrus Energy FEED Study 0.1 — 0.3 — Allocated employee compensation and stock-based compensation expenses 0.5 0.2 1.2 0.5 Other outside R&D expenses 0.3 0.1 0.5 0.3 Total $ 1.3 $ 0.5 $ 3.2 $ 1.3

Stockholders Equity and Stock_2

Stockholders Equity and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders Equity and Stock-Based Compensation
Schedule of assumptions used in fair value of stock options granted	Nine Months Ended September 30, 2024 2023 Expected volatility 75.36%-92.89% 68.13%-95.70% Risk free interest rate 3.76%-4.54% 4.21%-4.88% Dividend yield rate — — Weighted average years 2 – 6 years 1 – 6 years Closing price per share - common stock $2.49 – $2.62 $4.31 - $4.35
Schedule of stock based compensation expense	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Research and development expenses $ 0.1 $ — $ 0.2 $ 0.1 General and administrative expenses $ 0.3 $ 0.3 $ 1.0 $ 0.8 Total stock-based compensation expense $ 0.4 $ 0.3 $ 1.2 $ 0.9

Nature of Operations, Basis of

Nature of Operations, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) $ in Millions	Sep. 30, 2024 USD ($)
Level I
Treasury Bills	$ 0
Level II
Treasury Bills	20
Level III
Treasury Bills	$ 0

Nature of Operations, Basis o_2

Nature of Operations, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Level II
Us Treasury Instruments, transfers	$ 0	$ 0

Net Loss Per Share (Details)

Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net Loss Per Common Share
Stock options outstanding	547,362	503,843	547,362	503,843	510,787
Restricted stock awards outstanding	545,992	451,404	545,992	451,404
Total	1,093,354	955,247	1,093,354	955,247

Prepaid Project Costs and Oth_2

Prepaid Project Costs and Other Long-term Assets (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	May 31, 2023	Dec. 31, 2022
Prepaid Expenses And Other Current Assets [Member]
Prepaid project costs	$ 500,000	$ 500,000
Prepaid Expenses And Other Current Assets [Member] | Miniimum [Member]
Prepaid project costs- addition			$ 100,000
Prepaid Expenses And Other Current Assets [Member] | Maxiimum [Member]
Prepaid project costs- addition			$ 500,000
Battelle Energy Alliance, LLC (BEA) [Member]
Prepaid project costs				$ 400,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities
Trade payables	$ 0.1	$ 0.1
Accrued research and development expenses	0.2	0
Accrued legal and consulting expenses	0.1	0.4
Accrued bonus	0.8	0
Total	$ 1.2	$ 0.5

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Total contractual commitments	$ 2.4	$ 3.6
INL Project [Member]
Total contractual commitments	2.4	2.9
Romania Feasibility Study [Member]
Total contractual commitments	0	0.2
Centrus Energy FEED Study [Member]
Total contractual commitments	$ 0	$ 0.5

Commitments and Contingencies_3

Commitments and Contingencies (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 02, 2024	Mar. 26, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total Rent Expense			$ 24,000	$ 23,000	$ 73,000	$ 70,000
Operating Lease Monthly Payment					8,000
Future minimum lease payments required under the non-cancellable operating leases					100,000
Project Task Statements (Purchase Orders)					$ 2,400,000
Operating Lease Term					12 months
Strategic Partnership Project Agreement [Member]
Increased expenses amount		$ 600,000
Total cost amount		1,700,000
Total cash payments		$ 4,300,000
RATEN ICN. [Member]
Remaining outstanding project commitments			$ 27,000		$ 27,000
Total fee for engineering	$ 200,000
FEED Study with Centrus Energy [Member]
Research and development expense					300,000
Outstanding fee for Research And Development Expense					$ 100,000

Research and Development Cost_2

Research and Development Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research and development expenses	$ 1,298,601	$ 552,751	$ 3,232,036	$ 1,367,650
INL [Member]
Research and development expenses	400,000	200,000	1,100,000	500,000
Romania Feasibility Study [Member]
Research and development expenses	0	0	100,000	0
Centrus Energy FEED Study [Member]
Research and development expenses	100,000	0	300,000	0
Allocated employee compensation and stock-based compensation expenses [Member]
Research and development expenses	500,000	200,000	1,200,000	500,000
Other outside R&D expenses [Member]
Research and development expenses	300,000	100,000	500,000	300,000
Research And Development Expense [Member]
Research and development expenses	$ 1,300,000	$ 500,000	$ 3,200,000	$ 1,300,000

Research and Development Cost_3

Research and Development Costs (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research and development expenses	$ 1,298,601	$ 552,751	$ 3,232,036	$ 1,367,650
Centrus Energy FEED Study [Member]
Research and development expenses	100,000	0	300,000	0
RATEN ICN [Member]
Research and development expenses total amount			200,000
Research and development expenses advance payment			100,000
Research and development expenses interim milestone payment and final payment			100,000
INL [Member]
Research and development expenses	400,000	$ 300,000	1,100,000	$ 600,000
Romania Feasibility Study [Member]
Research and development expenses	$ 0		$ 100,000

Stockholders Equity and Stock_3

Stockholders Equity and Stock-Based Compensation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Dividend yield rate	$ 0	$ 0
Maxiimum [Member]
Expected volatility	92.89%	95.70%
Risk free interest rate	4.54%	4.88%
Closing price per share - common stock	$ 2.62	$ 4.35
Weighted average years	6 months	6 months
Miniimum [Member]
Expected volatility	75.36%	68.13%
Risk free interest rate	3.76%	4.21%
Closing price per share - common stock	$ 2.49	$ 4.31
Weighted average years	2 months	1 month

Stockholders Equity and Stock_4

Stockholders Equity and Stock-Based Compensation (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total stock-based compensation expense	$ 0.4	$ 0.3	$ 1.2	$ 0.9
Research And Development Expense [Member]
Total stock-based compensation expense	0.1	0	0.2	0.1
General And Administrative Expense [Member]
Total stock-based compensation expense	$ 0.3	$ 0.3	$ 1	$ 0.8

Stockholders Equity and Stock_5

Stockholders Equity and Stock-Based Compensation (Details Narrative) - USD ($)			1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 15, 2022	May 08, 2019	Aug. 19, 2024	Feb. 27, 2024	Nov. 20, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Stock-based compensation expense								$ 1,229,597	$ 901,887
Outstanding restricted stock awards						545,992		545,992		557,688
Preferred Stock, Shares outstanding						15,276,331		15,276,331		13,698,274
Stock options vested								527,697		498,177
Total common stock and all common stock equivalents						15,823,693		15,823,693		14,209,061
Stock options outstanding						547,362	503,843	547,362	503,843	510,787
ATM Agreement amendment, description		Under this amended agreement, the Company pays Stifel a commission equal to 3.0% of the aggregate gross proceeds of any sales of common stock under the agreement. The offering of common stock pursuant to this agreement can be terminated with 10 days written notice by either party
Shares sale offering price						$ 12,600,000		$ 12,600,000
Maximum sale of securities registered								$ 75,000,000
Common Stock, Shares Issued						15,276,331		15,276,331		13,698,274
General And Administrative Expense [Member]
Stock-based compensation expense						$ 21,000		$ 21,000
Available for sale Securities [Member]
Shares sold under the ATM						1,400,000	900,000	1,400,000	900,000
Proceeds from shares sold under the ATM								$ 3,700,000	$ 4,500,000
Stock issuence cost								400,000	200,000
Restricted Stock Award Activity [Member]
Stock-based compensation expense								$ 1,100,000	$ 900,000
Preferred Stock, Shares outstanding						545,992		545,992		557,688
Compensation expense, vesting period								Compensation expense is recognized straight line over the three-year vesting period
Unrecognized compensation cost related to restricted stock units								$ 1,450,000
Weighted-average period								1 year 7 months 20 days
2020 Equity Incentive Plan [Member]
Common stock available for future issuance								1,471,026
Total number of common stock available for future issuance						2,500,000		2,500,000
Description of Equity incentive plan				the Board of Directors approved an increase of 700,000 shares to the authorized number of shares under the 2020 Equity Incentive Plan, increasing the total authorized number of shares from 1,800,000 shares to 2,500,000 shares
Miniimum [Member] | Common Share Issuances [Member]
Common stock issuance price								$ 3	$ 3.89
Maxiimum [Member] | Common Share Issuances Two [Member]
Common stock issuance price								$ 4	$ 5.82
Common Share Issunces [Member]
Stock-based compensation expense								$ 15,000	$ 15,000
Common Stock, Shares Issued						13,201	9,985	13,201	9,985
Weighted average grant date fair value								$ 3.41
Prepaid Expenses And Other Current Assets [Member]
Unrecognized compensation cost								$ 159,000
Two Consultant [Member]
Stock options granted								71,330	28,538
Options fair value of per share								$ 1.19	$ 1.68
Total fair value								$ 85,000	$ 47,830
Board of Directors Chairman [Member]
Common shares issuances equity grant value	$ 200,000		$ 180,000		$ 240,000
Common shares equity grant price per shares	$ 3.84				$ 3.97
Additional common shares	52,085		71,713		60,456
Compensation cost			$ 180,000
Expected remaining service period								9 months 18 days
Common stock, valued grant date price per share			$ 2.51

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended
	Nov. 01, 2024	Oct. 24, 2024
Net proceeds from sale of common shares	$ 1.4
Total estimated cost for work		$ 2
Total cash payments		4.6
Number of common stock shares, sold	485,571
Potential amounts payable		$ 0.3