Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001289850 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 8,591,374 | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Trading Symbol | NURO | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33351 | |
Entity Registrant Name | NEUROMETRIX, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Postal Zip Code | 01801 | |
Local Phone Number | 890-9989 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Tax Identification Number | 04-3308180 | |
Entity Address, Address Line One | 4B Gill Street | |
Entity Address, City or Town | Woburn | |
Entity Address, State or Province | MA | |
City Area Code | 781 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,460,553 | $ 4,335,020 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 16,864,707 |
Debt Securities, Available-for-Sale | 16,177,122 | 0 |
Accounts receivable, net | 614,381 | 646,771 |
Inventories | 1,666,609 | 1,614,987 |
Prepaid expenses and other current assets | 786,978 | 645,502 |
Total current assets | 20,705,643 | 24,106,987 |
Fixed assets, net | 272,838 | 165,619 |
Operating Lease, Right-of-Use Asset | 281,891 | 370,609 |
Other Assets, Noncurrent | 26,400 | 26,400 |
Total assets | 21,286,772 | 24,669,615 |
Current liabilities: | ||
Accounts payable | 225,474 | 368,082 |
Accrued expenses and compensation | 886,501 | 589,939 |
Operating Lease, Liability, Current | 148,391 | 148,391 |
Total current liabilities | 1,260,366 | 1,106,412 |
Operating Lease, Liability, Noncurrent | 122,870 | 207,516 |
Total liabilities | 1,383,236 | 1,313,928 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | 859 | 777 |
Additional paid-in capital | 228,155,613 | 226,934,775 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 206,869 | 0 |
Accumulated deficit | (208,459,806) | (203,579,866) |
Total stockholders’ equity | 19,903,536 | 23,355,687 |
Total liabilities and stockholders’ equity | $ 21,286,772 | $ 24,669,615 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 8,588,455 | 7,771,938 |
Common Stock, Shares, Outstanding | 8,588,455 | 7,771,938 |
Convertible preferred stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 1 | $ 1 |
Preferred Non-Convertible Stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 0 | $ 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,203,164 | $ 1,968,003 | $ 4,583,679 | $ 6,408,695 |
Other Nonoperating Income | 166,783 | 0 | 166,783 | 0 |
Net loss | $ (1,768,737) | $ (1,606,254) | $ (4,879,940) | $ (3,724,739) |
Earnings Per Share, Diluted | $ (0.21) | $ (0.23) | $ (0.61) | $ (0.53) |
Earnings Per Share, Basic | $ (0.21) | $ (0.23) | $ (0.61) | $ (0.53) |
Loss from operations | $ (1,960,898) | $ (1,712,991) | $ (5,294,422) | $ (3,885,299) |
Operating expenses: | ||||
Research and development | 592,654 | 1,074,954 | 2,045,588 | 2,701,330 |
Sales and marketing | 943,795 | 810,209 | 2,504,630 | 2,235,646 |
General and administrative | 1,206,231 | 1,102,260 | 3,843,643 | 3,468,452 |
Total operating expenses | 2,742,680 | 2,987,423 | 8,393,861 | 8,405,428 |
Gross profit | 781,782 | 1,274,432 | 3,099,439 | 4,520,129 |
Cost of revenues | 421,382 | 693,571 | 1,484,240 | 1,888,566 |
Investment Income, Interest | $ 25,378 | $ 106,737 | $ 247,699 | $ 160,560 |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Statement) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income (Loss) Attributable to Parent | $ (1,768,737) | $ (1,606,254) | $ (4,879,940) | $ (3,724,739) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 204,931 | 0 | 373,652 | 0 |
Other Comprehensive Income Realized Gain Adjustment | (166,783) | (166,783) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (1,730,589) | $ (1,606,254) | $ (4,673,071) | $ (3,724,739) |
Equity Rollforward Statement
Equity Rollforward Statement - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Preferred Stock Convertible Preferred Stock [Member] | Common Stock [Member] | AOCI Attributable to Parent |
Stockholders' Equity Attributable to Parent | $ 23,215,786 | $ 222,378,374 | $ (199,163,257) | $ 1 | $ 668 | ||
Shares, Outstanding | 200 | 6,650,480 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 37,632 | 37,632 | |||||
Stock Issued During Period, Shares, New Issues | 292,500 | ||||||
Stock Issued During Period, Value, New Issues | 1,943,052 | $ 29 | 1,943,023 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ (3) | 3 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,759 | ||||||
Net Income (Loss) Attributable to Parent | (958,562) | (958,562) | |||||
Net Income (Loss) Attributable to Parent | (3,724,739) | ||||||
Stockholders' Equity Attributable to Parent | 24,237,908 | 224,359,026 | (200,121,819) | $ 1 | $ 700 | ||
Shares, Outstanding | 200 | 6,944,739 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 109,340 | 109,340 | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 50,213 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 215,417 | $ 5 | 215,412 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 2,503 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 7,829 | 7,829 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ (7) | (7) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 3,120 | ||||||
Net Income (Loss) Attributable to Parent | (1,159,923) | (1,159,923) | |||||
Stockholders' Equity Attributable to Parent | 23,410,571 | 224,691,600 | (201,281,742) | $ 1 | $ 712 | ||
Shares, Outstanding | 200 | 7,000,575 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 161,951 | 161,951 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ (202,008) | $ (1) | (1) | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 57,972 | 16,578 | |||||
Net Income (Loss) Attributable to Parent | $ (1,606,254) | (1,606,254) | |||||
Stockholders' Equity Attributable to Parent | 21,966,268 | 224,853,550 | (202,887,996) | $ 1 | $ 713 | ||
Shares, Outstanding | 200 | 7,017,153 | |||||
Stockholders' Equity Attributable to Parent | 23,355,687 | 226,934,775 | (203,579,866) | $ 1 | $ 777 | ||
Shares, Outstanding | 200 | 7,675,682 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 165,361 | 165,361 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ (1) | 1 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 19,512 | ||||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 65,874 | $ 65,874 | |||||
Net Income (Loss) Attributable to Parent | (1,574,174) | (1,574,174) | |||||
Net Income (Loss) Attributable to Parent | (4,879,940) | ||||||
Stockholders' Equity Attributable to Parent | 22,012,748 | 227,100,135 | (205,154,040) | $ 1 | $ 778 | 65,874 | |
Shares, Outstanding | 200 | 7,695,194 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 132,745 | 132,745 | |||||
Stock Issued During Period, Shares, New Issues | 725,291 | ||||||
Stock Issued During Period, Value, New Issues | 691,405 | $ 73 | 691,332 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 10,526 | ||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 8,715 | $ 1 | 8,714 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ (6) | 6 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 72,121 | ||||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 102,847 | 102,847 | |||||
Net Income (Loss) Attributable to Parent | (1,537,029) | (1,537,029) | |||||
Stockholders' Equity Attributable to Parent | 21,411,431 | 227,932,920 | (206,691,069) | $ 1 | $ 858 | 168,721 | |
Shares, Outstanding | 200 | 8,503,132 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 221,268 | 221,268 | |||||
Stock Issued During Period, Shares, New Issues | 1,470 | ||||||
Stock Issued During Period, Value, New Issues | 1,426 | 1,426 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ (1) | 1 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 22,561 | ||||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 204,931 | 204,931 | |||||
Net Income (Loss) Attributable to Parent | (1,768,737) | (1,768,737) | |||||
Stockholders' Equity Attributable to Parent | $ 19,903,536 | $ 228,155,613 | $ (208,459,806) | $ 1 | $ 859 | $ 206,869 | |
Shares, Outstanding | 200 | 8,527,163 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (4,879,940) | $ (3,724,739) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 30,957 | 39,170 |
Stock-based compensation | 519,374 | 308,923 |
CompensationObligationSettlement | 0 | 26,019 |
Inventory Write-down | 63,420 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | (6,875) |
Investment Income, Net, Amortization of Discount and Premium | 135,293 | 133,278 |
Debt Securities, Available-for-Sale, Realized Gain | (166,783) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 32,390 | (391,641) |
Inventories | (115,042) | (350,686) |
Prepaid expenses and other current and long-term assets | (197,404) | (383,310) |
Accounts payable | (142,608) | 255,343 |
Accrued expenses and compensation | 356,562 | 540,902 |
Net Cash Provided by (Used in) Operating Activities | (4,634,367) | (3,806,422) |
Payments to Acquire Held-to-maturity Securities | 0 | (18,921,376) |
Payments to Acquire Debt Securities, Available-for-Sale | (22,898,470) | 0 |
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities | 17,000,000 | 0 |
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | 7,095,000 | 0 |
Cash flows from investing activities: | ||
Purchases of fixed assets | (138,176) | (23,182) |
Net Cash Provided by (Used in) Investing Activities | 1,058,354 | (18,944,558) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock and warrants | 701,546 | 1,950,881 |
Net Cash Provided by (Used in) Financing Activities | 701,546 | 1,950,881 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (2,874,467) | (20,800,099) |
Cash and cash equivalents, end of period | 1,460,553 | |
Supplemental disclosure of cash flow information: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1,460,553 | $ 1,772,005 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Our Business-An Overview NeuroMetrix, Inc. (the "Company" or "NeuroMetrix") develops and commercializes health care products that utilize non-invasive neurostimulation. Revenues are derived from the sale of medical devices and after-market consumable products and accessories. The Company’s products are sold in the United States and select overseas markets. They are cleared by the U.S. Food and Drug Administration ("FDA") and regulators in foreign jurisdictions where appropriate. The Company has two primary products. DPNCheck® is a point-of-care test for diabetic peripheral neuropathy, which is the most common long-term complication of Type 2 diabetes. Quell is an app-enabled, wearable device for lower extremity chronic pain and for the symptoms of fibromyalgia. The Company held cash, cash equivalents and securities totaling $17.6 million as of September 30, 2023. The Company believes that its present balance of cash resources and securities coupled with cash inflows from product sales will enable the Company to fund its operations for at least the next twelve months from the date of issuance of the financial statements. Actual cash requirements could differ from management's projections for many reasons, including changes the Company may make to its business strategy, commercial challenges, regulatory developments, changes to research and development programs, supply chain issues, staffing challenges and other items affecting the Company's projected uses of cash. Unaudited Interim Financial Statements The accompanying unaudited financial statements as of September 30, 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2022 has been derived from the audited balance sheet as of December 31, 2022 included in the Company's Form 10-K referenced below and does not include all disclosures required by GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, (the "SEC"), on March 22, 2023 (File No. 001-33351). Prior period reclassifications We classify money market funds within cash and cash equivalents. Money market funds in the amount of $81,751 which were reported within held-to-maturity ("HTM") securities at December 31, 2022 have been reclassified into cash and cash equivalents to conform with the current presentation. Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company typically has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Accounts receivable are recorded at the amount the Company expects to collect, net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, recent customer communications and, if appropriate, assessment of the future credit losses for receivables with similar characteristics. Individual customer balances which are over 60 days past due are reviewed individually for collectability. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of September 30, 2023 and December 31, 2022. In the quarters ended September 30, 2023 and 2022, two customers accounted for 28% and 13% of total revenues during 2023, and two customers accounted for 22% and 10% of total revenues during 2022. In the nine-month periods ended September 30, 2023 and 2022, two customers accounted for 26% and 10% of revenues during 2023 and one customer accounted for 34% of revenues during 2022. As of September 30, 2023, three customers represented 32%, 26% and 12% of receivables and two customers represented 17% and 14% of receivables as of December 31, 2022. Cash and Cash Equivalents Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities. Securities The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either HTM or “available-for-sale” ("AFS") at the point of investment. Securities classified as short-term have maturities of less than one year. As of September 30, 2023, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less. HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive income loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive income (loss). For certain types of securities, such as U.S. Treasuries, the Company generally expects zero credit losses. No allowance for credit losses was recorded on its securities portfolio as of September 30, 2023. Fair Value The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. Recent Accounting Pronouncements Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements. Recently adopted accounting pronouncement In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. The guidance in ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP. The new impairment requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. It applies to all entities. For trade receivables, loans and HTM debt securities, entities are required to estimate lifetime expected credit losses. Trading and AFS debt securities are required to be recorded at fair value. SEC small reporting companies were required to adopt this new guidance in fiscal years beginning on or after December 15, 2022. The Company adopted this guidance on a prospective basis as of January 1, 2023 and had no material impact on the financial statements. |
Comprehensive Loss
Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Comprehensive Loss | Comprehensive Loss For the quarter and nine months ended September 30, 2023, the Company had comprehensive income of 38,148 and 206,869, respectively for net unrealized gains on AFS securities, in addition to net loss in the statement of operations. There were no components of comprehensive income (loss) for the quarter and nine months ended September 30, 2022 other than net loss itself. |
Net Loss Per Common Share
Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Net Loss Per Common Share Basic and dilutive net loss per common share were as follows: Quarters Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net loss applicable to common stockholders $ (1,768,737) $ (1,606,254) $ (4,879,940) $ (3,724,739) Weighted average number of common shares outstanding, basic and dilutive 8,520,025 7,011,438 8,034,711 6,962,732 Net loss per common share applicable to common stockholders, basic and diluted $ (0.21) $ (0.23) $ (0.61) $ (0.53) Shares underlying the following securities were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: September 30, 2023 2022 Options 520,299 525,468 Unvested restricted stock awards 61,292 106,550 Unvested restricted stock units 301,647 207,233 Convertible preferred stock 62 62 Total 883,300 839,313 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net loss applicable to common stockholders $ (1,768,737) $ (1,606,254) $ (4,879,940) $ (3,724,739) Weighted average number of common shares outstanding, basic and dilutive 8,520,025 7,011,438 8,034,711 6,962,732 Net loss per common share applicable to common stockholders, basic and diluted $ (0.21) $ (0.23) $ (0.61) $ (0.53) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables set forth the Company’s financial instruments that were measured at fair value: September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 827,002 $ 827,002 $ — $ — U.S. government bonds 4,447,930 4,447,930 — — Commercial paper 11,729,192 — 11,729,192 — Total $ 17,004,124 $ 5,274,932 $ 11,729,192 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,551,027 $ 1,551,027 $ — $ — Total $ 1,551,027 $ 1,551,027 $ — $ — |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: September 30, 2023 December 31, 2022 Purchased components $ 1,245,623 $ 982,129 Finished goods 420,986 632,858 $ 1,666,609 $ 1,614,987 |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | 4. Securities The Company's marketable debt securities are classified as either AFS or HTM pursuant to ASC 320 - Investments - Debt Securities. The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of September 30, 2023. The Company held no AFS securities as of December 31, 2022. September 30, 2023 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 4,393,086 $ 54,844 $ — $ — $ 4,447,930 Commercial paper 11,577,167 152,025 — — 11,729,192 Total $ 15,970,253 $ 206,869 $ — $ — $ 16,177,122 HTM securities are valued at amortized cost. The Company held no HTM securities as of September 30, 2023. The following tables summarize the valuations of HTM securities as of December 31, 2022. December 31, 2022 Held-to-maturity securities Amortized Cost Credit Losses Estimated Fair Value U.S. government bonds $ 3,457,651 $ — $ 3,456,580 Corporate bonds 4,011,569 — 3,950,380 Commercial paper 9,395,487 — 9,387,914 Total $ 16,864,707 $ — $ 16,794,874 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses and Compensation Accrued expenses and compensation consist of the following: September 30, 2023 December 31, 2022 Professional services $ 335,201 $ 155,000 Compensation 329,559 249,224 Clinical $ 43,524 $ — Warranty 10,300 16,700 Sales tax 128,986 131,621 Other 38,931 37,394 $ 886,501 $ 589,939 |
Leases Leases (Notes)
Leases Leases (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Operating Leases The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facility extends through September 2025 with a monthly base rent of $13,846 and a 5-year extension option. The Company's lease on its former corporate office in Waltham, Massachusetts (the "Waltham Lease") expired in February 2022. In the first quarter of 2022, a $60,000 reduction in rent expense was recorded upon return of the facility to the lessor. The letter of credit issued by a bank in favor of the Waltham facility was released. For the six months ended June 30, 2022, the Company recorded sublet income on the Waltham Lease totaling $22,795 within operating expenses on the Company's Statement of Operations. Future minimum lease payments under this non-cancellable operating lease as of September 30, 2023 are as follows: 2023 41,446 2024 165,785 2025 117,431 Total minimum lease payments $ 324,662 Discount rate, 15% $ 53,401 Lease obligation, current portion 148,391 Lease obligation, net of current portion 122,870 $ 324,662 Total recorded rent expense was $49,232 and $46,102, for the quarters ended September 30, 2023 and 2022, respectively. Total recorded rent expense was $147,696 and $116,959 for the nine months ended September 30, 2023 and 2022, respectively. The Company records rent expense on its facility lease on a straight-line basis over the lease term. The remaining operating lease term was two years as of September 30, 2023. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: September 30, 2023 December 31, 2022 Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at September 30, 2023 and December 31, 2022; 200 shares issued and outstanding at September 30, 2023 and December 31, 2022 $ 1 $ 1 2023 Equity Activity In May 2023, the Company issued 12,500 restricted stock units under its 2022 Equity Incentive Plan with a value of $12,625. In June 2023, the Company issued 725,291 shares of its common stock, under an at-the-market ("ATM") program for net proceeds of $691,405 and issued 10,526 shares of fully vested common stock with a value of $8,715 pursuant to the Company's Employee Stock Purchase Plan. In July 2023, the Company issued 1,470 shares of its common stock, under ATM program for net proceeds of $1,426 and issued 24,500 restricted stock units under its 2004 Stock Option Plan with a value of $22,883. In August 2023, the Company issued 172,660 restricted stock units with a value of $240,000 as long term incentives ("LTI") to its directors under its 2022 Equity Incentive Plan. As of September 30, 2023, the Company has 61,292 restricted stock awards and 301,647 restricted stock units that remain unvested. At December 31, 2022, the Company had 96,250 restricted stock awards and 194,731 restricted stock units that were unvested. 2022 Equity Activity In January 2022, the Company issued 292,500 shares of common stock under an ATM equity offering program with net proceeds of $1,943,052 and issued 20,000 restricted stock awards under its 2004 Stock Option Plan with a value of $104,200. In April 2022, the Company issued 76,000 shares of restricted common stock under its 2022 Equity Incentive Plan with a value of $326,000 to employees as LTI and issued 50,213 shares of fully vested common stock with a value of $215,417 in settlement of management incentive compensation. In May 2022, the Company issued 161,764 restricted stock units with a value of $550,000 as LTI to its management and directors under its 2022 Equity Incentive Plan. In June 2022, the Company issued 2,503 shares of fully vested common stock with a value of $7,829 pursuant to the Company's Employee Stock Purchase Plan. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited financial statements as of September 30, 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2022 has been derived from the audited balance sheet as of December 31, 2022 included in the Company's Form 10-K referenced below and does not include all disclosures required by GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, (the "SEC"), on March 22, 2023 (File No. 001-33351). Prior period reclassifications |
Revenues | Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company typically has a single product delivery performance obligation. Accrued product returns using the most likely amount method are estimated based on historical data and evaluation of current information and variable consideration is not constrained. Accounts receivable are recorded at the amount the Company expects to collect, net of the allowance for doubtful accounts receivable. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses based on customer past payment history, product usage activity, recent customer communications and, if appropriate, assessment of the future credit losses for receivables with similar characteristics. Individual customer balances which are over 60 days past due are reviewed individually for collectability. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of September 30, 2023 and December 31, 2022. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities. |
Marketable Securities, Policy | Securities The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either HTM or “available-for-sale” ("AFS") at the point of investment. Securities classified as short-term have maturities of less than one year. As of September 30, 2023, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less. HTM securities are valued on an amortized cost basis and reviewed to determine if an allowance for credit losses should be recorded in the statements of operations. AFS securities are valued at fair value. Unrealized gains and losses on AFS securities are included as a component of accumulated other comprehensive income in the balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the statements of comprehensive income loss. An AFS security is impaired if its fair value is less than amortized cost. Unrealized losses are evaluated to determine if the impairment is credit-related or non credit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and a non credit-related impairment is recognized in other comprehensive income (loss). For certain types of securities, such as U.S. Treasuries, the Company generally expects zero credit losses. No allowance for credit losses was recorded on its securities portfolio as of September 30, 2023. |
Fair Value Measurement, Policy | Fair Value The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements. Recently adopted accounting pronouncement In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. The guidance in ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP. The new impairment requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. It applies to all entities. For trade receivables, loans and HTM debt securities, entities are required to estimate lifetime expected credit losses. Trading and AFS debt securities are required to be recorded at fair value. SEC small reporting companies were required to adopt this new guidance in fiscal years beginning on or after December 15, 2022. The Company adopted this guidance on a prospective basis as of January 1, 2023 and had no material impact on the financial statements. |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net loss applicable to common stockholders $ (1,768,737) $ (1,606,254) $ (4,879,940) $ (3,724,739) Weighted average number of common shares outstanding, basic and dilutive 8,520,025 7,011,438 8,034,711 6,962,732 Net loss per common share applicable to common stockholders, basic and diluted $ (0.21) $ (0.23) $ (0.61) $ (0.53) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | September 30, 2023 2022 Options 520,299 525,468 Unvested restricted stock awards 61,292 106,550 Unvested restricted stock units 301,647 207,233 Convertible preferred stock 62 62 Total 883,300 839,313 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | September 30, 2023 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 4,393,086 $ 54,844 $ — $ — $ 4,447,930 Commercial paper 11,577,167 152,025 — — 11,729,192 Total $ 15,970,253 $ 206,869 $ — $ — $ 16,177,122 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | December 31, 2022 Held-to-maturity securities Amortized Cost Credit Losses Estimated Fair Value U.S. government bonds $ 3,457,651 $ — $ 3,456,580 Corporate bonds 4,011,569 — 3,950,380 Commercial paper 9,395,487 — 9,387,914 Total $ 16,864,707 $ — $ 16,794,874 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 827,002 $ 827,002 $ — $ — U.S. government bonds 4,447,930 4,447,930 — — Commercial paper 11,729,192 — 11,729,192 — Total $ 17,004,124 $ 5,274,932 $ 11,729,192 $ — December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,551,027 $ 1,551,027 $ — $ — Total $ 1,551,027 $ 1,551,027 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: September 30, 2023 December 31, 2022 Purchased components $ 1,245,623 $ 982,129 Finished goods 420,986 632,858 $ 1,666,609 $ 1,614,987 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and compensation consist of the following: September 30, 2023 December 31, 2022 Professional services $ 335,201 $ 155,000 Compensation 329,559 249,224 Clinical $ 43,524 $ — Warranty 10,300 16,700 Sales tax 128,986 131,621 Other 38,931 37,394 $ 886,501 $ 589,939 |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 41,446 2024 165,785 2025 117,431 Total minimum lease payments $ 324,662 Discount rate, 15% $ 53,401 Lease obligation, current portion 148,391 Lease obligation, net of current portion 122,870 $ 324,662 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Preferred stock and convertible preferred stock consist of the following: September 30, 2023 December 31, 2022 Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at September 30, 2023 and December 31, 2022; 200 shares issued and outstanding at September 30, 2023 and December 31, 2022 $ 1 $ 1 |
Business and Basis of Present_3
Business and Basis of Presentation (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Organization And Basis Of Presentation [Line Items] | |||||||||||
Accounts receivable, net | $ 614,381 | $ 614,381 | $ 646,771 | ||||||||
Net proceeds from issuance of stock and warrants | 701,546 | $ 1,950,881 | |||||||||
Accumulated deficit | 208,459,806 | 208,459,806 | 203,579,866 | ||||||||
Cash and cash equivalents | 1,460,553 | 1,460,553 | 4,335,020 | ||||||||
Prepaid expenses and other current assets | (786,978) | (786,978) | (645,502) | ||||||||
Assets, Current | (20,705,643) | (20,705,643) | (24,106,987) | ||||||||
Liabilities, Current | (1,260,366) | (1,260,366) | (1,106,412) | ||||||||
Operating Lease, Liability, Noncurrent | (122,870) | (122,870) | (207,516) | ||||||||
Stockholders' Equity Attributable to Parent | 19,903,536 | $ 21,966,268 | 19,903,536 | 21,966,268 | 23,355,687 | $ 21,411,431 | $ 22,012,748 | $ 23,410,571 | $ 24,237,908 | $ 23,215,786 | |
Cost of revenues | 421,382 | 693,571 | 1,484,240 | 1,888,566 | |||||||
Gross Profit | 781,782 | $ 1,274,432 | 3,099,439 | $ 4,520,129 | |||||||
Operating Lease, Right-of-Use Asset | (281,891) | (281,891) | (370,609) | ||||||||
Assets | (21,286,772) | (21,286,772) | (24,669,615) | ||||||||
Accrued Liabilities, Current | (886,501) | (886,501) | (589,939) | ||||||||
Liabilities | (1,383,236) | (1,383,236) | (1,313,928) | ||||||||
Allowance for doubtful accounts | 25,000 | 25,000 | 25,000 | ||||||||
Cash, Cash Equivalents, and Short-term Investments | 17,600,000 | 17,600,000 | |||||||||
Debt Securities, Held-to-maturity, Fair Value | $ 16,794,874 | ||||||||||
Accounting Standards Update 2016-13 | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||||||||||
From Held To Maturity Securities | Money Market Funds | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Cash and cash equivalents | $ 81,751 | $ 81,751 | |||||||||
Customer One | Revenue | Customer Concentration Risk | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Concentration risk, percentage | 28% | 22% | 26% | 34% | |||||||
Customer One | Accounts Receivable | Customer Concentration Risk | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Concentration risk, percentage | 32% | 17% | |||||||||
Customer Two | Revenue | Customer Concentration Risk | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Concentration risk, percentage | 13% | 10% | 10% | ||||||||
Customer Two | Accounts Receivable | Customer Concentration Risk | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Concentration risk, percentage | 26% | 14% | |||||||||
Customer Three | Accounts Receivable | Customer Concentration Risk | |||||||||||
Organization And Basis Of Presentation [Line Items] | |||||||||||
Concentration risk, percentage | 12% |
Comprehensive Loss (Detail)
Comprehensive Loss (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 38,148 | $ 0 | $ 206,869 | $ 0 | ||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $ 204,931 | $ 102,847 | $ 65,874 |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 883,300 | 839,313 |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 62 | 62 |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 520,299 | 525,468 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 61,292 | 106,550 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 301,647 | 207,233 |
Net Loss Per Common Share Sched
Net Loss Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) Attributable to Parent | $ (1,768,737) | $ (1,537,029) | $ (1,574,174) | $ (1,606,254) | $ (1,159,923) | $ (958,562) | $ (4,879,940) | $ (3,724,739) |
Weighted Average Number of Shares Outstanding, Basic | 8,520,025 | 7,011,438 | 8,034,711 | 6,962,732 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 8,520,025 | 7,011,438 | 8,034,711 | 6,962,732 | ||||
Earnings Per Share, Diluted | $ (0.21) | $ (0.23) | $ (0.61) | $ (0.53) | ||||
Earnings Per Share, Basic | $ (0.21) | $ (0.23) | $ (0.61) | $ (0.53) |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Details) - AFS - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 15,970,253 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 206,869 | |
Debt Securities, Available-for-Sale | 16,177,122 | $ 0 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | |
Commercial Paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 11,577,167 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 152,025 | |
Debt Securities, Available-for-Sale | 11,729,192 | |
US Government Agencies Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 4,393,086 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 54,844 | |
Debt Securities, Available-for-Sale | $ 4,447,930 |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - HTM - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 0 | $ 16,864,707 |
Debt Securities, Held-to-maturity, Fair Value | 16,794,874 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 0 | |
US Government Agencies Debt Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,457,651 | |
Debt Securities, Held-to-maturity, Fair Value | 3,456,580 | |
Corporate Debt Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 4,011,569 | |
Debt Securities, Held-to-maturity, Fair Value | 3,950,380 | |
Commercial Paper | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 9,395,487 | |
Debt Securities, Held-to-maturity, Fair Value | $ 9,387,914 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Debt Securities, Available-for-Sale | $ 16,177,122 | $ 0 |
Assets, Fair Value Disclosure | 17,004,124 | 1,551,027 |
Money Market Funds | ||
Assets | ||
Money market funds | 827,002 | 1,551,027 |
US Government Agencies Debt Securities | ||
Assets | ||
Debt Securities, Available-for-Sale | 4,447,930 | |
Commercial Paper | ||
Assets | ||
Debt Securities, Available-for-Sale | 11,729,192 | |
Level 1 | ||
Assets | ||
Assets, Fair Value Disclosure | 5,274,932 | 1,551,027 |
Level 1 | Money Market Funds | ||
Assets | ||
Money market funds | 827,002 | $ 1,551,027 |
Level 1 | US Government Agencies Debt Securities | ||
Assets | ||
Debt Securities, Available-for-Sale | 4,447,930 | |
Level 2 | ||
Assets | ||
Assets, Fair Value Disclosure | 11,729,192 | |
Level 2 | Commercial Paper | ||
Assets | ||
Debt Securities, Available-for-Sale | $ 11,729,192 |
Inventories (Detail)
Inventories (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Inventory [Line Items] | |||
Purchased components | $ 1,245,623 | $ 982,129 | |
Finished goods | 420,986 | 632,858 | |
Inventories | 1,666,609 | $ 1,614,987 | |
Inventory Write-down | $ 63,420 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Professional services | $ 335,201 | $ 155,000 |
Accrued Salaries, Current | 329,559 | 249,224 |
Accrued Consulting Current | 43,524 | 0 |
Warranty reserve | 10,300 | 16,700 |
Other | 38,931 | 37,394 |
Sales and Excise Tax Payable, Current | 128,986 | 131,621 |
Accrued expenses | $ 886,501 | $ 589,939 |
Leases Leases (Details)
Leases Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jun. 01, 2018 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating Leased Assets [Line Items] | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 15% | 15% | ||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 years | 2 years | ||||||
Operating Lease, Expense | $ 49,232 | $ 46,102 | $ 147,696 | $ 116,959 | ||||
Operating Lease, Right-of-Use Asset | 281,891 | 281,891 | $ 370,609 | |||||
Rent Expense Reduction | $ 60,000 | |||||||
Sublease Income | $ 22,795 | |||||||
Lessee, Operating Lease, Liability, to be Paid, Year One | 41,446 | 41,446 | ||||||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 165,785 | 165,785 | ||||||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 117,431 | 117,431 | ||||||
Lessee, Operating Lease, Liability, to be Paid | 324,662 | 324,662 | ||||||
Operating Lease Discount | 53,401 | 53,401 | ||||||
Operating Lease, Liability, Current | 148,391 | 148,391 | 148,391 | |||||
Operating Lease, Liability, Noncurrent | $ 122,870 | $ 122,870 | $ 207,516 | |||||
Rent Expense Reduction | $ 60,000 | |||||||
Sublease Income | $ 22,795 | |||||||
Woburn Lease [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Lessee, Operating Lease, Renewal Term | 5 years | |||||||
Woburn Lease [Member] | MonthlyRent [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Lease, Payments | $ 13,846 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Oct. 19, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 8,715 | $ 8,715 | $ 7,829 | |||||||||||||||
Net proceeds from issuance of stock and warrants | $ 701,546 | $ 1,950,881 | ||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 172,660 | 24,500 | 12,500 | 161,764 | 57,972 | |||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 240,000 | $ 22,883 | $ 12,625 | $ 550,000 | $ 202,008 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,426 | $ 691,405 | $ 1,943,052 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 10,526 | 2,503 | 10,526 | 2,503 | ||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 7,829 | $ 1 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,470 | 725,291 | 292,500 | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 76,000 | 20,000 | 22,561 | 72,121 | 19,512 | 16,578 | 3,120 | 1,759 | ||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 326,000 | $ 104,200 | $ 1 | $ 6 | $ 1 | $ 1 | $ 7 | $ 3 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 73 | $ 29 | ||||||||||||||||
Restricted Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 61,292 | 61,292 | 96,250 | |||||||||||||||
Restricted Stock Units (RSUs) | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 301,647 | 301,647 | 194,731 | |||||||||||||||
Management Incentive Compensation | Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 50,213 | |||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 215,417 | |||||||||||||||||
At The Market Offering Program [Member] | Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,470 | 725,291 | 292,500 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,426 | $ 691,405 | $ 1,943,052 |
Preferred Stock and Convertible
Preferred Stock and Convertible Preferred Stock (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred Non-Convertible Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Value of preferred stock issued | $ 0 | $ 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Preferred Stock | Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 147,000 | 147,000 |
Preferred stock, shares issued (in shares) | 200 | 200 |
Value of preferred stock issued | $ 1 | $ 1 |
Preferred stock, shares outstanding (in shares) | 200 | 200 |
Uncategorized Items - nuro-2023
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 4,335,020 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 22,572,104 |