Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity Registrant Name | NEUROMETRIX, INC. | ||
Entity File Number | 001-33351 | ||
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 | ||
Entity Address, Postal Zip Code | 01801 | ||
City Area Code | 781 | ||
Local Phone Number | 890-9989 | ||
Entity Central Index Key | 0001289850 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,183,506 | ||
Entity Common Stock, Shares Outstanding | 1,986,540 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | NURO | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Security Exchange Name | NASDAQ | ||
No Trading Symbol Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Firm ID | 23 |
Auditor Location | Tewksbury, Massachusetts |
Auditor Name | Baker Tilly US, LLP |
Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Documents Incorporated by Reference | The following documents (or parts thereof) are incorporated by reference into the following parts of this Form 10-K: Certain information required by Part III of this Annual Report on Form 10-K is incorporated from the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held on April 30, 2024 (the 2024 Annual Meeting of Stockholders). |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets, Current [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,731,946 | $ 4,335,020 |
Debt Securities, Available-for-Sale | 16,265,205 | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 16,864,707 |
Accounts Receivable, after Allowance for Credit Loss, Current | 518,824 | 646,771 |
Inventory, Net | 1,559,428 | 1,614,987 |
Prepaid Expense and Other Assets, Current | 779,039 | 645,502 |
Assets, Current, Total | 20,854,442 | 24,106,987 |
Operating Lease, Right-of-Use Asset | 250,150 | 370,609 |
Assets, Total | 21,424,441 | 24,669,615 |
Other Assets, Noncurrent | 26,400 | 26,400 |
Property, Plant and Equipment, Net | 293,449 | 165,619 |
Liabilities, Current [Abstract] | ||
Accounts Payable, Current | 215,509 | 368,082 |
Accrued Liabilities, Current | 876,739 | 589,939 |
Operating Lease, Liability, Current | 148,391 | 148,391 |
Liabilities, Current, Total | 1,240,639 | 1,106,412 |
Liabilities, Total | 1,333,124 | 1,313,928 |
Operating Lease, Liability, Noncurrent | 92,485 | 207,516 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Additional Paid in Capital | 229,960,346 | 226,935,456 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 240,171 | 0 |
Retained Earnings (Accumulated Deficit) | (210,109,353) | (203,579,866) |
Stockholders' Equity Attributable to Parent, Total | 20,091,317 | 23,355,687 |
Liabilities and Equity, Total | $ 21,424,441 | $ 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 | 1,524,939 | 971,492 |
Common Stock, Shares, Outstanding | 1,524,939 | 971,492 |
Common Stock, Value, Issued | $ 152 | $ 96 |
Convertible Preferred Stock [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, Value, Issued | 1 | 1 |
Preferred Non-Convertible Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2023 | Nov. 21, 2023 | Nov. 20, 2023 | Dec. 31, 2022 |
Assets, Current [Abstract] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 25,000 | $ 25,000 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common Stock, Shares, Issued | 1,524,939 | 971,492 | ||
Common Stock, Shares, Outstanding | 1,524,939 | 1,091,648 | 8,733,398 | 971,492 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,901,425 | $ 8,256,073 |
Cost of Revenue | 1,954,012 | 2,505,833 |
Gross Profit, Total | 3,947,413 | 5,750,240 |
Operating Expenses [Abstract] | ||
Research and Development Expense | 2,777,960 | 3,239,725 |
Selling and Marketing Expense | 3,365,265 | 2,865,615 |
General and Administrative Expense | 4,955,709 | 4,386,666 |
Operating Expenses, Total | 11,098,934 | 10,492,006 |
Operating Income (Loss), Total | (7,151,521) | (4,741,766) |
Net Income (Loss) Available to Common Stockholders, Basic | (6,529,487) | (4,416,609) |
Net Income (Loss) Attributable to Parent, Total | $ (6,529,487) | $ (4,416,609) |
Earnings Per Share, Diluted | $ (6.27) | $ (4.97) |
Earnings Per Share, Basic | $ (6.27) | $ (4.97) |
Investment Income, Interest | $ 257,105 | $ 325,157 |
Other Nonoperating Income | 364,929 | 0 |
Nonoperating Income (Expense) | $ 622,034 | $ 325,157 |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Statement) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | $ 605,100 | $ 0 |
Other Comprehensive Income Realized Gain Adjustment | 364,929 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (6,289,316) | (4,416,609) |
Net Income (Loss) Attributable to Parent | $ (6,529,487) | $ (4,416,609) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent | Convertible Preferred Stock [Member] Preferred Stock [Member] |
Beginning Balance at Dec. 31, 2021 | $ 23,215,786 | $ 84 | $ 222,378,958 | $ (199,163,257) | $ 1 | |
Beginning Balance (in shares) at Dec. 31, 2021 | 831,310 | 200 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 477,062 | 477,062 | ||||
Stock Issued During Period, Value, New Issues | 3,833,772 | $ 11 | 3,833,761 | |||
Stock Issued During Period, Shares, New Issues | 114,542 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 215,417 | 215,417 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 6,276 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 30,259 | 30,259 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 2,526 | 2,526 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 0 | $ 1 | (1) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 4,806 | |||||
Other Comprehensive Income Realized Gain Adjustment | 0 | |||||
Net income (loss) | (4,416,609) | (4,416,609) | ||||
Ending Balance at Dec. 31, 2022 | 23,355,687 | $ 96 | 226,935,456 | (203,579,866) | $ 1 | |
Ending Balance (in shares) at Dec. 31, 2022 | 959,460 | 200 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 699,505 | 699,505 | ||||
Stock Issued During Period, Value, New Issues | 2,305,753 | $ 54 | 2,305,699 | |||
Stock Issued During Period, Shares, New Issues | 537,094 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 19,688 | 19,688 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 4,902 | 4,902 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 0 | $ 2 | (2) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 17,261 | |||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 605,100 | $ 605,100 | ||||
Other Comprehensive Income Realized Gain Adjustment | (364,929) | (364,929) | ||||
Net income (loss) | (6,529,487) | (6,529,487) | ||||
Ending Balance at Dec. 31, 2023 | $ 20,091,317 | $ 152 | $ 229,960,346 | $ (210,109,353) | $ 240,171 | $ 1 |
Ending Balance (in shares) at Dec. 31, 2023 | 1,518,717 | 200 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Cash Flows [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $ (2,603,074) | $ (18,237,084) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (6,529,487) | (4,416,609) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,731,946 | 4,335,020 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depreciation, Depletion and Amortization, Nonproduction | 55,712 | 49,391 |
Share-based Payment Arrangement, Noncash Expense | 699,505 | 477,062 |
Compensation Obligation Settlement | 0 | 26,019 |
Inventory Write-down | 63,420 | 356,700 |
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) | (76,190) |
Debt Securities, Available-for-Sale, Realized Gain | 364,929 | 0 |
Increase (Decrease) in Operating Capital [Abstract] | ||
Increase (Decrease) in Accounts Receivable | 127,947 | (335,953) |
Increase (Decrease) in Inventories | (7,861) | (1,265,134) |
Increase (Decrease) in Prepaid Expense and Other Assets | (188,109) | (181,805) |
Increase (Decrease) in Accounts Payable | (152,573) | 84,046 |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | 346,800 | (13,818) |
Net Cash Provided by (Used in) Operating Activities | (6,084,868) | (5,289,416) |
Payments to Acquire Debt Securities, Available-for-Sale | 29,755,105 | 0 |
Payments to Acquire Held-to-Maturity Securities | 0 | (40,933,126) |
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | 14,095,000 | 0 |
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities | 17,000,000 | 24,144,609 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ||
Payments to Acquire Property, Plant, and Equipment | (183,542) | (23,182) |
Net Cash Provided by (Used in) Investing Activities | 1,156,353 | (16,811,699) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ||
Net Cash Provided by (Used in) Financing Activities | 2,325,441 | 3,864,031 |
Proceeds from Issuance or Sale of Equity | 2,325,441 | 3,864,031 |
Supplemental Cash Flow Elements [Abstract] | ||
Stock Issuance Settle Incentive Compensation Obligation | $ 0 | $ 189,398 |
Reverse Stock Split
Reverse Stock Split | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Reverse Stock Split | 14. Reverse Stock Split On November 21, 2023, the Company effected a 1-for-8 reverse stock split of its Common Stock, (the "Reverse Stock Split"). The par value and other terms of the common stock were not affected by the Reverse Stock Split. The Company’s shares outstanding immediately prior to the split totaled 8,733,398, which were subsequently adjusted to 1,091,648 shares outstanding. No fractional shares were issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares were received payment in cash in lieu of any such resulting fractional shares of common stock as the post-reverse split amounts of common stock were rounded down to the nearest full share. Share, per share, and stock option amounts for all periods presented within the financial statements contained in the Annual Report on Form 10-K have been retroactively adjusted to reflect the Reverse Stock Split. |
Management Retention and Incent
Management Retention and Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Management Retention and Incentive Plan | 13. Management Retention and Incentive Plan |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation 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 investment grade securities totaling $18.0 million on December 31, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with United States generally accepted accounting principles 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. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur. 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 "held-to-maturity" ("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 December 31, 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 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 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 for the years ended December 31, 2023 and 2022. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents, trade receivables, and securities. The Company invests its cash equivalents and securities in highly rated institutions. At December 31, 2023 and 2022, three customers accounted for 74% and two customers accounted for 31% of accounts receivable, respectively. Two customers accounted for 34% of revenues for the year ended December 31, 2023 and one customer accounted for 32% of revenues, for the year ended December 31, 2022. Inventories Inventories, consisting primarily of finished goods and purchased components, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The net realizable value of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition, and changes in technology. Deterioration in market and economic conditions could adversely affect the recovery of inventory value. Leases The Company presents the lease obligations on the balance sheet, by recording a right-of-use asset and a lease liability for all leases other than those that, at lease commencement, have a lease term of 12 months or less. On the lease commencement date, the Company measures and records a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or if that cannot be readily determined, the Company's incremental borrowing rate. 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. Note 5 presents the Company's financial assets or liabilities measured at fair value as of December 31, 2023 and 2022. The carrying amounts of the Company’s cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate their fair value at December 31, 2023 and 2022 due to their short-term nature. Revenue Recognition 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 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. Revenue from product sales that occur via an online pharmacy agent are recognized on a gross basis and the related fulfillment fees are expensed within cost of revenues. Accounts Receivable Accounts receivable are recorded in 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, and recent communications with the customer. Individual customer balances which are over 90 days past due are reviewed individually for collectability and written-off when recovery is not probable. The Company does not have any off-balance sheet credit exposure related to its customers. Allowance for doubtful accounts was $25,000 as of December 31, 2023 and December 31, 2022. Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. In accordance with the provisions of the Income Taxes topic of the Codification, the Company is required to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. Utilization of the net operating loss carryforwards (“NOL”) and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented due to an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. A two-step evaluation of all tax positions was performed, ensuring that these tax return positions meet the “more likely than not” recognition threshold and can be measured with sufficient precision to determine the benefit recognized in the financial statements. These evaluations provide the Company with a comprehensive model for how it should recognize, measure, present, and disclose in its financial statements certain tax positions that it has taken or expects to take on income tax returns. Research and Development Costs incurred in research and development are expensed as incurred. Included in research and development costs are wages, benefits, product design consulting, and other operating costs such as facilities, supplies, electronic components and overhead directly related to research and development efforts. Product Warranty Costs Product warranty costs are estimated based on historical experience, product failure rates, repair volume and labor costs. Warranty costs are accrued at the time of sale within cost of revenue and periodically reviewed in the aggregate. The liabilities for product warranty costs of $9,400 and $16,700 at December 31, 2023 and 2022, respectively, are included in accrued expenses and compensation in the accompanying balance sheets. Fixed Assets and Long-Lived Assets Fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Expenditures for repairs and maintenance are charged to expense as incurred. On disposal, the related assets and accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the Company’s statement of operations. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Company periodically evaluates the recoverability of its fixed assets and other long-lived assets which may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to the assets operating performance and future undiscounted cash flows of the underlying assets. If an impairment is indicated, the asset carrying value is reduced to fair value based on market value estimates and assumptions concerning the amount and timing of future cash flows and discount rates. Accounting for Stock-Based Compensation Stock-based compensation cost is recognized ratably over the service period. The Company uses the Black-Scholes option pricing model for determining the fair value of stock options and amortizes stock-based compensation expense using the straight-line method. The Black-Scholes model requires assumptions regarding expected share price volatility, expected life of options, expected annual dividend yield, and risk-free interest rate (See Note 3 — Stock-Based Compensation). Net Loss per Share of Common Stock Basic and dilutive net loss per share of common stock were as follows: Years Ended December 31, 2023 2022 Net loss applicable to common stockholders $ (6,529,487) $ (4,416,609) Weighted average number of shares of common stock outstanding, basic and dilutive 1,041,991 889,540 Net loss per share of common stock applicable to common stockholders, basic and diluted $ (6.27) $ (4.97) Shares underlying the following securities were excluded from the calculation of diluted net loss per share of common stock because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2023 2022 Options 64,659 65,683 Unvested restricted stock awards 6,222 12,031 Unvested restricted stock units 60,492 24,341 Convertible preferred stock 8 8 Total 131,381 102,063 Advertising and Promotional Costs Advertising and promotional costs are expensed as incurred. Advertising and promotion expense were $132,806 and $268,703, in 2023 and 2022, respectively. Accumulated Other Comprehensive Items As of December 31, 2023, the Company had accumulated other comprehensive income of $240,171 for net unrealized gains on AFS securities, in addition to net loss in the statement of operations. As of December 31, 2022, the Company had no components of accumulated other comprehensive income or loss other than net loss. Segments The Company operates in a single segment covering the sale of medical equipment and consumables. The majority of the Company’s assets, revenues, and expenses for 2023 and 2022 were located in or derived from operations in the United States. Revenues from sales outside the United States accounted for approximately 20% and 14% of total revenues in 2023 and 2022, respectively. Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, environmental risk such as the COVID-19 pandemic, development by the Company or its competitors of new technological innovations, cybersecurity risk, dependence on key personnel, customers’ reimbursement from third-party payers, protection of proprietary technology, and compliance with regulations of the U.S Food and Drug Administration, Federal Trade Commission and other governmental agencies. The Company relies on in-house assembly and third-party manufacturers to manufacture the major portion of its current products and product components. The disruption or termination of the supply of these products or a significant increase in the cost of these products from these sources could have an adverse effect on the Company's business, financial position, and result of operations. Prior period reclassifications We have reclassified certain amounts in prior periods to conform with current presentation. Money market funds in the amount of $81,751 which were reported within held-to-maturity securities at December 31, 2022 have been reclassified into cash and cash equivalents. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB") and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently adopted and recently issued accounting pronouncements will not have a material impact on our balance sheets, results of operations and cash flows. 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 it had no material impact on the financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s Financial Statements and disclosures. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | 3. Stock-Based Compensation The Company's 2022 Equity Incentive Plan (the "Stock Plan") provides for granting of incentive and nonqualified stock option and stock bonus awards to officers, employees and outside consultants. Outstanding options under the Stock Plan generally vest over four The Company's 2009 Non-Qualified Inducement Stock Plan (the “Inducement Plan”) is intended to encourage employees, including prospective employees, upon whose efforts the Company depends for the successful conduct of its business, to acquire an equity interest in the Company. The Inducement Plan provides for the granting of awards, including non-qualified stock options, restricted stock, and unrestricted stock. As of December 31, 2023, 156.25 shares of common stock were authorized for issuance and were available for future grant under the Inducement Plan. The exercise price of stock options awarded under the Stock Plan and the Inducement Plan may not be less than the fair value of the common stock on the date of the option grant. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair value of the Company’s common stock and for a term not to exceed five years. The Company's 2010 Employee Stock Purchase Plan (the "ESPP"), amended and restated in 2021 to increase stock purchase capacity, authorizes an annual increase on the first day of each of the Company’s fiscal years equal to the lesser of (i) 6,250 shares, (ii) 1 percent of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, or (iii) such lesser number of shares as is determined by the Board. All full-time employees and certain part-time employees are eligible to participate in the ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate. Under the ESPP, participating employees can authorize the Company to withhold up to 10% of their earnings during consecutive six-month payment periods for the purchase of the shares. At the conclusion of each period, participating employees can purchase shares at 85% of the lower of their fair value at the beginning or end of the period. The ESPP is regarded as a compensatory plan. For the years ended December 31, 2023 and 2022, the Company issued 4,902 and 2,526 shares of its common stock, respectively, under the ESPP. As of December 31, 2023, there were 22,089 remaining shares to be issued under the ESPP. The Company uses the Black-Scholes option pricing model for determining the fair value of shares of common stock issued or to be issued under the ESPP. The following assumptions were used in determining fair value: The risk-free interest rate assumption is based on the United States Treasury’s constant maturity rate for a six month term (corresponding to the expected option term) on the date the option was granted. The expected dividend yield is zero as the Company does not currently pay dividends nor expects to do so during the expected option term. An expected term of six months is used based on the duration of each plan offering period. The volatility assumption is based on daily historical volatility during the time period that corresponds to the expected option term and expected future stock price volatility. There were no new issuance of stock options in 2023. The assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the stock options used in the calculation of stock-based compensation expense for the year ended December 31, 2022 were as follows: Years Ended December 31, 2022 Risk-free interest rate 1.8% —% 3.7% Expected dividend yield — Expected option term 5 years Volatility 70.0% A summary of option activity for the year ended December 31, 2023 is presented below: Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 65,662 $ 26.15 Granted — — Exercised — — Forfeited (1,000) 40.21 Expired (3) 4,224.00 Outstanding at December 31, 2023 64,659 $ 25.73 6.8 $ — Vested or expected to vest at December 31, 2023 61,773 $ 25.74 6.8 $ — Exercisable at December 31, 2023 61,773 $ 25.74 6.8 $ — Expected to vest options are determined by applying the estimated forfeiture rate to the total outstanding options. Aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing stock price of the Company’s common stock as of December 31, 2023, as applicable, and the exercise price for the in-the-money options) that would have been received by the option holders if all the in-the-money options had been exercised on December 31, 2023. The weighted average per share grant-date fair values of options granted during 2023 and 2022 was zero and $30.72, respectively. The aggregate intrinsic value of options issued or exercised during 2023 and 2022 was zero. Total unrecognized stock-based compensation costs related to non-vested stock options was $36,885, which related to 5,500 shares with a per share weighted fair value of $25.40 as of December 31, 2023. This unrecognized cost is expected to be recognized over a weighted average period of approximately 1.7 years. During 2023 and 2022, certain employees and directors have been granted restricted stock awards and restricted stock units that are service based. The fair value of the restricted stock awards and units are calculated based on the closing price of common stock on the date of issuance. During 2023, 51,210 restricted stock units were granted to employees and members of the Board of Directors that vest at different times during the years 2023 through 2026. Included therein were grants to the members of the Board of Directors, 21,584 restricted stock units in May 2023, that cliff vest in one restricted stock units in May 2022, that cliff vest in one two A summary of restricted stock activity for the year ended December 31, 2023 is presented below: Restricted Stock Awards Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at December 31, 2022 12,032 $ 43.44 24,341 $ 27.20 Granted — $ — 51,210 $ 7.45 Vested (5,094) $ 44.98 (14,535) $ 26.64 Forfeited (716) $ 34.23 (524) $ 28.41 Unvested at December 31, 2023 6,222 $ 43.28 60,492 $ 15.10 The Company recorded stock-based compensation expense of $699,505 and $477,062 for 2023 and 2022, respectively. |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
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 December 31, 2023. The Company held no AFS securities as of December 31, 2022. December 31, 2023 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 4,412,935 $ 5,665 $ — $ — $ 4,418,600 Commercial paper 11,612,099 234,506 — — 11,846,605 Total $ 16,025,034 $ 240,171 $ — $ — $ 16,265,205 HTM securities are valued at amortized cost. The Company held no HTM securities as of December 31, 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 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5. Fair Value Measurements The following tables set forth the Company’s financial instruments that were measured at fair value: December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,284,290 $ 1,284,290 $ — $ — U.S. government bonds $ 4,418,600 $ 4,418,600 $ — $ — Commercial paper $ 11,846,605 $ — $ 11,846,605 $ — Total $ 17,549,495 $ 5,702,890 $ 11,846,605 $ — 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 | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | . Inventories Inventories consist of the following: December 31, 2023 2022 Purchased components $ 1,151,381 $ 982,129 Finished goods 408,047 632,858 $ 1,559,428 $ 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 December 31, 2023. The Company held no AFS securities as of December 31, 2022. December 31, 2023 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 4,412,935 $ 5,665 $ — $ — $ 4,418,600 Commercial paper 11,612,099 234,506 — — 11,846,605 Total $ 16,025,034 $ 240,171 $ — $ — $ 16,265,205 HTM securities are valued at amortized cost. The Company held no HTM securities as of December 31, 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 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | . Fixed Assets Fixed assets consist of the following: Estimated December 31, 2023 2022 Computer and laboratory equipment 3 $ 629,970 $ 459,218 Furniture and equipment 3 33,104 33,104 Production equipment 7 296,180 296,180 Leasehold improvements * 70,918 58,128 1,030,172 846,630 Less – accumulated depreciation (736,723) (681,011) $ 293,449 $ 165,619 * Lesser of life of lease or estimated useful life. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | . Accrued Expenses and Compensation Accrued expenses and compensation consist of the following: December 31, 2023 2022 Professional services $ 298,534 $ 155,000 Compensation 346,245 249,224 Warranty 9,400 16,700 Clinical 39,000 — Sales tax 141,672 131,621 Other 41,888 37,394 $ 876,739 $ 589,939 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | . Income Taxes Current income tax expense (benefit) attributable to continuing operations was zero for the years ended December 31, 2023 and 2022. The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2023 and 2022. December 31, 2023 2022 Federal statutory rate (21.0) % (21.0) % State tax provision, net of federal provision (1.0) (4.9) Permanent items 0.1 0.1 Federal research and development credits (2.0) (3.3) 382 Limitation - NOL and tax credits — (17.4) Valuation allowance 23.9 46.5 Effective income tax rate — — The Company’s deferred tax assets consist of the following: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 4,289,409 $ 3,369,688 Research and development credit carryforwards 544,415 310,000 Accrued expenses 44,497 74,459 Inventory reserve 97,378 88,983 Stock-based compensation 311,039 323,337 Lease liability 56,481 87,872 Capitalized R&D 1,131,902 719,888 Other 1,596 — Total gross deferred tax assets 6,476,717 4,974,227 Valuation allowance (6,418,062) (4,868,469) Deferred tax liabilities: Right of use asset $ (58,655) $ (91,502) Other $ — $ (14,256) Net deferred tax assets $ — $ — At December 31, 2023, the Company had federal NOLs of approximately $135.7 million, of which $121.1 million began to expire in 2022 and $14.5 million have an indefinite carryforward. At December 31, 2023, the Company had state NOLs of $57.6 million, some of which have an indefinite carryforward, and others that begin to expire in 2025. At December 31, 2023, the Company has federal and state tax credits of approximately $1.8 million and $0.9 million, respectively, which may be available to reduce future taxable income and related taxes thereon. These amounts include tax benefits of approximately $2.4 million and $75,000 attributable to NOL and tax credit carryforwards, respectively, that result from the exercise of employee stock options. The Company experienced an ownership change in 2019 as defined under Internal Revenue Service Regulations, which significantly reduced the tax benefits associated with these carryforwards under Internal Revenue Code Sections 382 and 383. The federal and state research and development credits each began to expire in 2022. In accordance with the provisions of the Income Taxes topic of the Codification, the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating losses. Management has determined that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets and, as a result, a valuation allowance of approximately $6.4 million and $4.9 million has been established at December 31, 2023 and 2022, respectively. The Company experienced a change in control during 2019. Accordingly, utilization of their respective consolidated and/ or separately computed NOL's and/ or tax credit carryforwards is subject to an annual limitation for federal tax purposes under Internal Revenue Code Sections 382 and 383. Due to this change in control, the Company estimates that approximately $123,800,000 of federal NOL's and/or tax credit carryforwards are effectively eliminated according to the Internal Revenue Code Sections 382 and 383 limitations. A large portion of state NOLs and/ or tax credit carry forwards are also eliminated. The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2023 or 2022. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from December 31, 2020 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | . Commitments and Contingencies Operating Leases The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities (the “Woburn Lease”) extends through September 2025 at a monthly base rent of $13,846 and with a 5-year extension option. The Company's lease on its former corporate office in Waltham, Massachusetts (the "Waltham lease") ended in February 2022. During the years ended December 31, 2023 and 2022 the Company recorded sublet income on the Waltham lease totaling zero and $22,795, respectively within operating expenses on the Company's Statement of Operations. The following is a maturity analysis of the annual cash flows of the operating lease liabilities as of December 31, 2023: 2024 $ 165,785 2025 117,431 Total minimum lease payments $ 283,216 Discount rate, 15.0% $ 42,340 Lease obligation, current portion 148,391 Lease obligation, net of current portion 92,485 $ 283,216 Total recorded rent expense net of sublet income was $197,310 and $163,061, for 2023 and 2022, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. The remaining operating lease term was 1.7 years as of December 31, 2023. Contingencies The Company is not party to or aware of any legal proceedings. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plan | . Retirement Plan The Company maintains a 401(k) defined contribution savings plan for its employees who meet certain service period and age requirements. Contributions are permitted up to the maximum allowed under the Internal Revenue Code of each covered employee’s salary. The savings plan permits the Company to contribute at its discretion. In 2023 and 2022 the Company made no contributions to the plan. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity and Share-Based Payments | 12. Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: December 31, 2023 2022 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2023 and 2022; no shares issued and outstanding at December 31, 2023 and 2022 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2023 and 2022, and 200 shares issued and outstanding at December 31, 2023 and 2022, respectively 1 1 Preferred stock activity As of December 31, 2023, 200 shares of Series B convertible preferred stock remained outstanding. The shares of Series B convertible preferred stock are convertible into the equivalent of 8 shares of common stock at the option of the holder. Other equity activity During 2022, the Company issued in settlement of management incentive compensation 6,276 shares of fully vested common stock with a value of $215,417. During 2023 and 2022, respectively, the Company issued pursuant to its ATM Agreement 537,094 shares of common stock, net of fees totaling $142,795 for proceeds of $2,305,753 and 114,542 shares of its common stock, net of fees totaling $175,355 for proceeds of $3,833,772. During 2023 and 2022, respectively, the Company issued 4,902 shares of fully vested common stock with a value of $19,688 and 2,526 shares of fully vested common stock with a value of $30,259 pursuant to the Company's 2010 Employee Stock Purchase Plan, respectively. As of December 31, 2023 and 2022, the Company had 25,000,000 shares of common stock authorized and 1,524,939, and 971,492 shares issued and outstanding, respectively. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends unless declared by the Board of Directors. At December 31, 2023, the Company has reserved authorized shares of common stock for future issuance as follows: Outstanding stock options 64,659 Convertible preferred stock 8 Unvested restricted stock units 60,492 Possible future issuance under inducement plan 156 Possible future issuance under stock option plans 26,520 Possible future issuance under employee stock purchase plan 22,089 Total 173,924 Subsequently from January 1, 2024 to February 29, 2024, the Company issued 458,380 shares of common stock under its ATM program net of fees totaling $46,995 for proceeds of $1,519,099. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Description Balance at Charged to Charged to Recoveries/ Balance at December 31, 2023 Allowance for Doubtful Accounts $ 25,000 $ — $ — $ — $ 25,000 Deferred Tax Asset Valuation Allowance 4,868,469 1,946,667 — (397,074) (1) 6,418,062 Accrued Product Returns 1,000 — — (1,000) — Warranty Reserve 16,700 — — (7,300) 9,400 December 31, 2022 Allowance for Doubtful Accounts $ 25,000 $ — $ — $ — $ 25,000 Deferred Tax Asset Valuation Allowance 2,827,759 2,187,921 — (147,211) (1) 4,868,469 Accrued Product Returns 39,000 — — (38,000) 1,000 Warranty Reserve 28,400 — — (11,700) 16,700 (1) Expiration of Federal and State Net Operating Loss Carryforwards and other reductions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with United States generally accepted accounting principles 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. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances and regularly assesses these estimates, but actual results could differ materially from these estimates. Effects of changes in estimates are recorded in the period in which they occur. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents, trade receivables, and securities. The Company invests its cash equivalents and securities in highly rated institutions. |
Inventories | Inventories Inventories, consisting primarily of finished goods and purchased components, are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The net realizable value of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition, and changes in technology. Deterioration in market and economic conditions could adversely affect the recovery of inventory value. |
Fair Value | 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. |
Revenue Recognition | Revenue Recognition |
Accounts Receivable | Accounts Receivable |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. In accordance with the provisions of the Income Taxes topic of the Codification, the Company is required to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion or all of the net deferred income tax assets will not be realized. Utilization of the net operating loss carryforwards (“NOL”) and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If the Company has experienced a change of control, utilization of its NOL or tax credits carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the NOL or research and development credit carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. Further, until a study is completed and any limitation known, no amounts are being presented due to an uncertain tax position. A full valuation allowance has been provided against the Company’s NOL carryforwards and research and development credit carryforwards and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. A two-step evaluation of all tax positions was performed, ensuring that these tax return positions meet the “more likely than not” recognition threshold and can be measured with sufficient precision to determine the benefit recognized in the financial statements. These evaluations provide the Company with a comprehensive model for how it should recognize, measure, present, and disclose in its financial statements certain tax positions that it has taken or expects to take on income tax returns. |
Research and Development | Research and Development Costs incurred in research and development are expensed as incurred. Included in research and development costs are wages, benefits, product design consulting, and other operating costs such as facilities, supplies, electronic components and overhead directly related to research and development efforts. |
Product Warranty Costs | Product Warranty Costs Product warranty costs are estimated based on historical experience, product failure rates, repair volume and labor costs. Warranty costs are accrued at the time of sale within cost of revenue and periodically reviewed in the aggregate. The liabilities for product warranty costs of $9,400 and $16,700 at December 31, 2023 and 2022, respectively, are included in accrued expenses and compensation in the accompanying balance sheets. |
Fixed Assets and Long-Lived Assets | Fixed Assets and Long-Lived Assets Fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Expenditures for repairs and maintenance are charged to expense as incurred. On disposal, the related assets and accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the Company’s statement of operations. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvement or the remaining term of the lease. The Company periodically evaluates the recoverability of its fixed assets and other long-lived assets which may result in an adjustment of estimated depreciable lives or asset impairment. When indicators of impairment are present, the carrying values of the asset are evaluated in relation to the assets operating performance and future undiscounted cash flows of the underlying assets. If an impairment is indicated, the asset carrying value is reduced to fair value based on market value estimates and assumptions concerning the amount and timing of future cash flows and discount rates. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Stock-based compensation cost is recognized ratably over the service period. The Company uses the Black-Scholes option pricing model for determining the fair value of stock options and amortizes stock-based compensation expense using the straight-line method. The Black-Scholes model requires assumptions regarding expected share price volatility, expected life of options, expected annual dividend yield, and risk-free interest rate (See Note 3 — Stock-Based Compensation). |
Net Loss per Common Share | Net Loss per Share of Common Stock Basic and dilutive net loss per share of common stock were as follows: Years Ended December 31, 2023 2022 Net loss applicable to common stockholders $ (6,529,487) $ (4,416,609) Weighted average number of shares of common stock outstanding, basic and dilutive 1,041,991 889,540 Net loss per share of common stock applicable to common stockholders, basic and diluted $ (6.27) $ (4.97) Shares underlying the following securities were excluded from the calculation of diluted net loss per share of common stock because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2023 2022 Options 64,659 65,683 Unvested restricted stock awards 6,222 12,031 Unvested restricted stock units 60,492 24,341 Convertible preferred stock 8 8 Total 131,381 102,063 |
Advertising and Promotional Costs | Advertising and Promotional Costs Advertising and promotional costs are expensed as incurred. Advertising and promotion expense were $132,806 and $268,703, in 2023 and 2022, respectively. |
Accumulated Other Comprehensive Items | Accumulated Other Comprehensive Items As of December 31, 2023, the Company had accumulated other comprehensive income of $240,171 for net unrealized gains on AFS securities, in addition to net loss in the statement of operations. As of December 31, 2022, the Company had no components of accumulated other comprehensive income or loss other than net loss. |
Segments | Segments The Company operates in a single segment covering the sale of medical equipment and consumables. The majority of the Company’s assets, revenues, and expenses for 2023 and 2022 were located in or derived from operations in the United States. Revenues from sales outside the United States accounted for approximately 20% and 14% of total revenues in 2023 and 2022, respectively. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks common to companies in the medical device industry, including, but not limited to, environmental risk such as the COVID-19 pandemic, development by the Company or its competitors of new technological innovations, cybersecurity risk, dependence on key personnel, customers’ reimbursement from third-party payers, protection of proprietary technology, and compliance with regulations of the U.S Food and Drug Administration, Federal Trade Commission and other governmental agencies. |
Lessee, Leases | Leases |
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 "held-to-maturity" ("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 December 31, 2023, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less. |
Recently Issued or Adopted Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB") and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently adopted and recently issued accounting pronouncements will not have a material impact on our balance sheets, results of operations and cash flows. 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 it had no material impact on the financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and dilutive net loss per share of common stock were as follows: Years Ended December 31, 2023 2022 Net loss applicable to common stockholders $ (6,529,487) $ (4,416,609) Weighted average number of shares of common stock outstanding, basic and dilutive 1,041,991 889,540 Net loss per share of common stock applicable to common stockholders, basic and diluted $ (6.27) $ (4.97) |
Schedule of Anti-Dilutive Securities | Shares underlying the following securities were excluded from the calculation of diluted net loss per share of common stock because their effect was anti-dilutive for each of the periods presented: Years Ended December 31, 2023 2022 Options 64,659 65,683 Unvested restricted stock awards 6,222 12,031 Unvested restricted stock units 60,492 24,341 Convertible preferred stock 8 8 Total 131,381 102,063 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Weighted Average Grant-Date Fair Value of Stock Options | The assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the stock options used in the calculation of stock-based compensation expense for the year ended December 31, 2022 were as follows: Years Ended December 31, 2022 Risk-free interest rate 1.8% —% 3.7% Expected dividend yield — Expected option term 5 years Volatility 70.0% |
Summary of Option Activity | A summary of option activity for the year ended December 31, 2023 is presented below: Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 65,662 $ 26.15 Granted — — Exercised — — Forfeited (1,000) 40.21 Expired (3) 4,224.00 Outstanding at December 31, 2023 64,659 $ 25.73 6.8 $ — Vested or expected to vest at December 31, 2023 61,773 $ 25.74 6.8 $ — Exercisable at December 31, 2023 61,773 $ 25.74 6.8 $ — |
Nonvested Restricted Stock Shares Activity | A summary of restricted stock activity for the year ended December 31, 2023 is presented below: Restricted Stock Awards Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at December 31, 2022 12,032 $ 43.44 24,341 $ 27.20 Granted — $ — 51,210 $ 7.45 Vested (5,094) $ 44.98 (14,535) $ 26.64 Forfeited (716) $ 34.23 (524) $ 28.41 Unvested at December 31, 2023 6,222 $ 43.28 60,492 $ 15.10 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | December 31, 2023 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 4,412,935 $ 5,665 $ — $ — $ 4,418,600 Commercial paper 11,612,099 234,506 — — 11,846,605 Total $ 16,025,034 $ 240,171 $ — $ — $ 16,265,205 |
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 Measures and Discl_2
Fair Value Measures and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,284,290 $ 1,284,290 $ — $ — U.S. government bonds $ 4,418,600 $ 4,418,600 $ — $ — Commercial paper $ 11,846,605 $ — $ 11,846,605 $ — Total $ 17,549,495 $ 5,702,890 $ 11,846,605 $ — 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) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: December 31, 2023 2022 Purchased components $ 1,151,381 $ 982,129 Finished goods 408,047 632,858 $ 1,559,428 $ 1,614,987 |
Schedule of Available-for-Sale Securities Reconciliation | December 31, 2023 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 4,412,935 $ 5,665 $ — $ — $ 4,418,600 Commercial paper 11,612,099 234,506 — — 11,846,605 Total $ 16,025,034 $ 240,171 $ — $ — $ 16,265,205 |
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 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed assets consist of the following: Estimated December 31, 2023 2022 Computer and laboratory equipment 3 $ 629,970 $ 459,218 Furniture and equipment 3 33,104 33,104 Production equipment 7 296,180 296,180 Leasehold improvements * 70,918 58,128 1,030,172 846,630 Less – accumulated depreciation (736,723) (681,011) $ 293,449 $ 165,619 * Lesser of life of lease or estimated useful life. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Compensation and Expenses | Accrued expenses and compensation consist of the following: December 31, 2023 2022 Professional services $ 298,534 $ 155,000 Compensation 346,245 249,224 Warranty 9,400 16,700 Clinical 39,000 — Sales tax 141,672 131,621 Other 41,888 37,394 $ 876,739 $ 589,939 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2023 and 2022. December 31, 2023 2022 Federal statutory rate (21.0) % (21.0) % State tax provision, net of federal provision (1.0) (4.9) Permanent items 0.1 0.1 Federal research and development credits (2.0) (3.3) 382 Limitation - NOL and tax credits — (17.4) Valuation allowance 23.9 46.5 Effective income tax rate — — |
Schedule of Deferred Tax Assets | The Company’s deferred tax assets consist of the following: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 4,289,409 $ 3,369,688 Research and development credit carryforwards 544,415 310,000 Accrued expenses 44,497 74,459 Inventory reserve 97,378 88,983 Stock-based compensation 311,039 323,337 Lease liability 56,481 87,872 Capitalized R&D 1,131,902 719,888 Other 1,596 — Total gross deferred tax assets 6,476,717 4,974,227 Valuation allowance (6,418,062) (4,868,469) Deferred tax liabilities: Right of use asset $ (58,655) $ (91,502) Other $ — $ (14,256) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following is a maturity analysis of the annual cash flows of the operating lease liabilities as of December 31, 2023: 2024 $ 165,785 2025 117,431 Total minimum lease payments $ 283,216 Discount rate, 15.0% $ 42,340 Lease obligation, current portion 148,391 Lease obligation, net of current portion 92,485 $ 283,216 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred stock and convertible preferred stock | Preferred stock and convertible preferred stock consist of the following: December 31, 2023 2022 Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2023 and 2022; no shares issued and outstanding at December 31, 2023 and 2022 $ — $ — Series B convertible preferred stock, $0.001 par value, 147,000 shares designated at December 31, 2023 and 2022, and 200 shares issued and outstanding at December 31, 2023 and 2022, respectively 1 1 |
Reserved Authorized Shares of Common Stock for Future Issuance | At December 31, 2023, the Company has reserved authorized shares of common stock for future issuance as follows: Outstanding stock options 64,659 Convertible preferred stock 8 Unvested restricted stock units 60,492 Possible future issuance under inducement plan 156 Possible future issuance under stock option plans 26,520 Possible future issuance under employee stock purchase plan 22,089 Total 173,924 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Organization And Basis Of Presentation [Line Items] | ||
Substantial Doubt about Going Concern, within One Year [true false] | false | |
Cash and Cash Equivalents, at Carrying Value | $ 1,731,946 | $ 4,335,020 |
Cash, Cash Equivalents, and Short-Term Investments | $ 18,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | |
Concentration Risk [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value | $ 1,731,946 | $ 4,335,020 | |
Marketing and Advertising Expense [Abstract] | |||
Advertising and promotion expense | $ 132,806 | $ 268,703 | |
Segment Reporting [Abstract] | |||
Revenues from sales outside the United States, percentage | 20% | 14% | |
Product Warranties Disclosures [Abstract] | |||
Liabilities for product warranty costs | $ 9,400 | $ 16,700 | |
Accounts Receivable, Allowance for Credit Loss, Current | 25,000 | 25,000 | |
Retained Earnings (Accumulated Deficit) | (210,109,353) | (203,579,866) | |
Other Comprehensive Income (Loss), Net of Tax | 240,171 | 0 | |
Debt Securities, Held-to-Maturity, Fair Value | 16,794,874 | ||
Cash and Cash Equivalents, at Carrying Value | 1,731,946 | $ 4,335,020 | |
Money Market Funds | From Held To Maturity Securities | |||
Concentration Risk [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value | 81,751 | ||
Product Warranties Disclosures [Abstract] | |||
Cash and Cash Equivalents, at Carrying Value | $ 81,751 | ||
Accounting Standards Update 2016-13 | |||
Concentration Risk [Line Items] | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||
Product Warranties Disclosures [Abstract] | |||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | ||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||
Accounts Receivable [Member] | Two Customers [Member] | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 31% | ||
Accounts Receivable [Member] | Three Customers | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 74% | ||
Revenue Benchmark [Member] | Two Customers [Member] | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 34% | ||
Revenue Benchmark [Member] | One Customer [Member] | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 32% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (6,529,487) | $ (4,416,609) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (6,529,487) | $ (4,416,609) |
Weighted Average Number of Shares Outstanding, Diluted | 1,041,991 | 889,540 |
Weighted Average Number of Shares Outstanding, Basic | 1,041,991 | 889,540 |
Earnings Per Share, Diluted | $ (6.27) | $ (4.97) |
Earnings Per Share, Basic | $ (6.27) | $ (4.97) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 131,381 | 102,063 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 8 | 8 |
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 64,659 | 65,683 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 6,222 | 12,031 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive common stock equivalents excluded from calculation of diluted net income per common share | 60,492 | 24,341 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 31, 2023 | Jul. 31, 2022 | May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 64,659 | 65,662 | |||
Weighted average exercise price (in usd per share) | $ 25.73 | $ 26.15 | |||
Weighted average grant-date fair value of options granted (in usd per share) | $ 0 | $ 30.72 | |||
Aggregate instrinsic value of options issued or exercised | $ 0 | $ 0 | |||
Unrecognized stock-based compensation costs related to non-vested stock options | $ 698,854 | ||||
Non-vested stock options (in shares) | 5,500 | ||||
Weighted average fair value of non-vested stock options (in usd per share) | $ 25.40 | ||||
Weighted average period of recognition | 1 year 4 months 24 days | ||||
Stock-based compensation expense | $ 699,505 | $ 477,062 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 36,885 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.20 | ||||
Options Held | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average period of recognition | 1 year 8 months 12 days | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 12,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (5,094) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 6,222 | 12,032 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 44.98 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 34.23 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.28 | $ 43.44 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (716) | ||||
Restricted Stock | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,000 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,210 | 27,655 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (14,535) | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 60,492 | 24,341 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.45 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 26.64 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 28.41 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (524) | ||||
Restricted Stock Units (RSUs) | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,626 | 17,605 | |||
Restricted Stock Units (RSUs) | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | 2 years | 1 year | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,584 | 3,434 | 6,616 | ||
2009 Inducement Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grant (in shares) | 156.25 | ||||
2010 ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grant (in shares) | 22,089 | ||||
Percentage of fair value of common stock at date of grant | 85% | ||||
Maximum percentage of earnings employee can authorize to withhold, percentage | 10% | ||||
Award vesting rights | All full-time employees and certain part-time employees are eligible to participate in the ESPP. For part-time employees to be eligible, they must have customary employment of more than five months in any calendar year and more than 20 hours per week. Employees who, after exercising their rights to purchase shares under the ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate. | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||
2010 ESPP | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Annual Increase Amount | 6,250 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Annual Increase Percentage | 1% | ||||
Two Zero Two Two Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Expiration period | 10 years | ||||
Shares outstanding (in shares) | 64,659 | ||||
Weighted average exercise price (in usd per share) | $ 25.73 | ||||
Two Zero Two Two Stock Plan | Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (in shares) | 203,643 | ||||
Shares available for future grant (in shares) | 26,520 | ||||
Shares, Issued | 41,583 | ||||
Two Thousand Twenty Two Stock Plan And Two Thousand Nine Inducement Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of combined voting power of all classes of stock | 10% | ||||
Two Thousand Twenty Two Stock Plan And Two Thousand Nine Inducement Plan | Minimum | More Than 10 Percent Voting Power | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of fair value of common stock at date of grant | 110% | ||||
Two Thousand Twenty Two Stock Plan And Two Thousand Nine Inducement Plan | Maximum | More Than 10 Percent Voting Power | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 5 years |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Grant-Date Fair Value Used in the Calculation of Stock-Based Compensation Expense (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 70% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.80% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.70% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options outstanding, beginning balance (in shares) | shares | 65,662 |
Number of options granted (in shares) | shares | 0 |
Number of options exercised (in shares) | shares | 0 |
Number of options forfeited (in shares) | shares | (1,000) |
Number of options expired (in shares) | shares | (3) |
Number of options outstanding, ending balance (in shares) | shares | 64,659 |
Number of options vested or expected to vest (in shares) | shares | 61,773 |
Number of options exercisable (in shares) | shares | 61,773 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price of options outstanding, beginning of period (in usd per share) | $ / shares | $ 26.15 |
Weighted average exercise price of options granted (in usd per share) | $ / shares | 0 |
Weighted average exercise price of options exercised (in usd per share) | $ / shares | 0 |
Weighted average exercise price of options forfeited (in usd per share) | $ / shares | 40.21 |
Weighted average exercise price of options expired (in usd per share) | $ / shares | 4,224 |
Weighted average exercise price of options outstanding, end of period (in usd per share) | $ / shares | 25.73 |
Weighted average exercise price of options vested or expected to vest (in usd per share) | $ / shares | 25.74 |
Weighted average exercise price of options exercisable (in usd per share) | $ / shares | $ 25.74 |
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value | |
Weighted average remaining contractual life of options outstanding (in years) | 6 years 9 months 18 days |
Weighted average remaining contractual life of options vested or expected to vest (in years) | 6 years 9 months 18 days |
Weighted average remaining contractual life of options exercisable (in years) | 6 years 9 months 18 days |
Aggregate intrinsic value of options outstanding | $ | $ 0 |
Aggregate intrinsic value of options vested and expected to vest | $ | 0 |
Aggregate intrinsic value of options exercisable | $ | $ 0 |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - AFS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 16,025,034 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 240,171 | |
Debt Securities, Available-for-Sale | 16,265,205 | $ 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 | 11,612,099 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 234,506 | |
Debt Securities, Available-for-Sale | 11,846,605 | |
US Government Agencies Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 4,412,935 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 5,665 | |
Debt Securities, Available-for-Sale | $ 4,418,600 |
Investments, Debt and Equity _4
Investments, Debt and Equity Securities (Details) - HTM - USD ($) | Dec. 31, 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 | |
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 | |
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 |
Fair Value Measures and Discl_3
Fair Value Measures and Disclosures (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-Sale | $ 16,265,205 | $ 0 |
Assets, Fair Value Disclosure | 17,549,495 | 1,551,027 |
Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value Disclosure | 5,702,890 | 1,551,027 |
Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assets, Fair Value Disclosure | 11,846,605 | |
Money Market Funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,284,290 | 1,551,027 |
Money Market Funds | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,284,290 | $ 1,551,027 |
US Government Agencies Debt Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-Sale | 4,418,600 | |
US Government Agencies Debt Securities | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-Sale | 4,418,600 | |
Commercial Paper | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-Sale | 11,846,605 | |
Commercial Paper | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Securities, Available-for-Sale | $ 11,846,605 |
Inventories (Detail)
Inventories (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 1,151,381 | $ 982,129 |
Inventory, Finished Goods, Net of Reserves | 408,047 | 632,858 |
Inventories | 1,559,428 | 1,614,987 |
Inventory Write-down | $ 63,420 | $ 356,700 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,030,172 | $ 846,630 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (736,723) | (681,011) |
Fixed assets, net | $ 293,449 | 165,619 |
Computer And Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 3 years | |
Fixed assets, gross | $ 629,970 | 459,218 |
Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 3 years | |
Fixed assets, gross | $ 33,104 | 33,104 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, estimated useful life | 7 years | |
Fixed assets, gross | $ 296,180 | 296,180 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 70,918 | $ 58,128 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0 | $ 6,875 |
Depreciation expense | 55,712 | 49,391 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 0 | (6,875) |
Disposal | ||
Property, Plant and Equipment [Line Items] | ||
Tangible Assets Disposal Original Cost | 6,875 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 6,875 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (6,875) | |
Write Off | ||
Property, Plant and Equipment [Line Items] | ||
Tangible Assets Disposal Original Cost | 674,520 | |
Tangible Assets Disposal Accumulated Depreciation | $ 674,520 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Sales and Excise Tax Payable, Current | $ 141,672 | $ 131,621 |
Accrued Professional Fees, Current | 298,534 | 155,000 |
Accrued Salaries, Current | 346,245 | 249,224 |
Product Warranty Accrual, Current | 9,400 | 16,700 |
Other Accrued Liabilities, Current | 41,888 | 37,394 |
Accrued expenses | 876,739 | 589,939 |
Accrued Clinical Current | $ 39,000 | $ 0 |
Income Taxes Income Taxes - Eff
Income Taxes Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | (21.00%) | (21.00%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (1.00%) | (4.90%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | (0.10%) | (0.10%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | (2.00%) | (3.30%) |
Effective Income Tax Rate Reconciliation 382 Limitation | 0% | (17.40%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 23.90% | 46.50% |
Effective Income Tax Rate Reconciliation, Percent | 0% | 0% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax Credit Carryforward [Line Items] | ||
Current Federal, State and Local, Tax Expense (Benefit) | $ 0 | $ 0 |
NOLAndTaxCreditCarryforwardsEliminated | $ 123,800,000 | |
Federal tax provision (benefit) rate | 21% | 21% |
Deferred tax assets, valuation allowance | $ 6,418,062 | $ 4,868,469 |
Tax benefits attributable to tax credit caryforwards | 75,000 | |
Tax benefits attributable to NOL | 2,400,000 | |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Earliest Tax Year | ||
Tax Credit Carryforward [Line Items] | ||
Open Tax Year | 2020 | |
Federal Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
TaxCreditCarryforwardsExpirationBeginningYear | 2022 | |
Tax credit carryforwards | $ 1,800,000 | |
Net operating loss carryforwards | $ 135,700,000 | |
Federal Tax Authority | Portion of Current [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 2022 | |
Federal Tax Authority | Indefinite [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 14,500,000 | |
Federal Tax Authority | Expiration Begins 2022 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 121,100,000 | |
State Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
TaxCreditCarryforwardsExpirationBeginningYear | 2022 | |
Tax credit carryforwards | $ 900,000 | |
Net operating loss carryforwards | $ 57,600,000 | |
State Tax Authority | Portion of Current [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | 2025 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 4,289,409 | $ 3,369,688 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 544,415 | 310,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 44,497 | 74,459 |
Deferred Tax Assets, Inventory | 97,378 | 88,983 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost | 311,039 | 323,337 |
Deferred Tax Assets Right Of Use Assets | 56,481 | 87,872 |
Deferred Tax Assets Capitalized Research And Development | 1,131,902 | 719,888 |
Deferred Tax Assets, Other | 1,596 | 0 |
Deferred Tax Assets, Gross, Total | 6,476,717 | 4,974,227 |
Deferred Tax Assets, Valuation Allowance | (6,418,062) | (4,868,469) |
Deferred Tax Liabilities, Leasing Arrangements | 58,655 | 91,502 |
Deferred Tax Liabilities, Other | 0 | (14,256) |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Leased Assets [Line Items] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 15% | |
Operating Lease, Expense | $ 197,310 | $ 163,061 |
Sublease Income | $ 0 | $ 22,795 |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 8 months 12 days | |
Woburn Lease [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, renewal term | 5 years | |
Monthly Rent [Member] | Woburn Lease [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating Lease, Payments | $ 13,846 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 165,785 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 117,431 | |
Lessee, Operating Lease, Liability, to be Paid | 283,216 | |
Operating Lease Discount | 42,340 | |
Operating Lease, Liability, Current | 148,391 | $ 148,391 |
Operating Lease, Liability, Noncurrent | $ 92,485 | $ 207,516 |
Operating Lease, Weighted Average Discount Rate, Percent | 15% |
Retirement Plan Retirement Plan
Retirement Plan Retirement Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Contributions to the plan | $ 0 | $ 0 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock and Convertible Preferred Stock (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred Non-Convertible Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Value, Issued | $ 1 | $ 1 |
Series B Preferred Stock | Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 200 | 200 |
Preferred stock, shares issued (in shares) | 200 | 200 |
Preferred stock, shares authorized (in shares) | 147,000 | 147,000 |
Preferred Stock, Value, Issued | $ 1 | $ 1 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Feb. 26, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 21, 2023 | Nov. 20, 2023 | |
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 19,688 | $ 30,259 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 4,902 | 2,526 | |||
Common Stock, Shares, Outstanding | 1,524,939 | 971,492 | 1,091,648 | 8,733,398 | |
Common Stock, Voting Rights | Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 | |||
Proceeds from Issuance or Sale of Equity | $ 2,325,441 | $ 3,864,031 | |||
Common Stock, Shares, Issued | 1,524,939 | 971,492 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 0 | $ 0 | |||
Number of options exercised (in shares) | 0 | ||||
Stock Issued During Period, Value, New Issues | $ 2,305,753 | $ 3,833,772 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 4,902 | 2,526 | |||
Stock Issued During Period, Shares, New Issues | 537,094 | 114,542 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 17,261 | 4,806 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2 | $ 1 | |||
Stock Issued During Period, Value, New Issues | 54 | 11 | |||
At The Market Offering Program [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance of Common Stock | 2,305,753 | 3,833,772 | |||
At The Market Offering Program [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance of Common Stock | $ 1,519,099 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 19,688 | $ 30,259 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 4,902 | 2,526 | |||
Common Stock [Member] | Management Service, Incentive | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 6,276 | ||||
Stock Issued During Period, Value, New Issues | $ 215,417 | ||||
Common Stock [Member] | At The Market Offering Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 537,094 | 114,542 | |||
Payments of Stock Issuance Costs | $ 142,795 | $ 175,355 | |||
Common Stock [Member] | At The Market Offering Program [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 458,380 | ||||
Payments of Stock Issuance Costs | $ 46,995 | ||||
Series B Preferred Stock | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion (in shares) | 8 | ||||
Series B Preferred Stock | Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Outstanding | 200 | 200 | |||
Restricted Stock Units (RSUs) | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 14,535 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 60,492 | 24,341 | |||
Restricted Stock | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,094 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 6,222 | 12,032 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2023 shares |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 173,924 |
Inducement Plan | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 156 |
Stock Option Plans | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 26,520 |
Outstanding Stock Options | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 64,659 |
Convertible Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 8 |
Restricted Stock Units (RSUs) | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 60,492 |
Employee Stock | |
Class of Stock [Line Items] | |
Total common shares reserved for future issuance | 22,089 |
Reverse Stock Split - Additiona
Reverse Stock Split - Additional Information (Detail) - shares | Nov. 21, 2023 | Dec. 31, 2023 | Nov. 20, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||||
Common Stock, Shares, Outstanding | 1,091,648 | 1,524,939 | 8,733,398 | 971,492 |
Stockholders' Equity, Reverse Stock Split | 1-for-8 reverse stock split of its Common Stock |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | $ 25,000 | $ 25,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 25,000 | 25,000 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 4,868,469 | 2,827,759 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 1,946,667 | 2,187,921 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 6,418,062 | 4,868,469 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (397,074) | (147,211) |
SalesReturnsReservesMember [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 1,000 | 39,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 0 | 1,000 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (1,000) | (38,000) |
SEC Schedule, 12-09, Reserve, Warranty [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 16,700 | 28,400 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 9,400 | 16,700 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | $ (7,300) | $ (11,700) |
Uncategorized Items - nuro-2023
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 22,572,104 |