Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | ||
Nov. 21, 2023 | Mar. 31, 2024 | May 14, 2024 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001289850 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 2,011,485 | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Type | 10-Q | ||
Entity Current Reporting Status | Yes | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 001-33351 | ||
Entity Registrant Name | NEUROMETRIX, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Postal Zip Code | 01801 | ||
Local Phone Number | 890-9989 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Tax Identification Number | 04-3308180 | ||
Entity Address, Address Line One | 4B Gill Street | ||
Entity Address, City or Town | Woburn | ||
Entity Address, State or Province | MA | ||
City Area Code | 781 | ||
Stockholders' Equity, Reverse Stock Split | All share amounts in the Quarterly Report on Form 10-Q have been adjusted to reflect a 1-for-8 reverse stock split that was effected on November 21, 2023. | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NASDAQ | ||
Trading Symbol | NURO | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,259,930 | $ 1,731,946 |
Debt Securities, Available-for-Sale | 16,339,180 | 16,265,205 |
Accounts receivable, net | 469,650 | 518,824 |
Inventories | 1,471,438 | 1,559,428 |
Prepaid expenses and other current assets | 611,735 | 779,039 |
Total current assets | 20,151,933 | 20,854,442 |
Fixed assets, net | 268,541 | 293,449 |
Operating Lease, Right-of-Use Asset | 217,254 | 250,150 |
Other Assets, Noncurrent | 26,400 | 26,400 |
Total assets | 20,664,128 | 21,424,441 |
Current liabilities: | ||
Accounts payable | 144,553 | 215,509 |
Accrued expenses and compensation | 1,554,226 | 876,739 |
Operating Lease, Liability, Current | 148,391 | 148,391 |
Total current liabilities | 1,847,170 | 1,240,639 |
Operating Lease, Liability, Noncurrent | 60,946 | 92,485 |
Total liabilities | 1,908,116 | 1,333,124 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | 199 | 152 |
Additional paid-in capital | 231,647,562 | 229,960,346 |
Accumulated deficit | (213,138,927) | (210,109,353) |
Total stockholders’ equity | 18,756,012 | 20,091,317 |
Total liabilities and stockholders’ equity | $ 20,664,128 | $ 21,424,441 |
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 | 1,986,997 | 1,524,939 |
Common Stock, Shares, Outstanding | 1,986,997 | 1,524,939 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 247,177 | $ 240,171 |
Convertible preferred stock | ||
Stockholders’ equity: | ||
Preferred stock | 1 | 1 |
Preferred Non-Convertible Stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 0 | $ 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,093,556 | $ 1,724,771 |
Other Nonoperating Income | 205,255 | 0 |
Net loss | $ (3,029,574) | $ (1,574,174) |
Earnings Per Share, Diluted | $ (1.67) | $ (1.64) |
Earnings Per Share, Basic | $ (1.67) | $ (1.64) |
Weighted Average Number of Shares Outstanding, Diluted | 1,812,455 | 961,153 |
Weighted Average Number of Shares Outstanding, Basic | 1,812,455 | 961,153 |
Loss from operations | $ (3,253,991) | $ (1,710,069) |
Investment Income, Interest | 19,162 | 135,895 |
Operating expenses: | ||
Research and development | 943,552 | 699,425 |
Sales and marketing | 1,061,729 | 815,872 |
General and administrative | 1,765,727 | 1,393,171 |
Total operating expenses | 3,771,008 | 2,908,468 |
Gross profit | 517,017 | 1,198,399 |
Cost of revenues | 576,539 | 526,372 |
Nonoperating Income (Expense), Total | $ 224,417 | $ 135,895 |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Statement) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (3,022,568) | $ (1,508,300) |
Net Income (Loss) Attributable to Parent | (3,029,574) | (1,574,174) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 212,261 | 65,874 |
Other Comprehensive Income Realized Gain Adjustment | $ (205,255) | $ 0 |
Equity Rollforward Statement
Equity Rollforward Statement - USD ($) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock [Member] | Preferred Stock Convertible Preferred Stock [Member] | AOCI Attributable to Parent |
Stockholders' Equity Attributable to Parent | $ 23,355,687 | $ 226,935,456 | $ (203,579,866) | $ 96 | $ 1 | $ 0 |
Shares, Outstanding | 959,460 | 200 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 165,361 | 165,361 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | 0 | $ 0 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,439 | |||||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 65,874 | |||||
Net Income (Loss) Attributable to Parent | (1,574,174) | (1,574,174) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 65,874 | 65,874 | ||||
Other Comprehensive Income Realized Gain Adjustment | 0 | |||||
Stockholders' Equity Attributable to Parent | 22,012,748 | 227,100,817 | (205,154,040) | $ 96 | $ 1 | 65,874 |
Shares, Outstanding | 961,899 | 200 | ||||
Stockholders' Equity Attributable to Parent | 20,091,317 | 229,960,346 | (210,109,353) | $ 152 | $ 1 | 240,171 |
Shares, Outstanding | 1,518,717 | 200 | ||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 216,164 | 216,164 | ||||
Stock Issued During Period, Shares, New Issues | 458,380 | |||||
Stock Issued During Period, Value, New Issues | 1,471,099 | 1,471,053 | $ 46 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | (1) | $ 1 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 6,699 | |||||
Net Income (Loss) Attributable to Parent | (3,029,574) | (3,029,574) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 212,261 | 212,261 | ||||
Other Comprehensive Income Realized Gain Adjustment | (205,255) | 205,255 | ||||
Stockholders' Equity Attributable to Parent | $ 18,756,012 | $ 231,647,562 | $ (213,138,927) | $ 199 | $ 1 | $ 247,177 |
Shares, Outstanding | 1,983,796 | 200 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (3,029,574) | $ (1,574,174) |
Depreciation, Depletion and Amortization | 24,908 | 10,222 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 216,164 | 165,361 |
Debt Securities, Available-for-Sale, Realized Gain | (205,255) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 49,174 | 70,490 |
Inventories | 13,781 | (196,548) |
Prepaid expenses and other current and long-term assets | 108,661 | 78,467 |
Accounts payable | (70,956) | 32,217 |
Accrued expenses and compensation | 737,487 | 338,326 |
Net Cash Provided by (Used in) Operating Activities | (2,081,401) | (1,121,417) |
Payments to Acquire Debt Securities, Available-for-Sale | 7,361,714 | 9,336,984 |
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale | 7,500,000 | 0 |
Cash flows from investing activities: | ||
Net Cash Provided by (Used in) Investing Activities | 138,286 | (836,984) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock and warrants | 1,471,099 | 0 |
Net Cash Provided by (Used in) Financing Activities | 1,471,099 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (472,016) | (1,958,401) |
Cash and cash equivalents, end of period | 1,259,930 | |
Supplemental disclosure of cash flow information: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,259,930 | 2,376,619 |
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities | 0 | 8,500,000 |
Inventory Charge Cost of Revenues | 74,209 | 63,420 |
Investment Income, Net, Amortization of Discount and Premium | $ 0 | $ 109,198 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business Description and Accounting Policies | 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 $17.6 million on March 31, 2024. 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. During February 2024, the Company announced that it would undertake a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction. A timetable for completion of this evaluation process has not been established, and even if certain strategic alternatives may be available, the Company cannot provide any assurance that the strategic alternatives review process will result in the successful realization of any particular alternative, transaction or value. Accordingly, the unaudited financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of March 31, 2024, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2023 has been derived from the audited balance sheet as of December 31, 2023 included in the Company's Form 10-K referenced below and does not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC"), on March 1, 2024 (File No. 001-33351). Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company 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 are recorded in the amount the Company expects to collect, net of the allowance for credit losses. The allowance for credit losses 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 credit losses was $25,000 as of March 31, 2024 and December 31, 2023. Two customers accounted for 25% and 39% of total revenues in the quarters ended March 31, 2024 and 2023, respectively. Three customers accounted for 64% and 74% of accounts receivable as of March 31, 2024 and December 31, 2023, respectively. 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 March 31, 2024, 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 as of March 31, 2024 or December 31, 2023. Fair Value The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. Recent Accounting Pronouncements Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements. Recently adopted accounting pronouncement In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures |
Comprehensive Loss
Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Comprehensive Loss | Comprehensive Income (Loss) For the quarter ended March 31, 2024, the Company had comprehensive income of $7,006 for net unrealized gains on AFS, in addition to net loss of $3,029,574 in the statements of operations. The Company had comprehensive income of $65,874 for net unrealized gains on AFS, in addition to net loss of $1,574,174 in the statements of operations for the quarter ended March 31, 2023. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 3. Net Loss Per Common Share Basic and dilutive net loss per common share were as follows: Quarters Ended March 31, 2024 2023 Net loss applicable to common stockholders $ (3,029,574) $ (1,574,174) Weighted average number of common shares outstanding, basic and diluted 1,812,455 961,153 Net loss per common share applicable to common stockholders, basic and diluted $ (1.67) $ (1.64) Shares underlying the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive for each of the periods presented: Quarters Ended March 31, 2024 2023 Options 63,755 65,683 Unvested restricted stock awards 3,201 10,745 Unvested restricted stock units 48,565 22,477 Convertible preferred stock 8 8 Total 115,529 98,913 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended March 31, 2024 2023 Net loss applicable to common stockholders $ (3,029,574) $ (1,574,174) Weighted average number of common shares outstanding, basic and diluted 1,812,455 961,153 Net loss per common share applicable to common stockholders, basic and diluted $ (1.67) $ (1.64) |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 HTM or AFS pursuant to ASC 320 - Investments - Debt Securities. HTM securities are valued at amortized cost. The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2024 and December 31, 2023. March 31, 2024 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 7,842,359 $ 51,676 $ — $ — $ 7,894,035 Commercial paper 8,249,644 196,488 (987) — 8,445,145 Total $ 16,092,003 $ 248,164 $ (987) $ — $ 16,339,180 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 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following tables set forth the Company’s financial instruments that were measured at fair value: March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,255,736 $ 1,255,736 $ — $ — U.S. government bonds 7,894,035 7,894,035 — — Commercial paper 8,445,145 — 8,445,145 — Total $ 17,594,916 $ 9,149,771 $ 8,445,145 $ — 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 $ — |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, 2024 December 31, 2023 Purchased components $ 1,093,201 $ 1,151,381 Finished goods 378,237 408,047 $ 1,471,438 $ 1,559,428 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses and Compensation Accrued expenses and compensation consist of the following: March 31, 2024 December 31, 2023 Professional services $ 547,498 $ 298,534 Compensation 202,424 346,245 Severance 555,000 — Clinical 37,383 39,000 Warranty 8,000 9,400 Sales Tax 143,185 141,672 Other 60,736 41,888 $ 1,554,226 $ 876,739 |
Leases Leases (Notes)
Leases Leases (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | . Operating Leases The Company's lease on its Woburn, Massachusetts corporate office and manufacturing facilities extends through mid September 2025 at a monthly base rent of $13,846 and with a 5-year extension option. The following is a maturity analysis of the annual cash flows of the operating lease liabilities as of March 31, 2024: 2024 $ 124,339 2025 117,431 Total minimum lease payments $ 241,770 Discount rate, 15% $ 32,433 Lease obligation, current portion 148,391 Lease obligation, net of current portion 60,946 $ 241,770 Total recorded rent expense was $50,377 and $49,232, for the quarters ended March 31, 2024 and 2023, 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 1.5 years as of March 31, 2024. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: March 31, 2024 December 31, 2023 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2024 and December 31, 2023; 200 shares issued and outstanding at March 31, 2024 and December 31, 2023 $ 1 $ 1 2024 equity activity In January and February 2024, the Company issued 458,380 shares of its common stock, under an at-the-market ("ATM") program for net proceeds of $1,471,099. As of April 18, 2024, the Company terminated the ATM program. In March 2024, 1,015 restricted stock awards and 5,912 restricted stock units were forfeited due to the employee reduction described in Note 10. As of March 31, 2024, the Company had 3,201 restricted stock awards and 48,565 restricted stock units that remain unvested. At December 31, 2023 the Company had 6,222 restricted stock awards and 60,492 restricted stock units that were unvested. 2023 equity activity |
Restructuring and Related Activ
Restructuring and Related Activities | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 10. Employee Reduction As indicated in Note 1., the Company has initiated a review of its strategic options to maximize shareholder value. These options include changes in marketing strategies, the acquisition of new assets, potential sale of Company assets, and a merger or other strategic transaction. The Company incurred severance charges related to a reduction of 10 full time employees in the first quarter of 2024. The reduction was implemented in order to better align staffing with work responsibilities and to reduce operating expenses. Cash payments of approximately $207,000 for a majority of the employees will be made by the end of May 2024 and approximately $348,000 in cash payments related to two employees who have extended agreements will be ratably paid through December 2024. The following table sets forth the activity during the quarter in accrued severance. Quarter ended March 31, 2024 Severance Beginning balance $ — Additions 580,427 Amounts paid out (25,427) Ending balance $ 555,000 Within the Company's Statements of Operations for the quarter ended March 31, 2024, $580,427 in severance charges were recorded as follows: $310,200 within research and development, $234,527 within sales and marketing, $4,200 within general and administrative and $31,500 within cost of revenues. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ (3,029,574) | $ (1,574,174) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of March 31, 2024, unaudited statements of operations, statements of comprehensive loss, changes in stockholders' equity and cash flows for the quarters ended March 31, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2023 has been derived from the audited balance sheet as of December 31, 2023 included in the Company's Form 10-K referenced below and does not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC"), on March 1, 2024 (File No. 001-33351). |
Revenues | Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized at the point in time when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. The Company 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 are recorded in the amount the Company expects to collect, net of the allowance for credit losses. The allowance for credit losses 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 credit losses was $25,000 as of March 31, 2024 and December 31, 2023. Two customers accounted for 25% and 39% of total revenues in the quarters ended March 31, 2024 and 2023, respectively. Three customers accounted for 64% and 74% of accounts receivable as of March 31, 2024 and December 31, 2023, respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in U.S. government securities. |
Marketable Securities, Policy | Securities The Company invests in highly liquid, marketable debt securities with high credit ratings and typically with maturities of two years or less. Individual securities are designated by the Company as either "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 March 31, 2024, all marketable securities held by the Company are classified as available for sale and had remaining contractual maturities of one year or less. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements Accounting Standards Updates ("ASUs") issued by the FASB are evaluated for their applicability. ASUs not included in the disclosures in this report were assessed and determined to be either not applicable or not expected to have a material impact on our financial statements. Recently adopted accounting pronouncement In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures |
Fair Value Measurement, Policy | Fair Value The Company follows the provisions of Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which defines fair value, establishes a framework for measuring fair value in GAAP and requires certain disclosures about fair value measurements. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820-10 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 observable inputs such as quoted prices in active markets; Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value (See Note 5). |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended March 31, 2024 2023 Net loss applicable to common stockholders $ (3,029,574) $ (1,574,174) Weighted average number of common shares outstanding, basic and diluted 1,812,455 961,153 Net loss per common share applicable to common stockholders, basic and diluted $ (1.67) $ (1.64) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Quarters Ended March 31, 2024 2023 Options 63,755 65,683 Unvested restricted stock awards 3,201 10,745 Unvested restricted stock units 48,565 22,477 Convertible preferred stock 8 8 Total 115,529 98,913 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2024 and December 31, 2023. March 31, 2024 Gross Unrealized Available-for-sale securities Cost Gains Losses Credit Losses Estimated Fair Value U.S. government bonds $ 7,842,359 $ 51,676 $ — $ — $ 7,894,035 Commercial paper 8,249,644 196,488 (987) — 8,445,145 Total $ 16,092,003 $ 248,164 $ (987) $ — $ 16,339,180 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 1,255,736 $ 1,255,736 $ — $ — U.S. government bonds 7,894,035 7,894,035 — — Commercial paper 8,445,145 — 8,445,145 — Total $ 17,594,916 $ 9,149,771 $ 8,445,145 $ — 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 $ — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: March 31, 2024 December 31, 2023 Purchased components $ 1,093,201 $ 1,151,381 Finished goods 378,237 408,047 $ 1,471,438 $ 1,559,428 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and compensation consist of the following: March 31, 2024 December 31, 2023 Professional services $ 547,498 $ 298,534 Compensation 202,424 346,245 Severance 555,000 — Clinical 37,383 39,000 Warranty 8,000 9,400 Sales Tax 143,185 141,672 Other 60,736 41,888 $ 1,554,226 $ 876,739 |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2024 $ 124,339 2025 117,431 Total minimum lease payments $ 241,770 Discount rate, 15% $ 32,433 Lease obligation, current portion 148,391 Lease obligation, net of current portion 60,946 $ 241,770 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Preferred stock and convertible preferred stock consist of the following: March 31, 2024 December 31, 2023 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2024 and December 31, 2023; 200 shares issued and outstanding at March 31, 2024 and December 31, 2023 $ 1 $ 1 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table sets forth the activity during the quarter in accrued severance. Quarter ended March 31, 2024 Severance Beginning balance $ — Additions 580,427 Amounts paid out (25,427) Ending balance $ 555,000 |
Business and Basis of Present_3
Business and Basis of Presentation (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization And Basis Of Presentation [Line Items] | ||||
Accounts receivable, net | $ 469,650 | $ 518,824 | ||
Net proceeds from issuance of stock and warrants | 1,471,099 | $ 0 | ||
Accumulated deficit | 213,138,927 | 210,109,353 | ||
Cash and cash equivalents | 1,259,930 | 1,731,946 | ||
Prepaid expenses and other current assets | (611,735) | (779,039) | ||
Assets, Current | (20,151,933) | (20,854,442) | ||
Liabilities, Current | (1,847,170) | (1,240,639) | ||
Operating Lease, Liability, Noncurrent | (60,946) | (92,485) | ||
Stockholders' Equity Attributable to Parent | 18,756,012 | 22,012,748 | 20,091,317 | $ 23,355,687 |
Cost of revenues | 576,539 | 526,372 | ||
Gross Profit | 517,017 | 1,198,399 | ||
Operating Lease, Right-of-Use Asset | (217,254) | (250,150) | ||
Assets | (20,664,128) | (21,424,441) | ||
Accrued Liabilities, Current | (1,554,226) | (876,739) | ||
Liabilities | (1,908,116) | (1,333,124) | ||
Allowance for doubtful accounts | 25,000 | $ 25,000 | ||
Cash, Cash Equivalents, and Short-Term Investments | 17,600,000 | |||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 65,874 | |||
Net Income (Loss) Attributable to Parent | $ 3,029,574 | $ 1,574,174 | ||
Three Customers [Member] | Accounts Receivable | Customer Concentration Risk | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Concentration risk, percentage | 64% | 74% | ||
Two Customers | Revenue | Customer Concentration Risk | ||||
Organization And Basis Of Presentation [Line Items] | ||||
Concentration risk, percentage | 25% | 39% |
Comprehensive Loss (Detail)
Comprehensive Loss (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $ 65,874 | |
Net Income (Loss) Attributable to Parent | $ 3,029,574 | 1,574,174 |
Other Comprehensive Income (Loss), before Tax | $ 7,006 | $ 65,874 |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 115,529 | 98,913 |
Convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 8 | 8 |
Equity Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 63,755 | 65,683 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 3,201 | 10,745 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 48,565 | 22,477 |
Net Loss Per Common Share Sched
Net Loss Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ (3,029,574) | $ (1,574,174) |
Weighted Average Number of Shares Outstanding, Basic | 1,812,455 | 961,153 |
Weighted Average Number of Shares Outstanding, Diluted | 1,812,455 | 961,153 |
Earnings Per Share, Diluted | $ (1.67) | $ (1.64) |
Earnings Per Share, Basic | $ (1.67) | $ (1.64) |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - AFS - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | |||
Debt Securities, Available-for-Sale | $ 16,339,180 | $ 16,265,205 | $ 16,265,205 |
Debt Securities, Available-for-Sale, Amortized Cost | 16,092,003 | 16,025,034 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 248,164 | 240,171 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (987) | ||
Commercial Paper | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Debt Securities, Available-for-Sale | 8,445,145 | $ 11,846,605 | 11,846,605 |
Debt Securities, Available-for-Sale, Amortized Cost | 8,249,644 | 11,612,099 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 196,488 | 234,506 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (987) | ||
US Government Agencies Debt Securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Debt Securities, Available-for-Sale | 7,894,035 | 4,418,600 | |
Debt Securities, Available-for-Sale, Amortized Cost | 7,842,359 | 4,412,935 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | $ 51,676 | $ 5,665 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Assets | |||
Assets, Fair Value Disclosure | $ 17,594,916 | $ 17,549,495 | |
Liabilities [Abstract] | |||
Debt Securities, Available-for-Sale | 16,339,180 | 16,265,205 | $ 16,265,205 |
US Government Agencies Debt Securities | |||
Liabilities [Abstract] | |||
Debt Securities, Available-for-Sale | 7,894,035 | 4,418,600 | |
Money Market Funds | |||
Liabilities [Abstract] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 1,255,736 | 1,284,290 | |
US Government Agencies Debt Securities | |||
Liabilities [Abstract] | |||
Debt Securities, Available-for-Sale | 7,894,035 | 4,418,600 | |
Commercial Paper | |||
Liabilities [Abstract] | |||
Debt Securities, Available-for-Sale | 8,445,145 | 11,846,605 | $ 11,846,605 |
Level 1 | |||
Assets | |||
Assets, Fair Value Disclosure | 9,149,771 | 5,702,890 | |
Level 1 | Money Market Funds | |||
Liabilities [Abstract] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 1,255,736 | 1,284,290 | |
Level 1 | US Government Agencies Debt Securities | |||
Liabilities [Abstract] | |||
Debt Securities, Available-for-Sale | 7,894,035 | 4,418,600 | |
Level 2 | |||
Assets | |||
Assets, Fair Value Disclosure | 8,445,145 | 11,846,605 | |
Level 2 | Commercial Paper | |||
Liabilities [Abstract] | |||
Debt Securities, Available-for-Sale | 8,445,145 | 11,846,605 | |
Level 3 | |||
Assets | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Inventories (Detail)
Inventories (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Inventory [Line Items] | |||
Purchased components | $ 1,093,201 | $ 1,151,381 | |
Finished goods | 378,237 | 408,047 | |
Inventories | 1,471,438 | $ 1,559,428 | |
Inventory Charge Cost of Revenues | 74,209 | $ 63,420 | |
ADVANCE Inventory | |||
Inventory [Line Items] | |||
Inventory Charge Cost of Revenues | $ 74,209 | ||
Inventory Valuation and Obsolescence | |||
Inventory [Line Items] | |||
Inventory Charge Cost of Revenues | $ 63,420 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | ||
Sales and Excise Tax Payable, Current | $ 143,185 | $ 141,672 |
Professional services | 547,498 | 298,534 |
Accrued Salaries, Current | 202,424 | 346,245 |
Restructuring Reserve | 555,000 | 0 |
Accrued Clinical Current | 37,383 | 39,000 |
Warranty reserve | 8,000 | 9,400 |
Other | 60,736 | 41,888 |
Accrued expenses | 1,554,226 | $ 876,739 |
ADVANCE Inventory | Cost of Sales | ||
Accrued Expenses Table [Line Items] | ||
Increase (Decrease) in Accrued Liabilities | $ 50,000 |
Leases Leases (Details)
Leases Leases (Details) - USD ($) | 3 Months Ended | |||
Jun. 01, 2018 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating Leased Assets [Line Items] | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 15% | |||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 6 months | |||
Operating Lease, Expense | $ 50,377 | $ 49,232 | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 117,431 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 124,339 | |||
Lessee, Operating Lease, Liability, to be Paid | 241,770 | |||
Operating Lease Discount | 32,433 | |||
Operating Lease, Liability, Current | 148,391 | $ 148,391 | ||
Operating Lease, Liability, Noncurrent | $ 60,946 | $ 92,485 | ||
Woburn Lease [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Woburn Lease [Member] | MonthlyRent [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating Lease, Payments | $ 13,846 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Mar. 31, 2024 | Feb. 29, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||
Net proceeds from issuance of stock and warrants | $ 1,471,099 | $ 0 | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 0 | $ 0 | |||
Stock Issued During Period, Value, New Issues | $ 1,471,099 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 458,380 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 6,699 | 2,439 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1 | $ 0 | |||
Stock Issued During Period, Value, New Issues | $ 46 | ||||
Restricted Stock | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,201 | 3,201 | 10,745 | 6,222 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,015 | ||||
Restricted Stock Units (RSUs) | |||||
Class of Stock [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 48,565 | 48,565 | 22,476 | 60,492 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 5,912 | ||||
At The Market Offering Program [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 458,380 | ||||
Proceeds from Issuance of Common Stock | $ 1,471,099 |
Preferred Stock and Convertible
Preferred Stock and Convertible Preferred Stock (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred Non-Convertible Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Value of preferred stock issued | $ 0 | $ 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Preferred Stock | Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 147,000 | 147,000 |
Preferred stock, shares issued (in shares) | 200 | 200 |
Value of preferred stock issued | $ 1 | $ 1 |
Preferred stock, shares outstanding (in shares) | 200 | 200 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Apr. 30, 2024 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring and Related Cost, Number of Positions Eliminated | 10 | |||
Severance Costs | $ 580,427 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 580,427 | |||
Restructuring Reserve | 555,000 | $ 0 | ||
Majority of Reduction Employees | Forecast | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | $ 207,000 | |||
Two Reduction Employees with Extended Agreement | Forecast | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for Restructuring | $ 348,000 | |||
Research and Development Expense [Member] | ||||
Restructuring and Related Activities [Abstract] | ||||
Severance Costs | 310,200 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 310,200 | |||
Selling and Marketing Expense [Member] | ||||
Restructuring and Related Activities [Abstract] | ||||
Severance Costs | 234,527 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 234,527 | |||
General and Administrative Expense [Member] | ||||
Restructuring and Related Activities [Abstract] | ||||
Severance Costs | 4,200 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 4,200 | |||
Cost of Sales | ||||
Restructuring and Related Activities [Abstract] | ||||
Severance Costs | 31,500 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 31,500 | |||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 555,000 | |||
Payments for Restructuring | $ 25,427 |
Uncategorized Items - nuro-2024
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,731,946 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 4,335,020 |