Pulmatrix (PULM) 10-K 28 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-36199
Entity Registrant Name	PULMATRIX, INC.
Entity Central Index Key	0001574235
Entity Tax Identification Number	46-1821392
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	36 Crosby Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	(781)
Local Phone Number	357-2333
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PULM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 9,787,896
Entity Common Stock, Shares Outstanding		3,652,285
Documents Incorporated by Reference	None
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	688
Auditor Name	Marcum LLP
Auditor Location	New York, NY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 19,173	$ 35,628
Restricted cash		153
Accounts receivable	928	1,298
Prepaid expenses and other current assets	742	1,068
Total current assets	20,843	38,147
Property and equipment, net	1,158	235
Operating lease right-of-use asset	10,309	710
Long-term restricted cash	1,472	1,472
Other long-term assets	176	389
Total assets	33,958	40,953
Current liabilities:
Accounts payable	1,915	1,188
Accrued expenses and other current liabilities	947	1,638
Operating lease liability	429	857
Deferred revenue	618	1,339
Total current liabilities	3,909	5,022
Deferred revenue, net of current portion	3,727	4,822
Operating lease liability, net of current portion	8,327
Total liabilities	15,963	9,844
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value — 500,000 shares authorized; 6,746 shares designated Series A convertible preferred stock; no shares issued and outstanding at December 31, 2023 and 2022
Common stock, $0.0001 par value — 200,000,000 shares authorized; 3,652,285 and 3,639,185 shares issued and outstanding at December 31, 2023 and 2022, respectively
Additional paid-in capital	305,592	304,585
Accumulated deficit	(287,597)	(273,476)
Total stockholders’ equity	17,995	31,109
Total liabilities and stockholders’ equity	$ 33,958	$ 40,953

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	3,652,285	3,639,185
Common stock, shares outstanding	3,652,285	3,639,185
Series A Convertible Preferred Stock [Member]
Preferred stock, shares authorized	6,746	6,746
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 7,298	$ 6,071
Operating expenses
Research and development	15,518	18,240
General and administrative	6,520	6,778
Total operating expenses	22,038	25,018
Loss from operations	(14,740)	(18,947)
Other income (expense)
Interest income	867	309
Other expense, net	(248)	(198)
Total other income, net	619	111
Net loss	$ (14,121)	$ (18,836)
Net loss per share attributable to common stockholders basic	$ (3.87)	$ (5.46)
Net loss per share attributable to common stockholders diluted	$ (3.87)	$ (5.46)
Weighted average common shares outstanding basic	3,651,911	3,447,701
Weighted average common shares outstanding diluted	3,651,911	3,447,701

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 1,081		$ 301,008	$ (254,640)	$ 47,449
Balance, shares at Dec. 31, 2021	1,830	3,222,037
Conversion of preferred stock to common stock	$ (1,081)		1,081
Conversion of preferred stock to common stock, shares	(1,830)	152,500
Issuance of common stock, net of issuance costs			1,382		1,382
Issuance of common stock, net of issuance costs, shares		252,013
Adjustment due to reverse stock split
Adjustment due to reverse stock split, shares		12,635
Stock-based compensation			1,114		1,114
Net loss				(18,836)	(18,836)
Balance at Dec. 31, 2022			304,585	(273,476)	31,109
Balance, shares at Dec. 31, 2022		3,639,185
Issuance of common stock, net of issuance costs			53		53
Issuance of common stock, net of issuance costs, shares		13,100
Stock-based compensation			954		954
Net loss				(14,121)	(14,121)
Balance at Dec. 31, 2023			$ 305,592	$ (287,597)	$ 17,995
Balance, shares at Dec. 31, 2023		3,652,285

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (14,121)	$ (18,836)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	134	162
Amortization of operating lease right-of-use asset	1,341	1,383
Stock-based compensation	954	1,114
Loss on disposal of property and equipment	8
Changes in operating assets and liabilities:
Accounts receivable	370	(1,231)
Prepaid expenses and other current assets	326	(197)
Other long-term assets	213	(389)
Accounts payable	727	511
Accrued expenses and other current liabilities	(1,080)	405
Operating lease liability	(3,041)	(1,431)
Deferred revenue	(1,816)	(847)
Net cash used in operating activities	(15,985)	(19,356)
Cash flows from investing activities:
Purchases of property and equipment	(676)	(86)
Net cash used in investing activities	(676)	(86)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	53	1,382
Preferred stock issuance costs		(152)
Net cash provided by financing activities	53	1,230
Net decrease in cash, cash equivalents and restricted cash	(16,608)	(18,212)
Cash, cash equivalents and restricted cash — beginning of period	37,253	55,465
Total cash, cash equivalents and restricted cash	20,645	37,253
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	19,173	35,628
Restricted cash		153
Long-term restricted cash	1,472	1,472
Supplemental disclosures of non-cash investing and financing information:
Operating lease right-of-use asset obtained in exchange for operating lease liability	9,116
Purchases of property and equipment not yet paid	389
Conversion of preferred stock to common stock		$ 1,081

Nature of the Business

Nature of the Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	1. Nature of the Business Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a clinical-stage biopharmaceutical company focused on the development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE ™ ™

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Standards	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recent Accounting Standards	2. Summary of Significant Accounting Policies and Recent Accounting Standards Principles of Consolidation The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiary in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Risks, Uncertainties and Liquidity The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. Based on its current operating plan, the Company believes that its cash and cash equivalents as of December 31, 2023, will be adequate to fund its currently anticipated operating expenses for at least twelve months from the date these financial statements are issued. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commercialize product candidates; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, it will be required to significantly decrease the amount of planned expenditures and may be required to cease operations. In addition, any disruption in the capital markets could make any financing more challenging, and there can be no assurance that Pulmatrix will be able to obtain such financing on commercially reasonable terms or at all. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of Estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. The most significant estimates and assumptions in the Company’s consolidated financial statements include, but are not limited to, estimates of future expected costs in order to derive and recognize revenue and estimates related to clinical trial accruals and upfront deposits. Concentrations of Credit Risk Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. For the year ended December 31, 2023, revenue from one customer accounted for 100 99 100 Accounts Receivable The Company’s accounts receivable generally relate to amounts reimbursable under its collaboration agreements with partners. The contractual life of the Company’s receivables is generally short term. The Company makes judgments as to its ability to collect outstanding receivables and provides reserves against receivables for estimated losses that may result from a customer’s inability to pay. Specific amounts determined to be uncollectable are charged against the reserve. The Company believes that credit risks associated with its partners are not significant. For the years ended December 31, 2023 and 2022, the Company did not record any expected credit losses related to accounts receivable. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents are held in US banks and consist of cash deposited in operating and money market accounts. Restricted cash represents cash held in a depository account at a financial institution to collateralize conditional stand-by letters of credit related to the Company’s current office and laboratory facility lease agreement in the amounts of $ 1,421 51 During the year ended December 31, 2023, $ 153 Property and Equipment, net Property and equipment are recorded at cost less accumulated depreciation and amortization. Property and equipment are depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated remaining lease term or the useful lives of the related assets. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment. Depreciation and amortization is provided over the following estimated useful lives: Summary of Finite Lived Intangible Assets Estimated Useful Lives Asset Description Estimated Useful Lives Laboratory equipment 5 Computer equipment 3 Office furniture and equipment 5 Leasehold improvements Shorter of estimated useful life or remaining lease term Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Impairment of Long-Lived Assets The Company accounts for long-lived assets in accordance with FASB ASC Topic 360, Property, Plant, and Equipment For long-lived assets used in operations, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. The Company measures the impairment loss based on the difference between the carrying amount and estimated fair value. Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Valuations based on quoted prices for similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of December 31, 2023 and 2022, the Company did not hold any financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. During the years ended December 31, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3. Leases The Company accounts for leases in accordance with FASB ASC Topic 842, Leases Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items, such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for the lease and non-lease components as a combined lease component. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Revenue Recognition The Company’s principal source of revenue during the years ended December 31, 2023 and 2022 was derived from a collaboration arrangement and license agreement that relate to the development and commercialization of PUR1900 under the Cipla Agreement (as defined below). At inception, management determines whether contracts are within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers Collaborative Arrangements For contracts and units of account that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which management expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, management applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Identification of Performance Obligations. Transaction Price and Milestone Payments. Exclusive Licenses. Research and Development Services. Royalties. Customer Options. For a complete discussion of accounting for the Company’s revenue contracts, see Note 6, Significant Agreements Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits, bonus, stock-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a substantial component of research and development expenses and include costs associated with third-party contractors, clinical research organizations (“CROs”) and clinical manufacturing organizations (“CMOs”). Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on management’s estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided. Stock-based Compensation The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards principally related to stock options, which are measured at the grant date fair value of the award. The Company determines grant-date fair value of stock option awards using the Black-Scholes option-pricing model. For service-based vesting grants, expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. For performance-based vesting grants, expense is recognized over the requisite period until the performance obligation is met, assuming that it is probable. No expense is recognized for performance-based grants until it is probable the vesting criteria will be satisfied. Stock-based payments to non-employees are recognized as services are rendered, generally on a straight-line basis. The Company believes that the fair values of these awards are more reliably measurable than the fair values of the services rendered. Convertible Financial Instruments The Company bifurcates conversion options from their host instruments and accounts for them as freestanding derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable U.S. GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded for the intrinsic value of any beneficial conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. Deemed dividends are also recorded for the intrinsic value of beneficial conversion options embedded in preferred stock based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred stock. Common Stock Warrants The Company classifies as equity any warrants that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any warrants that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) or (iii) that contain reset provisions that do not qualify for the scope exception. The Company assesses classification of its common stock warrants and other freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s freestanding derivatives consist of warrants to purchase common stock that were issued in connection with its (i) convertible preferred stock, (ii) private placements, (iii) term loan, (iv) consulting services and (v) underwriting and representative services. The Company evaluated these warrants to assess their proper classification and determined that the common stock warrants meet the criteria for equity classification in the consolidated balance sheets. Basic and Diluted Net Loss Per Share Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of the Company’s preferred stock. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the preferred shares and diluted net loss per share is the same as basic net loss per share because common stock equivalents are excluded as their inclusion would be anti-dilutive. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Except as set forth below, the Company did not adopt any new accounting pronouncements during the year ended December 31, 2023 that had a material effect on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments January 1, 2023 As of December 31, 2023, there are no new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2023
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets December 31, 2023 December 31, 2022 Insurance $ 232 $ 286 Software and hosting costs 108 99 Clinical and consulting 30 517 Other 372 166 Total prepaid expenses and other current assets $ 742 $ 1,068

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, Net Property and equipment, net consisted of the following: Schedule of Property and Equipment December 31, 2023 December 31, 2022 Laboratory equipment $ 1,656 $ 1,827 Capital in progress 600 - Office furniture and equipment 401 217 Computer equipment 237 275 Leasehold improvements - 664 Total property and equipment 2,894 2,983 Less accumulated depreciation and amortization (1,736 ) (2,748 ) Property and equipment, net $ 1,158 $ 235 Depreciation and amortization expense for the year ended December 31, 2023 and 2022 was $ 134 162 8

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities December 31, 2023 December 31, 2022 Accrued purchases of property and equipment $ 389 $ - Clinical and consulting 347 475 Wages and incentives 70 1,130 Legal and patents 42 - Other 99 33 Total accrued expenses and other current liabilities $ 947 $ 1,638

Significant Agreements

Significant Agreements	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Significant Agreements	6. Significant Agreements Development and Commercialization Agreement with Cipla Technologies LLC (“Cipla”) On April 15, 2019, the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla for the co-development and commercialization, on a worldwide exclusive basis, of PUR1900, the Company’s inhaled iSPERSE ™ The Company received a non-refundable upfront payment of $ 22.0 ™ Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company will share all other development costs with Cipla that are not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis. Pursuant to the Third Amendment, the Company and Cipla agreed that, during the period commencing on January 6, 2024 and ending July 30, 2024 (the “Wind Down Period”), the Company will complete all Phase 2b activities, assign or license all patents to Cipla and their registration with the appropriate authorities in regions other than the United States, complete a physical and demonstrable technology transfer and secure all data from the Phase 2b study for inclusion in the safety database. The Company will share costs with Cipla during the Wind Down Period in the same proportions in effect with the Second Amendment discussed above, but subject to a maximum reimbursement amount by Cipla as approved by the joint steering committee. Accounting Treatment The Company concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808. The Company concluded that Cipla is a customer since they contracted with the Company to obtain research and development services and a license to the Assigned Assets, each of which is an output of the Company’s ordinary activities, in exchange for consideration. Therefore, the Company has applied the guidance in ASC 606 to account for the research and development services and a license within the contract. The Company determined that the research and development services and license to the Assigned Assets are considered highly interdependent and highly interrelated and therefore are considered a single combined performance obligation because Cipla cannot benefit from the license without the performance by the Company of the research and development services. Such research and development services are highly specialized and proprietary to the Company and therefore not available to Cipla from any other third party. The Company initially determined the total transaction price to be $ 22.0 12.0 10.0 The Company concluded that the Second Amendment represented a contract modification that is treated for accounting purposes as the termination of the Cipla Agreement and a creation of a new contract (the “Amended Cipla Agreement”). Accordingly, the modification is accounted for on a prospective basis. The total transaction price for the Amended Cipla Agreement includes variable consideration from the Second Amendment as well as $ 7.4 The Company concluded that the Third Amendment, executed on January 6, 2024, is a nonrecognized subsequent event for the year ended December 31, 2023. Accordingly, the Company’s accounting for the Cipla Agreement as of and during the year ended December 31, 2023 reflects the contract and estimates in effect as of December 31, 2023. Revenue is recognized for the Cipla Agreement as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the Company’s obligations. In management’s judgment, this input method is the best measure of the transfer of control of the combined performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheets, with amounts expected to be recognized in the next 12 months recorded as current. During the years ended December 31, 2023 and 2022, the Company recognized $ 7.3 6.1 1.1 0.8 4.3 0.6

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Common Stock	7. Common Stock In May 2021, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with H.C. Wainwright and Co., LLC (“HCW”) to act as the Company’s sales agent with respect to the issuance and sale of up to $ 20.0 3.0 During the year ended December 31, 2023, the Company sold 13,100 4.25 53 During the year ended December 31, 2022, the Company sold 252,013 5.70 1.4

Warrants

Warrants	12 Months Ended
	Dec. 31, 2023
Warrants
Warrants	8. Warrants The following table summarizes warrant activity for the year ended December 31, 2023: Schedule of Rollforward of Common Stock Warrants Outstanding Number of Common Warrants Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding January 1, 2023 1,284,803 $ 61.30 - - Warrants Expired (123,310 ) 149.99 Outstanding December 31, 2023 1,161,493 $ 51.89 1.78 $ - The following represents a summary of the warrants outstanding and exercisable at December 31, 2023, all of which are equity-classified: Schedule of Warrants Outstanding Adjusted Number of Shares Issue Date Exercise Price Expiration Date Outstanding Exercisable December 17, 2021 $ 14.99 December 15, 2026 36,538 36,538 December 17, 2021 $ 13.99 December 17, 2026 281,047 281,047 February 16, 2021 $ 49.99 February 11, 2026 65,003 65,003 August 7, 2020 $ 35.99 July 14, 2025 90,743 90,743 August 7, 2020 $ 44.99 July 14, 2025 10,939 10,939 July 23, 2020 $ 35.99 July 14, 2025 77,502 77,502 July 13, 2020 $ 44.99 July 14, 2025 21,846 21,846 July 13, 2020 $ 35.99 July 14, 2025 334,800 334,800 April 8, 2019 $ 26.99 April 8, 2024 65,907 65,907 April 8, 2019 $ 33.74 April 3, 2024 39,871 39,871 February 12, 2019 $ 36.62 February 7, 2024 5,548 5,548 February 12, 2019 $ 26.79 August 12, 2024 66,675 66,675 February 4, 2019 $ 42.49 January 30, 2024 1,732 1,732 January 31, 2019 $ 42.49 January 26, 2024 511 511 December 3, 2018 $ 77.99 June 3, 2024 46,876 46,876 June 15, 2015 $ 1,509.99 Five years after milestone achievement 15,955 - Total 1,161,493 1,145,538

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	9. Stock-based Compensation The Company sponsors the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”). As of December 31, 2023, the Incentive Plan provided for the grant of up to 636,322 288,186 8 The following table summarizes stock option activity for the year ended December 31, 2023: Summary of Stock Option Activity Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — January 1, 2023 304,823 $ 28.66 - - Granted 118,472 $ 3.98 Forfeited or cancelled (78,965 ) $ 25.27 Expired (24 ) $ 376.25 Outstanding — December 31, 2023 344,306 $ 20.92 7.54 $ - Exercisable — December 31, 2023 206,695 $ 29.99 6.88 $ - The Company records stock-based compensation expense related to stock options based on their grant-date fair value. During the years ended December 31, 2023 and 2022, the Company used the Black-Scholes option-pricing model to estimate the fair value of stock option grants and to determine the related compensation expense. The assumptions used in calculating the fair value of stock-based payment awards represent management’s best estimates. The weighted-average grant-date fair value of options granted during the years ended December 31, 2023 and 2022 was $ 3.27 5.41 Schedule of Calculation of Fair Value Assumptions Year Ended December 31, 2023 2022 Expected option life (years) 6.0 6.0 Risk-free interest rate 3.53 % 2.06 % Expected volatility 104.24 % 113.25 % Expected dividend yield - % - % The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The risk-free interest rate was obtained from U.S. Treasury rates for the expected life of the stock options. The Company’s expected volatility was based upon the historical volatility of the Company’s common stock. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of December 31, 2023, there was $ 0.8 2.0 The following table presents total stock-based compensation expense for the years ended December 31, 2023 and 2022: Schedule of Stock-based Compensation Expenses 2023 2022 Year Ended December 31, 2023 2022 Research and development $ 243 $ 254 General and administrative 711 860 Total stock-based compensation expense $ 954 $ 1,114

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Research and Development Activities The Company contracts with various other organizations to conduct research and development activities, including clinical trials. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. As of December 31, 2023, the Company had no material noncancellable commitments not expected to be reimbursed under the Cipla Agreement. Legal Proceedings In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	11. Leases New Corporate Headquarters The Company has limited leasing activities as a lessee which are primarily related to its corporate headquarters, which were relocated during the year ended December 31, 2023. On January 7, 2022, the Company executed a lease agreement with Cobalt Propco 2020, LLC for its new corporate headquarters at 36 Crosby Drive, Bedford, Massachusetts. The leased premises comprise approximately 20,000 lease provides for base rent of $ 0.1 The lease commenced on August 1, 2023, following substantial completion of construction to prepare the premises for the Company’s use, and the Company has included the lease as a component of its operating lease right-of-use asset and operating lease liabilities upon commencement. The improvements to prepare the leased premises for the Company’s intended use have been funded by (i) the landlord, through a tenant allowance of $ 3.9 0.5 2.2 Other Leasing Activities During the first quarter of 2023, the Company executed a two-month lease extension for its previous corporate headquarters in Lexington, Massachusetts, through August 31, 2023. The Company terminated that lease extension, as planned, during the third quarter of 2023. The Company also leases small office equipment which is primarily short-term or immaterial in nature. Therefore, no right-of-use assets and lease liabilities are recognized for these leases. The components of lease expense for the Company for the years ended December 31, 2023 and 2022 were as follows: Schedule of Components of Lease Expenses 2023 2022 Year Ended December 31, 2023 2022 Lease cost Fixed lease cost $ 1,753 $ 1,430 Variable lease cost 593 695 Total lease cost $ 2,346 $ 2,125 Other information Cash paid for amounts included in the measurement of lease liabilities $ 3,454 $ 1,478 Weighted-average remaining lease term — operating leases 9.9 0.5 Weighted-average discount rate — operating leases 11.00 % 2.97 % Maturities of lease liabilities due under these lease agreements as of December 31, 2023 are as follows: Schedule of Maturities of Lease Liabilities Operating Leases Maturity of lease liabilities 2024 $ 1,357 2025 1,326 2026 1,364 2027 1,402 2028 1,442 2029 and thereafter 7,711 Total lease payments 14,602 Less: interest (5,846 ) Total lease liabilities $ 8,756 Reported as of December 31, 2023 Lease liabilities — short term $ 429 Lease liabilities — long term 8,327 Total lease liabilities $ 8,756

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company had no income tax expense due to operating losses incurred for the years ended December 31, 2023 and 2022. A reconciliation of the provision for income taxes computed at the statutory federal income tax rate to the provision for income taxes as reflected in the consolidated financial statements is as follows: Summary of Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate To Company's Effective Income Tax Rate 2023 2022 Income tax computed at federal statutory tax rate 21.0 % 21.0 % State taxes, net of federal benefit 5.9 % 6.0 % Research and development credits 7.9 % 4.9 % Expiration of stock options (3.1 )% (2.5 )% Permanent differences 1.4 % 0.9 % Limitations on credits and net operating losses (1.7 )% (0.8 )% Change in valuation allowance (31.4 )% (29.5 )% Total - - The significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 were as follows: Summary of Components of Deferred Tax Assets 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 12,866 $ 11,557 Capitalized research and development expenses 7,642 4,460 Lease liability 2,977 234 Research and development credit carryforwards 1,528 698 Stock-based compensation 873 860 Capitalized start-up expenses 153 293 Other 1,303 2,206 Total deferred tax assets 27,342 20,308 Deferred tax liabilities: Right-of-use-asset (2,816 ) (194 ) Total deferred tax liabilities (2,816 ) (194 ) Valuation allowance (24,526 ) (20,114 ) Net deferred tax liabilities $ - $ - Subject to the limitations described below, as of December 31, 2023, the Company had federal net operating loss carryforwards of approximately $ 58.1 3.8 54.3 10.5 expiration between 2030 and 2043. 1.6 expiration at various times through 2043 Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 Management of the Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined that it is more likely than not that the Company will not recognize the benefits of the deferred tax assets. As a result, a full valuation allowance was recorded as of December 31, 2023 and 2022. The valuation allowance increased by $ 4.4 As part of the Tax Cuts and Jobs Act that was enacted in December of 2017, taxpayers are required to capitalize research and development expenses and amortize them over five years if the expense is incurred in the US and over fifteen years if incurred in a foreign jurisdiction. The effective date for that provision is for tax years beginning on or after January 1, 2022. The capitalization requirement increased deferred tax assets related to research and development expenses and decreased taxable loss in the current year, both of which were offset by a full valuation allowance. The Company applies ASC 740, Income Taxes The Company is currently not under examination by the Internal Revenue Service or any other jurisdictions for any tax years. The Company files income tax returns in the United States for federal and state income taxes. In the normal course of business, the Company is subject to examination by tax authorities in the United States. Since the Company is in a loss carryforward position, the Company is generally subject to U.S. federal and state income tax examinations by tax authorities for all years for which a loss carryforward is utilized. The Company’s returns remain subject to federal and state audits for the years 2020 through 2023. However, carryforward attributes from prior years may still be adjusted upon examination by tax authorities if they are used in an open period. The Company may from time to time be assessed interest or penalties by major tax jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company has not recorded interest or penalties on any unrecognized tax benefits since its inception. The Company anticipates that the amount of unrecognized tax benefits will not materially change in the next twelve months. The roll-forward of the Company’s gross uncertain tax positions is as follows: Summary of Roll-forward of Gross Uncertain Tax Positions Gross Balance — January 1, 2022 $ - Additions for current year tax positions 229 Balance — December 31, 2022 229 Additions for current year tax positions 276 Balance — December 31, 2023 $ 505 The Company’s total uncertain tax positions increased during the year ended December 31, 2023 as a result of a reserve established on federal and state research and development credits generated in the current year. None of the uncertain tax positions, if realized, would affect the Company’s effective tax rate in future periods due to a valuation allowance provided against the Company’s net deferred tax assets.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss Per Share Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of the Company’s Series A Preferred Stock. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the Series A Preferred Stock and diluted net loss per share is the same as basic net loss per share because common stock equivalents are excluded as their inclusion would be antidilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding Year Ended December 31, 2023 2022 Options to purchase common stock 344,306 304,823 Warrants to purchase common stock 1,161,493 1,284,803 Total potentially dilutive securities excluded 1,505,799 1,589,626

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events The Company has completed an evaluation of all subsequent events after the balance sheet date of December 31, 2023 through the date the consolidated financial statements were issued to ensure that the consolidated financial statements include appropriate disclosure of events both recognized in the consolidated financial statements as of December 31, 2023, and events which occurred subsequently but were not recognized in the consolidated financial statements. The Company has concluded that no subsequent events have occurred that require disclosure, except as disclosed within the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recent Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiary in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Risks, Uncertainties and Liquidity	Risks, Uncertainties and Liquidity The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. Based on its current operating plan, the Company believes that its cash and cash equivalents as of December 31, 2023, will be adequate to fund its currently anticipated operating expenses for at least twelve months from the date these financial statements are issued. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commercialize product candidates; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, it will be required to significantly decrease the amount of planned expenditures and may be required to cease operations. In addition, any disruption in the capital markets could make any financing more challenging, and there can be no assurance that Pulmatrix will be able to obtain such financing on commercially reasonable terms or at all. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company.
Use of Estimates	Use of Estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. The most significant estimates and assumptions in the Company’s consolidated financial statements include, but are not limited to, estimates of future expected costs in order to derive and recognize revenue and estimates related to clinical trial accruals and upfront deposits.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits. For the year ended December 31, 2023, revenue from one customer accounted for 100 99 100
Accounts Receivable	Accounts Receivable The Company’s accounts receivable generally relate to amounts reimbursable under its collaboration agreements with partners. The contractual life of the Company’s receivables is generally short term. The Company makes judgments as to its ability to collect outstanding receivables and provides reserves against receivables for estimated losses that may result from a customer’s inability to pay. Specific amounts determined to be uncollectable are charged against the reserve. The Company believes that credit risks associated with its partners are not significant. For the years ended December 31, 2023 and 2022, the Company did not record any expected credit losses related to accounts receivable.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents are held in US banks and consist of cash deposited in operating and money market accounts. Restricted cash represents cash held in a depository account at a financial institution to collateralize conditional stand-by letters of credit related to the Company’s current office and laboratory facility lease agreement in the amounts of $ 1,421 51 During the year ended December 31, 2023, $ 153
Property and Equipment, net	Property and Equipment, net Property and equipment are recorded at cost less accumulated depreciation and amortization. Property and equipment are depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated remaining lease term or the useful lives of the related assets. Repairs and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment. Depreciation and amortization is provided over the following estimated useful lives: Summary of Finite Lived Intangible Assets Estimated Useful Lives Asset Description Estimated Useful Lives Laboratory equipment 5 Computer equipment 3 Office furniture and equipment 5 Leasehold improvements Shorter of estimated useful life or remaining lease term Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company accounts for long-lived assets in accordance with FASB ASC Topic 360, Property, Plant, and Equipment For long-lived assets used in operations, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted, probability-weighted future cash flows. The Company measures the impairment loss based on the difference between the carrying amount and estimated fair value.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Valuations based on quoted prices for similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. As of December 31, 2023 and 2022, the Company did not hold any financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. During the years ended December 31, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3.
Leases	Leases The Company accounts for leases in accordance with FASB ASC Topic 842, Leases Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items, such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for the lease and non-lease components as a combined lease component. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Revenue Recognition	Revenue Recognition The Company’s principal source of revenue during the years ended December 31, 2023 and 2022 was derived from a collaboration arrangement and license agreement that relate to the development and commercialization of PUR1900 under the Cipla Agreement (as defined below). At inception, management determines whether contracts are within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers Collaborative Arrangements For contracts and units of account that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which management expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, management applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Identification of Performance Obligations. Transaction Price and Milestone Payments. Exclusive Licenses. Research and Development Services. Royalties. Customer Options. For a complete discussion of accounting for the Company’s revenue contracts, see Note 6, Significant Agreements
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits, bonus, stock-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a substantial component of research and development expenses and include costs associated with third-party contractors, clinical research organizations (“CROs”) and clinical manufacturing organizations (“CMOs”). Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on management’s estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided.
Stock-based Compensation	Stock-based Compensation The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards principally related to stock options, which are measured at the grant date fair value of the award. The Company determines grant-date fair value of stock option awards using the Black-Scholes option-pricing model. For service-based vesting grants, expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. For performance-based vesting grants, expense is recognized over the requisite period until the performance obligation is met, assuming that it is probable. No expense is recognized for performance-based grants until it is probable the vesting criteria will be satisfied. Stock-based payments to non-employees are recognized as services are rendered, generally on a straight-line basis. The Company believes that the fair values of these awards are more reliably measurable than the fair values of the services rendered.
Convertible Financial Instruments	Convertible Financial Instruments The Company bifurcates conversion options from their host instruments and accounts for them as freestanding derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable U.S. GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded for the intrinsic value of any beneficial conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. Deemed dividends are also recorded for the intrinsic value of beneficial conversion options embedded in preferred stock based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the preferred stock.
Common Stock Warrants	Common Stock Warrants The Company classifies as equity any warrants that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any warrants that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) or (iii) that contain reset provisions that do not qualify for the scope exception. The Company assesses classification of its common stock warrants and other freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s freestanding derivatives consist of warrants to purchase common stock that were issued in connection with its (i) convertible preferred stock, (ii) private placements, (iii) term loan, (iv) consulting services and (v) underwriting and representative services. The Company evaluated these warrants to assess their proper classification and determined that the common stock warrants meet the criteria for equity classification in the consolidated balance sheets.
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of the Company’s preferred stock. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the preferred shares and diluted net loss per share is the same as basic net loss per share because common stock equivalents are excluded as their inclusion would be anti-dilutive.
Income Taxes	Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Except as set forth below, the Company did not adopt any new accounting pronouncements during the year ended December 31, 2023 that had a material effect on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments January 1, 2023 As of December 31, 2023, there are no new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recent Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Finite Lived Intangible Assets Estimated Useful Lives	Depreciation and amortization is provided over the following estimated useful lives: Summary of Finite Lived Intangible Assets Estimated Useful Lives Asset Description Estimated Useful Lives Laboratory equipment 5 Computer equipment 3 Office furniture and equipment 5 Leasehold improvements Shorter of estimated useful life or remaining lease term

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Prepaid Expenses And Other Current Assets
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: Schedule of Prepaid Expenses and Other Current Assets December 31, 2023 December 31, 2022 Insurance $ 232 $ 286 Software and hosting costs 108 99 Clinical and consulting 30 517 Other 372 166 Total prepaid expenses and other current assets $ 742 $ 1,068

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following: Schedule of Property and Equipment December 31, 2023 December 31, 2022 Laboratory equipment $ 1,656 $ 1,827 Capital in progress 600 - Office furniture and equipment 401 217 Computer equipment 237 275 Leasehold improvements - 664 Total property and equipment 2,894 2,983 Less accumulated depreciation and amortization (1,736 ) (2,748 ) Property and equipment, net $ 1,158 $ 235

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities December 31, 2023 December 31, 2022 Accrued purchases of property and equipment $ 389 $ - Clinical and consulting 347 475 Wages and incentives 70 1,130 Legal and patents 42 - Other 99 33 Total accrued expenses and other current liabilities $ 947 $ 1,638

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2023
Warrants
Schedule of Rollforward of Common Stock Warrants Outstanding	The following table summarizes warrant activity for the year ended December 31, 2023: Schedule of Rollforward of Common Stock Warrants Outstanding Number of Common Warrants Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding January 1, 2023 1,284,803 $ 61.30 - - Warrants Expired (123,310 ) 149.99 Outstanding December 31, 2023 1,161,493 $ 51.89 1.78 $ -
Schedule of Warrants Outstanding	The following represents a summary of the warrants outstanding and exercisable at December 31, 2023, all of which are equity-classified: Schedule of Warrants Outstanding Adjusted Number of Shares Issue Date Exercise Price Expiration Date Outstanding Exercisable December 17, 2021 $ 14.99 December 15, 2026 36,538 36,538 December 17, 2021 $ 13.99 December 17, 2026 281,047 281,047 February 16, 2021 $ 49.99 February 11, 2026 65,003 65,003 August 7, 2020 $ 35.99 July 14, 2025 90,743 90,743 August 7, 2020 $ 44.99 July 14, 2025 10,939 10,939 July 23, 2020 $ 35.99 July 14, 2025 77,502 77,502 July 13, 2020 $ 44.99 July 14, 2025 21,846 21,846 July 13, 2020 $ 35.99 July 14, 2025 334,800 334,800 April 8, 2019 $ 26.99 April 8, 2024 65,907 65,907 April 8, 2019 $ 33.74 April 3, 2024 39,871 39,871 February 12, 2019 $ 36.62 February 7, 2024 5,548 5,548 February 12, 2019 $ 26.79 August 12, 2024 66,675 66,675 February 4, 2019 $ 42.49 January 30, 2024 1,732 1,732 January 31, 2019 $ 42.49 January 26, 2024 511 511 December 3, 2018 $ 77.99 June 3, 2024 46,876 46,876 June 15, 2015 $ 1,509.99 Five years after milestone achievement 15,955 - Total 1,161,493 1,145,538

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the year ended December 31, 2023: Summary of Stock Option Activity Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding — January 1, 2023 304,823 $ 28.66 - - Granted 118,472 $ 3.98 Forfeited or cancelled (78,965 ) $ 25.27 Expired (24 ) $ 376.25 Outstanding — December 31, 2023 344,306 $ 20.92 7.54 $ - Exercisable — December 31, 2023 206,695 $ 29.99 6.88 $ -
Schedule of Calculation of Fair Value Assumptions	Schedule of Calculation of Fair Value Assumptions Year Ended December 31, 2023 2022 Expected option life (years) 6.0 6.0 Risk-free interest rate 3.53 % 2.06 % Expected volatility 104.24 % 113.25 % Expected dividend yield - % - %
Schedule of Stock-based Compensation Expenses	The following table presents total stock-based compensation expense for the years ended December 31, 2023 and 2022: Schedule of Stock-based Compensation Expenses 2023 2022 Year Ended December 31, 2023 2022 Research and development $ 243 $ 254 General and administrative 711 860 Total stock-based compensation expense $ 954 $ 1,114

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
Schedule of Components of Lease Expenses	The components of lease expense for the Company for the years ended December 31, 2023 and 2022 were as follows: Schedule of Components of Lease Expenses 2023 2022 Year Ended December 31, 2023 2022 Lease cost Fixed lease cost $ 1,753 $ 1,430 Variable lease cost 593 695 Total lease cost $ 2,346 $ 2,125 Other information Cash paid for amounts included in the measurement of lease liabilities $ 3,454 $ 1,478 Weighted-average remaining lease term — operating leases 9.9 0.5 Weighted-average discount rate — operating leases 11.00 % 2.97 %
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities due under these lease agreements as of December 31, 2023 are as follows: Schedule of Maturities of Lease Liabilities Operating Leases Maturity of lease liabilities 2024 $ 1,357 2025 1,326 2026 1,364 2027 1,402 2028 1,442 2029 and thereafter 7,711 Total lease payments 14,602 Less: interest (5,846 ) Total lease liabilities $ 8,756 Reported as of December 31, 2023 Lease liabilities — short term $ 429 Lease liabilities — long term 8,327 Total lease liabilities $ 8,756

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate To Company's Effective Income Tax Rate	A reconciliation of the provision for income taxes computed at the statutory federal income tax rate to the provision for income taxes as reflected in the consolidated financial statements is as follows: Summary of Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate To Company's Effective Income Tax Rate 2023 2022 Income tax computed at federal statutory tax rate 21.0 % 21.0 % State taxes, net of federal benefit 5.9 % 6.0 % Research and development credits 7.9 % 4.9 % Expiration of stock options (3.1 )% (2.5 )% Permanent differences 1.4 % 0.9 % Limitations on credits and net operating losses (1.7 )% (0.8 )% Change in valuation allowance (31.4 )% (29.5 )% Total - -
Summary of Components of Deferred Tax Assets	The significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 were as follows: Summary of Components of Deferred Tax Assets 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 12,866 $ 11,557 Capitalized research and development expenses 7,642 4,460 Lease liability 2,977 234 Research and development credit carryforwards 1,528 698 Stock-based compensation 873 860 Capitalized start-up expenses 153 293 Other 1,303 2,206 Total deferred tax assets 27,342 20,308 Deferred tax liabilities: Right-of-use-asset (2,816 ) (194 ) Total deferred tax liabilities (2,816 ) (194 ) Valuation allowance (24,526 ) (20,114 ) Net deferred tax liabilities $ - $ -
Summary of Roll-forward of Gross Uncertain Tax Positions	The roll-forward of the Company’s gross uncertain tax positions is as follows: Summary of Roll-forward of Gross Uncertain Tax Positions Gross Balance — January 1, 2022 $ - Additions for current year tax positions 229 Balance — December 31, 2022 229 Additions for current year tax positions 276 Balance — December 31, 2023 $ 505

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding	The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding Year Ended December 31, 2023 2022 Options to purchase common stock 344,306 304,823 Warrants to purchase common stock 1,161,493 1,284,803 Total potentially dilutive securities excluded 1,505,799 1,589,626

Summary of Finite Lived Intangi

Summary of Finite Lived Intangible Assets Estimated Useful Lives (Details)	Dec. 31, 2023
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	Useful Life, Shorter of Lease Term or Asset Utility [Member]

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Recent Accounting Standards (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Information [Line Items]
Deposit money market	$ 51
Accounting Standards Update 2016-13 [Member]
Product Information [Line Items]
Adoption date	Jan. 01, 2023
Future Office [Member]
Product Information [Line Items]
Restricted cash	$ 1,421
Laboratory Facility [Member]
Product Information [Line Items]
Restricted cash	$ 153
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Product Information [Line Items]
Concentration risk percentage	100%	99%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Product Information [Line Items]
Concentration risk percentage	100%	100%

Schedule of Prepaid Expenses an

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expenses And Other Current Assets
Insurance	$ 232	$ 286
Software and hosting costs	108	99
Clinical and consulting	30	517
Other	372	166
Total prepaid expenses and other current assets	$ 742	$ 1,068

Schedule of Property and Equipm

Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,894	$ 2,983
Less accumulated depreciation and amortization	(1,736)	(2,748)
Property and equipment, net	1,158	235
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,656	1,827
Capital In Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	600
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	401	217
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	237	275
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 664

Property and Equipment, Net (De

Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 134	$ 162
Loss on disposal of property and equipment	$ 8

Schedule of Accrued Expenses an

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued purchases of property and equipment	$ 389
Clinical and consulting	347	475
Wages and incentives	70	1,130
Legal and patents	42
Other	99	33
Total accrued expenses and other current liabilities	$ 947	$ 1,638

Significant Agreements (Details

Significant Agreements (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Liability Contingency [Line Items]
Agreement description	Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company will share all other development costs with Cipla that are not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis.
Transaction cost	$ 22,000
Revenue	7,298	$ 6,071
Deferred revenue, current	618	1,339
Cipla Agreement [Member] | Cipla Technologies LLC [Member]
Product Liability Contingency [Line Items]
Proceeds from related party debt	22,000
Transaction price	7,400
Revenue recognized	1,100	800
Deferred revenue	4,300
Deferred revenue, current	600
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | Research and Development Service [Member]
Product Liability Contingency [Line Items]
Transaction cost	12,000
Revenue	7,300	$ 6,100
Cipla Agreement [Member] | Cipla Technologies LLC [Member] | Irrevocable License [Member]
Product Liability Contingency [Line Items]
Transaction cost	$ 10,000

Common Stock (Details Narrative

Common Stock (Details Narrative) - H.C.Wainwright and Co., LLC [Member] - Sale Agreement [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock, consideration received on transaction	$ 20,000
Commission percentage	3%
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued in transaction		13,100	252,013
Sale of stock, price per share		$ 4.25	$ 5.70
Sale of stock, consideration received per transaction		$ 53	$ 1,400

Schedule of Rollforward of Comm

Schedule of Rollforward of Common Stock Warrants Outstanding (Details) - Warrant [Member]	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Common Warrants, Outstanding, Beginning Balance | shares	1,284,803
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares	$ 61.30
Number of Common Warrants, Expirations | shares	(123,310)
Weighted Average Exercise Price, Expirations | $ / shares	$ 149.99
Number of Common Warrants, Outstanding, Ending Balance | shares	1,161,493
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares	$ 51.89
Weighted Average Remaining Contractual Term (Years), Outstanding	1 year 9 months 10 days
Aggregate Intrinsic Value, Outstanding, Ending balance | $

Schedule of Warrants Outstandin

Schedule of Warrants Outstanding (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Warrant One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Dec. 17, 2021
Warrants, Exercise Price | $ / shares	$ 14.99
Warrants, Expiration Date	Dec. 15, 2026
Number of Shares Underlying Warrants, Outstanding Total	36,538
Number of Shares Underlying Warrants, Exercisable Total	36,538
Warrant Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Dec. 17, 2021
Warrants, Exercise Price | $ / shares	$ 13.99
Warrants, Expiration Date	Dec. 17, 2026
Number of Shares Underlying Warrants, Outstanding Total	281,047
Number of Shares Underlying Warrants, Exercisable Total	281,047
Warrant Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Feb. 16, 2021
Warrants, Exercise Price | $ / shares	$ 49.99
Warrants, Expiration Date	Feb. 11, 2026
Number of Shares Underlying Warrants, Outstanding Total	65,003
Number of Shares Underlying Warrants, Exercisable Total	65,003
Warrant Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Aug. 07, 2020
Warrants, Exercise Price | $ / shares	$ 35.99
Warrants, Expiration Date	Jul. 14, 2025
Number of Shares Underlying Warrants, Outstanding Total	90,743
Number of Shares Underlying Warrants, Exercisable Total	90,743
Warrant Five [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Aug. 07, 2020
Warrants, Exercise Price | $ / shares	$ 44.99
Warrants, Expiration Date	Jul. 14, 2025
Number of Shares Underlying Warrants, Outstanding Total	10,939
Number of Shares Underlying Warrants, Exercisable Total	10,939
Warrant Six [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Jul. 23, 2020
Warrants, Exercise Price | $ / shares	$ 35.99
Warrants, Expiration Date	Jul. 14, 2025
Number of Shares Underlying Warrants, Outstanding Total	77,502
Number of Shares Underlying Warrants, Exercisable Total	77,502
Warrant Seven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Jul. 13, 2020
Warrants, Exercise Price | $ / shares	$ 44.99
Warrants, Expiration Date	Jul. 14, 2025
Number of Shares Underlying Warrants, Outstanding Total	21,846
Number of Shares Underlying Warrants, Exercisable Total	21,846
Warrant Eight [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Jul. 13, 2020
Warrants, Exercise Price | $ / shares	$ 35.99
Warrants, Expiration Date	Jul. 14, 2025
Number of Shares Underlying Warrants, Outstanding Total	334,800
Number of Shares Underlying Warrants, Exercisable Total	334,800
Warrant Nine [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Apr. 08, 2019
Warrants, Exercise Price | $ / shares	$ 26.99
Warrants, Expiration Date	Apr. 08, 2024
Number of Shares Underlying Warrants, Outstanding Total	65,907
Number of Shares Underlying Warrants, Exercisable Total	65,907
Warrant Ten [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Apr. 08, 2019
Warrants, Exercise Price | $ / shares	$ 33.74
Warrants, Expiration Date	Apr. 03, 2024
Number of Shares Underlying Warrants, Outstanding Total	39,871
Number of Shares Underlying Warrants, Exercisable Total	39,871
Warrant Eleven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Feb. 12, 2019
Warrants, Exercise Price | $ / shares	$ 36.62
Warrants, Expiration Date	Feb. 07, 2024
Number of Shares Underlying Warrants, Outstanding Total	5,548
Number of Shares Underlying Warrants, Exercisable Total	5,548
Warrant Twelve [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Feb. 12, 2019
Warrants, Exercise Price | $ / shares	$ 26.79
Warrants, Expiration Date	Aug. 12, 2024
Number of Shares Underlying Warrants, Outstanding Total	66,675
Number of Shares Underlying Warrants, Exercisable Total	66,675
Warrant Thirteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Feb. 04, 2019
Warrants, Exercise Price | $ / shares	$ 42.49
Warrants, Expiration Date	Jan. 30, 2024
Number of Shares Underlying Warrants, Outstanding Total	1,732
Number of Shares Underlying Warrants, Exercisable Total	1,732
Warrant Fourteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Jan. 31, 2019
Warrants, Exercise Price | $ / shares	$ 42.49
Warrants, Expiration Date	Jan. 26, 2024
Number of Shares Underlying Warrants, Outstanding Total	511
Number of Shares Underlying Warrants, Exercisable Total	511
Warrant Fifteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Dec. 03, 2018
Warrants, Exercise Price | $ / shares	$ 77.99
Warrants, Expiration Date	Jun. 03, 2024
Number of Shares Underlying Warrants, Outstanding Total	46,876
Number of Shares Underlying Warrants, Exercisable Total	46,876
Warrant Eighteen [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants, Issue Date	Jun. 15, 2015
Warrants, Exercise Price | $ / shares	$ 1,509.99
Number of Shares Underlying Warrants, Outstanding Total	15,955
Number of Shares Underlying Warrants, Exercisable Total
Warrants, Expiration Date, Description	Five years after milestone achievement
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Underlying Warrants, Outstanding Total	1,161,493
Number of Shares Underlying Warrants, Exercisable Total	1,145,538

Summary of Stock Option Activit

Summary of Stock Option Activity (Details) - Equity Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Number of Options, Outstanding, Balance	304,823
Weighted Average Exercise Price, Outstanding, Balance	$ 28.66
Weighted Average Remaining Contractual Term (Years), Outstanding	7 years 6 months 14 days
Aggregate Intrinsic Value, Balance
Number of Options, Granted	118,472
Weighted Average Exercise Price, Granted	$ 3.98
Number of Options, Forfeited or expired	(78,965)
Weighted Average Exercise Price, Forfeited or expired	$ 25.27
Number of Options, expired	(24)
Weighted Average Exercise Price, Forfeited or expired	$ 376.25
Number of Options, Outstanding, Balance	344,306	304,823
Weighted Average Exercise Price, Outstanding, Balance	$ 20.92	$ 28.66
Aggregate Intrinsic Value, Balance
Number of Options, Exercisable	206,695
Weighted Average Exercise Price, Outstanding, Exercisable	$ 29.99
Weighted Average Remaining Contractual Term (Years), Exercisable	6 years 10 months 17 days
Aggregate Intrinsic Value, Exercisable

Schedule of Calculation of Fair

Schedule of Calculation of Fair Value Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected option life (years)	6 years	6 years
Risk-free interest rate	3.53%	2.06%
Expected volatility	104.24%	113.25%
Expected dividend yield

Schedule of Stock-based Compens

Schedule of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 954	$ 1,114
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	243	254
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 711	$ 860

Stock-based Compensation (Detai

Stock-based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation Technique, Option Pricing Model [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value of options	$ 3.27	$ 5.41
Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement, number of shares authorized	636,322
Share based compensation arrangement, number of shares available for grant	288,186
Legacy Share Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation arrangement, award options outstanding number	8
Stock Award Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expenses	$ 0.8
Weighted-average period of unrecognized stock-based compensation expense	2 years

Schedule of Components of Lease

Schedule of Components of Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Fixed lease cost	$ 1,753	$ 1,430
Variable lease cost	593	695
Total lease cost	2,346	2,125
Other information
Cash paid for amounts included in the measurement of lease liabilities	$ 3,454	$ 1,478
Weighted-average remaining lease term - operating leases	9 years 10 months 24 days	6 months
Weighted-average discount rate - operating leases	11%	2.97%

Schedule of Maturities of Lease

Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
2024	$ 1,357
2025	1,326
2026	1,364
2027	1,402
2028	1,442
2029 and thereafter	7,711
Total lease payments	14,602
Less: interest	(5,846)
Total lease liabilities	8,756
Lease liabilities — short term	429	$ 857
Lease liabilities — long term	$ 8,327

Leases (Details Narrative)

Leases (Details Narrative) - Lease Agreement [Member] - Cobalt Propco [Member] $ in Millions		1 Months Ended
	Jan. 07, 2022 USD ($) ft²	Mar. 31, 2024 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land | ft²	20,000
Lessee, operating lease, description	lease provides for base rent of $0.1 million per month, payment of which began in March 2024, and which will increase 3% each year over the ten-year noncancellable term. The Company has the option to extend the lease for one additional five-year term and is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises.
Payments for tenant improvements	$ 3.9
Tenat improvements	0.5
Proceeds from affiliates	$ 2.2
Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent		$ 0.1

Summary of Reconciliation of Ex

Summary of Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate To Company's Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory tax rate	21%	21%
State taxes, net of federal benefit	5.90%	6%
Research and development credits	7.90%	4.90%
Expiration of stock options	(3.10%)	(2.50%)
Permanent differences	1.40%	0.90%
Limitations on credits and net operating losses	(1.70%)	(0.80%)
Change in valuation allowance	(31.40%)	(29.50%)
Total

Summary of Components of Deferr

Summary of Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 12,866	$ 11,557
Capitalized research and development expenses	7,642	4,460
Lease liability	2,977	234
Research and development credit carryforwards	1,528	698
Stock-based compensation	873	860
Capitalized start-up expenses	153	293
Other	1,303	2,206
Total deferred tax assets	27,342	20,308
Right-of-use-asset	(2,816)	(194)
Total deferred tax liabilities	(2,816)	(194)
Valuation allowance	(24,526)	(20,114)
Net deferred tax liabilities

Summary of Roll-forward of Gros

Summary of Roll-forward of Gross Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Beginning balance	$ 229
Additions for current year tax positions	276	229
Balance	$ 505	$ 229

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards to reduce future taxable income.	federal net operating loss carryforwards of approximately $58.1 million available to reduce future taxable income, of which $3.8 million is subject to expiration between 2026 and 2037 and $54.3 million may be carried forward indefinitely.
Operating loss carryforwards	$ 58,100
[custom:OperatingLossCarryforwardsExpirationDateDescription]	expiration between 2030 and 2043.
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 1,528	$ 698
Deferred tax assets, expiration	expiration at various times through 2043
Percent of net operating loss utilization	50%
Increase in deferred tax assets valuation allowance	$ 4,400
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	10,500
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards, Research	1,600
Tax Year 2026 to 2037 [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	3,800
Indefinite [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 54,300

Schedule of Computation of Anti

Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding	1,505,799	1,589,626
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding	344,306	304,823
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding	1,161,493	1,284,803