Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 28, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WATT | ||
Entity Registrant Name | Energous Corp | ||
Entity Central Index Key | 0001575793 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 91,032,030 | ||
Entity Public Float | $ 76,236,739 | ||
Title of 12(b) Security | Common Stock, $0.00001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-36379 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-1318953 | ||
Entity Address, Address Line One | 3590 North First Street | ||
Entity Address, Address Line Two | Suite 210 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95134 | ||
City Area Code | 408 | ||
Local Phone Number | 963-0200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 688 | ||
Auditor Name | Marcum llp | ||
Auditor Location | Melville, NY | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days after the end of the fiscal year ended December 31, 2022. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 26,287,293 | $ 49,071,414 |
Accounts receivable, net | 143,353 | 283,602 |
Inventory | 105,821 | |
Prepaid expenses and other current assets | 827,551 | 874,886 |
Total current assets | 27,364,018 | 50,229,902 |
Property and equipment, net | 429,035 | 510,197 |
Operating right-of-use lease assets | 1,959,869 | 618,985 |
Other assets | 11,991 | |
Total assets | 29,752,922 | 51,371,075 |
Current liabilities: | ||
Accounts payable | 900,765 | 1,205,957 |
Accrued expenses | 1,790,414 | 1,523,317 |
Accrued severance | 416,516 | 975,439 |
Operating lease liabilities, current portion | 705,894 | 628,307 |
Deferred revenue | 29,727 | 13,364 |
Total current liabilities | 3,843,316 | 4,346,384 |
Long-term liabilities: | ||
Operating lease liabilities, long-term portion | 1,264,131 | 40,413 |
Total liabilities | 5,107,447 | 4,386,797 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2022 and December 31, 2021; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 200,000,000 shares authorized at December 31, 2022 and December 31, 2021; 78,944,954 and 76,667,205 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively. | 789 | 767 |
Additional paid-in capital | 387,319,985 | 383,383,550 |
Accumulated deficit | (362,675,299) | (336,400,039) |
Total stockholders’ equity | 24,645,475 | 46,984,278 |
Total liabilities and stockholders’ equity | $ 29,752,922 | $ 51,371,075 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 78,944,954 | 76,667,205 |
Common stock, shares outstanding | 78,944,954 | 76,667,205 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 851,321 | $ 756,793 |
Operating expenses: | ||
Cost of revenue | 1,277,565 | |
Research and development | 12,497,781 | 20,572,580 |
Sales and marketing | 4,884,959 | 8,598,343 |
General and administrative | 8,078,950 | 9,001,483 |
Severance expense | 798,391 | 4,017,172 |
Total operating expenses | 27,537,646 | 42,189,578 |
Loss from operations | (26,686,325) | (41,432,785) |
Other income: | ||
Interest income | 411,065 | 5,492 |
Total other income | 411,065 | 5,492 |
Net loss | $ (26,275,260) | $ (41,427,293) |
Basic loss per common share | $ (0.34) | $ (0.64) |
Weighted average shares outstanding, basic | 77,485,729 | 64,926,524 |
Diluted loss per common share | $ (0.34) | $ (0.64) |
Weighted average shares outstanding, diluted | 77,485,729 | 64,926,524 |
Statement of Changes in Stockho
Statement of Changes in Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2020 | $ 49,052,506 | $ 614 | $ 344,024,638 | $ (294,972,746) |
Beginning balance (in shares) at Dec. 31, 2020 | 61,292,412 | |||
Stock-based compensation - stock options | 284,994 | 284,994 | ||
Stock-based compensation - restricted stock units ("RSUs") | 5,561,698 | 5,561,698 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 252,568 | 252,568 | ||
Stock-based compensation - performance share units ("PSUs") | 5,831,928 | 5,831,928 | ||
Issuance of shares for RSUs | $ 14 | (14) | ||
Issuance of shares for RSUs (in shares) | 1,431,532 | |||
Issance of shares for PSUs | $ 14 | (14) | ||
Issuance of shares for PSUs (in shares) | 1,420,938 | |||
Shares purchased from contributions to the ESPP | 384,126 | $ 3 | 384,123 | |
Shares purchased from contributions to the ESPP (in shares) | 292,890 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 27,043,751 | $ 122 | 27,043,629 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 12,229,433 | |||
Net loss | (41,427,293) | (41,427,293) | ||
Ending balance at Dec. 31, 2021 | 46,984,278 | $ 767 | 383,383,550 | (336,400,039) |
Ending balance (in shares) at Dec. 31, 2021 | 76,667,205 | |||
Stock-based compensation - stock options | 74,771 | 74,771 | ||
Stock-based compensation - restricted stock units ("RSUs") | 2,581,726 | 2,581,726 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 124,053 | 124,053 | ||
Stock-based compensation - performance share units ("PSUs") | 138,287 | 138,287 | ||
Issuance of shares for RSUs | $ 10 | (10) | ||
Issuance of shares for RSUs (in shares) | 1,022,920 | |||
Issance of shares for PSUs | $ 1 | (1) | ||
Issuance of shares for PSUs (in shares) | 135,575 | |||
Shares purchased from contributions to the ESPP | 272,833 | $ 3 | 272,830 | |
Shares purchased from contributions to the ESPP (in shares) | 345,929 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 744,787 | $ 8 | 744,779 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 773,325 | |||
Net loss | (26,275,260) | (26,275,260) | ||
Ending balance at Dec. 31, 2022 | $ 24,645,475 | $ 789 | $ 387,319,985 | $ (362,675,299) |
Ending balance (in shares) at Dec. 31, 2022 | 78,944,954 |
Statement of Changes in Stock_2
Statement of Changes in Stockholder's Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ATM [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 73,403 | $ 868,122 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (26,275,260) | $ (41,427,293) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 246,156 | 258,249 |
Stock based compensation | 2,918,837 | 11,931,188 |
Change in operating lease right-of-use assets | 730,452 | 674,306 |
Bad debt expense | 40,737 | 10,850 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 99,512 | (218,602) |
Inventory | (105,821) | |
Prepaid expenses and other current assets | 47,335 | (238,184) |
Other assets | 11,991 | (10,381) |
Accounts payable | (305,192) | 109,118 |
Accrued expenses | 267,097 | (52,970) |
Accrued severance | (558,923) | 975,439 |
Operating lease liabilities | (770,031) | (733,473) |
Deferred revenue | 16,363 | 1,364 |
Net cash used in operating activities | (23,636,747) | (28,720,389) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (164,994) | (365,735) |
Net cash used in investing activities | (164,994) | (365,735) |
Cash flows from financing activities: | ||
Net proceeds from an at-the-market ("ATM") offerings | 744,787 | 27,043,751 |
Proceeds from contributions to employee stock purchase plan | 272,833 | 384,126 |
Net cash provided by financing activities | 1,017,620 | 27,427,877 |
Net decrease in cash and cash equivalents | (22,784,121) | (1,658,247) |
Cash and cash equivalents - beginning | 49,071,414 | 50,729,661 |
Cash and cash equivalents - ending | 26,287,293 | 49,071,414 |
Supplemental disclosure of non-cash financing activities: | ||
Increase in operating lease right-of-use assets and operating lease liabilities | 2,071,336 | |
Performance Share Unit (PSUs) [Member] | ||
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | 1 | 14 |
Restricted Stock Units (RSUs) [Member] | ||
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | $ 10 | $ 14 |
Business Organization, Nature o
Business Organization, Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Organization, Nature of Operations | Note 1 – Business Organization, Nature of Operations Energous Corporation (the “Company”) was incorporated in Delaware on October 30, 2012. The Company has developed its WattUp® wireless power technology, consisting of proprietary semiconductor chipsets, software controls, hardware designs and antennas, that enables radio frequency (“RF”) based charging for electronic devices. The WattUp technology has a broad spectrum of capabilities, including near-field wireless charging and at-a-distance wireless charging at various distances. The Company believes its proprietary WattUp technologies are well suited for many applications, including building and home automation, electronic shelf labels, industrial IoT sensors, surface and implanted medical devices, tracking devices, hearables, wearables, consumer electronics and public safety applications. Potential future applications include smartphones, commercial and industrial robotics, as well as automotive solutions and other devices with charging requirements that would otherwise require battery replacement or a wired power connection. |
Liquidity and Management Plans
Liquidity and Management Plans | 12 Months Ended |
Dec. 31, 2022 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the years ended December 31, 2022 and 2021, the Company has recorded revenue of $851,321 and $756,793, respectively. The Company incurred a net loss of $26,275,260 and $41,427,293 for the years ended December 31, 2022 and 2021, respectively. Net cash used in operating activities was $23,636,747 and $28,720,389 for the years ended December 31, 2022 and 2021, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $27,043,751 during 2021 and $744,787 during 2022, proceeds from contributions to the employee stock purchase plan (“ESPP”), along with payments received from customers. As of December 31, 2022, the Company had cash on hand of $26,287,293. The Company expects that cash on hand as of December 31, 2022, together with proceeds from the underwritten offering conducted during the first quarter of 2023 (See Note 12 – Subsequent Events) and anticipated revenues, will be sufficient to fund the Company’s operations into March 2024. Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations. Accordingly, the Company expects to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing would be available on terms that the Company would find acceptable, or at all. The market for products using the Company’s technology is broad and evolving, but remains nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, the development of complementary technologies, competition and global market fluctuations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Note 3 – Summary of Significant Accounting Policies, continued Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. The Company’s significant estimates and assumptions include the valuation of stock-based compensation awards, recognition of revenue, the lower of cost or net realizable value of inventory and valuation of deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. Revenue Recognition The Company follows Accounting Standards Codification (“ASC”) Topic 606, "Revenue from Contracts with Customers” (“Topic 606”). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations of the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company’s revenue consists of its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the years ended December 31, 2022 and 2021, the Company recognized $851,321 and $756,793 in revenue, respectively. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these product development projects in research and development expense, in the periods such expenses were incurred. Revenue Recognition The Company records revenue associated with the sale of production-level systems at the point in time at which control over the product is transferred to the customer. The Company records the expense related to the sales of these systems as cost of revenue during the period that the product is transferred to the customer. Note 3 – Summary of Significant Accounting Policies, continued Inventory The Company follows ASC Topic 330, Inventory Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $12,497,781 and $20,572,580 for the years ended December 31, 2022 and 2021, respectively. Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2022, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2022 and 2021. The Company files income tax returns with the United States and California governments. Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 4,132,060 and 5,519,068 for the years ended December 31, 2022 and 2021, respectively, because their inclusion would be antidilutive. Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share, continued Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2022 2021 Warrants issued to private investors 1,666,666 3,284,789 Options to purchase common stock 300,262 525,006 RSUs 2,165,132 1,709,273 Total potentially dilutive securities 4,132,060 5,519,068 The table above includes 1,666,666 warrants expiring March 1, 2024, with an exercise price of $10.00. During the year ended December 31, 2022, 1,618,123 warrants with an exercise price of $23.00 expired. Leases The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 6 – Commitments and Contingencies, Operating Leases Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of December 31, 2022, through the date which the financial statements are issued. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment are as follows: As of December 31, 2022 2021 Computer software $ 978,147 $ 916,498 Computer hardware 2,144,364 2,211,490 Furniture and fixtures 488,465 484,186 Leasehold improvements 782,538 782,538 4,393,514 4,394,712 Less – accumulated depreciation (3,964,479 ) (3,884,515 ) Total property and equipment, net $ 429,035 $ 510,197 The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – remaining life of the lease. Note 4 – Property and Equipment , continued The Company disposed of $166,192 and $130,341 in property and equipment during the years ended December 31, 2022 and 2021, respectively. Total depreciation and amortization expense of the Company’s property and equipment was $246,156 and $258,249 for the years ended December 31, 2022 and 2021, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 5 – Accrued Expenses Accrued expenses consist of the following: As of December 31, 2022 2021 Accrued compensation $ 1,306,503 $ 1,217,176 Accrued legal expenses 298,546 178,236 Other accrued expenses 185,365 127,905 Total $ 1,790,414 $ 1,523,317 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Operating Leases San Jose Lease On May 20, 2022, the Company signed a lease amendment to the existing lease of its office space at its corporate headquarters in San Jose, California, extending the term of the lease for an additional three years. Upon signing the lease amendment, the Company recorded a new ROU lease asset of $2,071,336 and operating lease liability of $2,071,336, using a present value discount rate of 3.0%. Upon expiration of the original lease on September 30, 2022, the new monthly lease payment starting October 1, 2022 was $58,903, subject to annual escalations up to a maximum monthly lease payment of $62,490. Costa Mesa Lease On July 15, 2019, the Company signed a new lease agreement for the lease of office space in Costa Mesa, California for an additional two years. Upon expiration of the original lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 was $9,773, subject to an annual escalation up to a maximum monthly lease payment of $10,200. On September 22, 2021, the Company signed a new Costa Mesa lease to lease a new, distinct office space in a different building with the same landlord. Per the lease, the stated commencement date was October 1, 2021 with the lease running through September 30, 2023, and the Company did not take control of the new office space until October 2021, at which time the Company recorded a new right-of-use asset of $104,563 and operating lease liability of $104,563. The new Costa Mesa lease had an initial monthly lease payment of $4,369 which started on October 1, 2021, subject to an annual escalation up to a maximum monthly lease payment of $4,522. Operating Lease Commitments The Company follows ASC 842, Leases, Note 6 – Commitments and Contingencies, continued Operating Leases, continued Operating Lease Commitments The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2023 $ 752,828 2024 733,497 2025 562,408 Total future lease payments 2,048,733 Present value discount (2.9% weighted average) (78,708 ) Total operating lease liabilities $ 1,970,025 Hosted Design Solution Agreement In June 2021, the Company entered into an electronic design automation software in a hosted environment license agreement with a term of three years under which the Company is required to remit quarterly payments of approximately $233,000 through the second quarter of 2024. Litigations, Claims, and Assessments The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company's combined financial position, results of operations or cash flows. MBO Bonus Plan On March 15, 2018, the Company’s Board of Directors (“Board”), on the recommendation of the Board’s Compensation Committee (“Compensation Committee”), approved the Energous Corporation MBO Bonus Plan (“Bonus Plan”) for executive officers of the Company. To be eligible to receive a bonus under the Bonus Plan, an executive officer must be continuously employed throughout the applicable performance period, in good standing, and achieve the performance objectives selected by the Compensation Committee. Under the Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers, the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved. During the years ended December 31, 2022 and 2021, the Company recognized a total of $1,293,875 and $1,433,990, respectively, in expense under the Bonus Plan. As of December 31, 2022, $688,364 of the 2022 amount was not yet paid and is included in accrued expenses. The expense under the Bonus Plan is recorded under operating expenses on the Company’s Statement of Operations within each executive’s department. Severance and Change in Control Agreement On March 15, 2018, the Compensation Committee approved a form of Severance and Change in Control Agreement (“Severance Note 6 – Commitments and Contingencies , continued Severance and Change in Control Agreement, continued Under the Severance Agreement, if an Executive is terminated in a qualifying termination, the Company agrees to pay the Executive six to 12 months of that Executive’s monthly base salary. If Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company will pay the full amount of Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the six to 12 month period following the Executive’s termination. Executive Employee Agreement – Cesar Johnston On December 9, 2021, the Company announced that Cesar Johnston had been appointed as the Company’s Chief Executive Officer. In connection with Mr. Johnston’s appointment as Chief Executive Officer, the Company and Mr. Johnston executed an offer letter dated as of December 6, 2021. Under the offer letter, Mr. Johnston will receive an annual base salary of $400,000 per year. Beginning in year 2022, he is eligible to receive a discretionary annual bonus of up to 100% of his base salary, at the recommendation of the Company’s Compensation Committee, with the approval of the Company’s Board of Directors. In add on a a nducemen accep h appo n men a Ch e Execu v O ce M ohn o received ub ec con nue emp oymen a pec a one m gn o bonu h amoun o $120 000 payab equa n a men o $60 00 eac o h pay o da 202 an h pay o da a e Decembe 6 2022 b g an o 150 00 e c e oc un acqu ha e o h Company commo ock on h o wh c vested o Decembe 6 202 an h ema n n w h d o wh c w ve e gh equa n a men o 12 50 eac o eac qua e ann ve a he ea e an c g an o a op o pu cha ha e o h Company commo oc a a exe c p c equa h a ma ke va u o h Company commo oc o h g an da e ha o wh c ha ve o Decembe 31 2023 qua e o wh c ha ve o Decembe 31 202 an h ema nde o wh c ha ve o Decembe 31 2025 Also pursuant to the terms of his offer letter, Mr. various amounts to be agreed upon by the Board each of Note 6 – Commitments and Contingencies, continued Executive Employee Agreement – Cesar Johnston, continued In connec o w M ohn on appo n men a Ch e Execu v O ce h Compan an M ohn o add ona en e e n a amende e a e eve anc an chang con o ag eemen da e a o Decembe 6 2021 I h even o termination ha no a one m um u paymen b h Compan a amoun equa 1 mon h o h mon h ba a a p u a amoun equa 100 o h a ge bonu p u ag ee b h Compen a o Comm ee d c e ona bonu o h yea wh c h termination occu b an ou and n unve e equ awa d he b M ohn o ha wou ve h nex 1 mon h o con nu n emp oymen o he ha an equ awa d ha ve upo a ac o o pe o manc c e a w acce e a an becom ve e an c M ohn o me e ec con nue cove ag unde h Con o da e Omn bu Budge Reconc a o Ac o 1985 a amende “COBRA” h Compan o ucce o w pa h u amoun o M ohn on COBR p em um o h beha o 1 mon h Mr. Johnston’s agreement a Mr. Johnston is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. Executive Transition Agreement – Stephen Rizzone On April 3, 2015, the Company entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s President and Chief Executive Officer (“Employment Agreement”). The Employment Agreement effective as of January 1, 2015, has an initial term of four years and automatically renews each year after the initial term. The Employment Agreement provides for an annual base salary of $365,000, and Mr. Rizzone is eligible to receive quarterly cash bonuses from the MBO Bonus Plan with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Board. On July 9, 2021, the Company announced that Stephen R. Rizzone has retired from his position as the Company’s President and Chief Executive Officer and as a member of the Board. In connection with Mr. Rizzone’s retirement, the Company and Mr. Rizzone entered into an Executive Transition Agreement (“Separation Agreement”), providing for continued employment through August 31, 2021. Upon his termination of employment, the Separation Agreement provides severance payments and benefits to Mr. Rizzone consistent with the terms of his existing employment agreement with the Company, including without limitation: compensation-based payments of $1,460,000 in the aggregate, payable under a certain payment scheme as set forth therein, an additional lump sum cash payment of $2,000,000, a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested restricted stock units and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. In addition, the Company will pay-off all amounts owed under a lease agreement relating to a Company Car and Mr. Rizzone will receive the title to the vehicle. All compensation under the Separation Agreement will be subject to applicable withholding. During the year ended December 31, 2021, the Company recorded $4,017,172 in severance expense associated with the separation agreement, including $284,994 in additional stock-based compensation as a result of the extension of the exercise periods on the stock options. As of December 31, 2022, the Company had unpaid accrued severance expense of $411,607 which is expected to be paid by August 2023. Note 6 – Commitments and Contingencies, continued Executive Transition Agreement – Neeraj Sahejpal On April 29, 2022, the Company announced the departure of Neeraj Sahejpal, former Senior Vice President of Marketing and Business Development, effective April 30, 2022. Pursuant to the terms of Mr. Sahejpal’s severance and change of control agreement with the Company, Mr. Sahejpal received payments and benefits including compensation equal to 12 months of Mr. Sahejpal’s then-current salary of $261,250, 12 months of maximum potential bonus of $261,250, and 12 months of COBRA reimbursements. In addition, all RSUs held by Mr. Sahejpal that were due to vest in the 12 months after his departure, totaling RSUs covering 85,943 shares, were accelerated. The Company recorded $798,391 in total severance expense pertaining to Mr. Sahejpal’s departure for the year ended December 31, 2022, including $252,609 in stock-based compensation as a result of accelerated vesting of RSUs. As of December 31, 2022, the Company had unpaid accrued severance expense of $4,909 pertaining to Mr. Sahejpal’s agreement which is expected to be paid through April 30, 2023. Strategic Alliance Agreement In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 10—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval (the “Dialog Exclusivity Requirement”). In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property. The Alliance Agreement has an initial term of seven years, with automatic renewal annually thereafter unless terminated by either party upon 180 days’ prior written notice. Under the terms of the Alliance Agreement, the Company could terminate the Alliance Agreement at any time after the third anniversary of the Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog could terminate the Alliance Agreement if sales of Licensed Products did not meet specified targets. The Company Exclusivity Requirement had a termination date of the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing exclusivity obligations. The Company Exclusivity Requirement renewed automatically on an annual basis unless the Company and Dialog agree to terminate the requirement. On September 20, 2021, the Company was notified by Dialog, then recently acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement. There is a wind down period included in the Alliance Agreement which will conclude in September 2024. During the wind down period, the Alliance Agreement’s terms will continue to apply to the Company’s products that are covered by certain existing customer relationships, except that the parties’ respective exclusivity rights have terminated. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ Equity Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution. Financing On September 15, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on September 24, 2020, and contains two prospectuses: a base prospectus, which covers the offering, issuance and sale by the Company of up to $75,000,000 of its common stock, preferred stock, debt securities, warrants to purchase our common stock, preferred stock or debt securities, subscription rights to purchase its common stock, preferred stock or debt securities and/or units consisting of some or all of these securities; and an at-the-market sales agreement prospectus supplement covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $40,000,000 of its common stock that may be issued and sold under the At Market Issuance Sales Agreement, as amended, between the Company, B. Riley Securities, Inc., Roth Capital Partners LLC and Ladenburg Thalmann & Co. Inc. (the “ATM Program”). The $40,000,000 of common stock to be offered, issued and sold under the ATM Program is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. Pursuant to this shelf registration statement, the Company sold shares which raised net proceeds of $38,832,711 (net of $1,167,289 in issuance costs) during the third and fourth quarters of 2020 under the ATM Program. On October 4, 2021, the Company filed a prospectus supplement covering the offering, issuance and sale of up to an additional $35,000,000 of shares of the Company’s common stock pursuant to the ATM Program. The Company raised net proceeds of $27,043,751 (net of $868,122 in issuance costs), during 2021 under the ATM Program. During 2022, the Company raised an additional $744,787 (net of $73,403 in issuance costs). As of December 31, 2022, the Company has $6,269,937 of common stock registered for sale under the ATM Program. On November 15, 2021, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on December 16, 2021. This shelf registration statement allows the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $100,000,000. Common Stock Outstanding Our outstanding shares of common stock typically include shares that are deemed delivered under U.S. GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 8 – Stock Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 1,500,000 shares, bringing to 8,785,967 the total number of shares approved for issuance under that plan. As of December 31, 2022, 1,294,884 shares of common stock remain eligible to be issued through equity-based instruments under the 2013 Equity Incentive Plan. 2014 Non-Employee Equity Compensation Plan Effective on May 26, 2020, the Company’s stockholders approved the amendment and restatement of the 2014 Non-Employee Equity Compensation Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 800,000 shares, bringing to 1,650,000 the total number of shares approved for issuance under that plan. As of December 31, 2022, 670,690 shares of common stock remain eligible to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan. 2015 Performance Share Unit Plan Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,700,000 shares, bringing to 5,110,104 the total number of shares approved for issuance under that plan. As of December 31, 2022, 2,275,438 shares of common stock remain eligible to be issued through equity-based instruments under the 2015 Performance Share Unit Plan. 2017 Equity Inducement Plan On December 28, 2017, the Board approved the 2017 Equity Inducement Plan (“2017 Plan”). Under the 2017 Plan, the Board reserved 600,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. These awards will be granted to individuals who (a) are being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) are being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) will become an employee of the Company or any subsidiary in connection with a merger or acquisition. On July 20, 2022, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Plan by 2,000,000 shares to a total of 2,600,000 shares approved. As of December 31, 2022, 1,566,170 shares of common stock remain available to be issued through equity-based instruments under the 2017 Plan. Employee Stock Purchase Plan In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance through equity-based instruments thereunder by 700,000 shares, bringing to 1,550,000 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date which is typically the last market date of the offering period. Note 8 – Stock Based Compensation, continued Equity Incentive Plans, continued Employee Stock Purchase Plan As of December 31, 2022, 201,619 shares of common stock remain eligible to be issued under the ESPP. For the year ended December 31, 2022, eligible employees contributed $272,833 through payroll deductions to the ESPP and 345,929 shares were deemed delivered for the year ended December 31, 2022. For the year ended December 31, 2021, eligible employees contributed $384,126 through payroll deductions to the ESPP and 292,890 shares were deemed delivered for the year ended December 31, 2021. Stock Option Award Activity During the year ended December 31, 2022, the Board granted our Chief Executive Officer 300,000 stock options under the 2013 Equity Incentive Plan at an exercise price of $1.27 per share with half of the options vesting on the second anniversary of the vesting start date and a quarter of the options vesting on each of the next two anniversaries of the vesting start date. No options were granted during the years ended December 31, 2022 and 2021. The Company estimated the fair value of stock options granted during 2022 using the Black-Scholes option pricing model. The fair values of stock options granted during 2022 were estimated using the following assumptions: Year Ended December 31, 2022 Stock price $ 1.27 Dividend yield 0 % Expected volatility 108 % Risk-free interest rate 1.92 % Expected life 5.6 years The following is a summary of the Company’s stock option activity during the year ended December 31, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2022 525,006 $ 5.77 0.7 $ — Granted 300,000 1.27 — — Exercised — — — — Forfeited (524,744 ) 5.77 — — Outstanding at December 31, 2022 300,262 $ 1.27 8.9 $ — Exercisable at December 31, 2022 262 $ 2.49 1.0 $ — As of December 31, 2022, the unamortized value of options was $233,689. The unamortized amount will be expensed over a weighted average period of 2.6 years. The aggregate intrinsic value of options exercised was $0 for the years ended December 31, 2022 and 2021. Restricted Stock Units (“RSUs”) During the year ended December 31, 2022, the Compensation Committee granted various employees RSUs under which the holders have the right to receive an aggregate of 1,038,700 shares of common stock. The majority of these awards, granted under the 2013 Equity Incentive Plan, vest over terms ranging from two to four years. Note 8 – Stock Based Compensation, continued Restricted Stock Units (“RSUs”), continued During the year ended December 31, 2022, the Compensation Committee granted various directors and consultants RSUs under which the holders have the right to receive an aggregate 290,055 shares of common stock. These awards were granted under the 2014 Non-Employee Equity Compensation Plan. The awards granted vest over terms from one year to two years. During the year ended December 31, 2022, the Compensation Committee granted employees RSUs under which the holders have the right to receive 608,500 shares of common stock. The awards, granted under the 2017 Equity Inducement Plan, vest over four years beginning on the anniversary of the grant date. At December 31, 2022, the unamortized value of the RSUs was $2,475,986. The unamortized amount will be expensed over a weighted average period of 1.8 years. A summary of the activity related to RSUs for the year ended December 31, 2022 is presented below: Total Weighted Average Grant Date Fair Value Unvested at January 1, 2022 1,709,273 $ 3.72 RSUs granted 1,937,255 $ 1.21 RSUs forfeited (458,476 ) $ 1.98 RSUs vested (1,022,920 ) $ 4.16 Unvested at December 31, 2022 2,165,132 $ 1.63 Performance Share Units (“PSUs”) Performance share units (“PSUs”) are grants that vest upon the achievement of certain performance goals. The goals are commonly related to the Company’s revenue and achievement of sales and marketing goals. On July 20, 2022, the Board granted the Company’s Chief Executive Officer, Cesar Johnston, up to 287,000 PSUs under the Company’s 2015 Performance Share Unit Plan pursuant to the terms of Mr. Johnston’s offer letter with the Company (See Note 4 – Commitments and Contingencies). The up to 287,000 PSUs that have been approved shall vest as follows: (a) up to 187,000 PSU shares shall vest on December 31, 2022, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics previously determined by the Compensation Committee and approved by the Board, and (b) up to an additional 50,000 PSU shares shall vest on each of December 31, 2023 and December 31, 2024, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics to be recommended by the Compensation Committee and approved by the Board at a subsequent date. As of December 31, 2022, only 187,000 PSUs have approved performance criteria. As of December 31, 2022, 135,575 PSUs have been achieved and vested and were deemed delivered on that date. As of December 31,2022, the performance criteria for the additional 100,000 PSUs have not been approved by the Board. Note 8 – Stock Based Compensation, continued Performance Share Units (“PSUs”), continued At December 31, 2022, the unamortized value of all PSUs was $0. A summary of the activity related to PSUs for the year ended December 31, 2022 is presented below: Total Weighted Average Grant Date Fair Value Unvested at January 1, 2022 — $ — PSUs granted 187,000 $ 1.02 PSUs forfeited (51,425 ) $ 1.02 PSUs vested (135,575 ) $ 1.02 Unvested at December 31, 2022 — $ — Employee Stock Purchase Plan (“ESPP”) During the years ended December 31, 2022 and 2021, there were two offering periods per year for the ESPP. The first offering period started on January 1 of each year and concluded on June 30 of each year. The second offering period started on July 1 of each year and concluded on December 31 of each year. The weighted-average grant-date fair value of the purchase option for each designated share purchased under the ESPP was approximately $0.37 and $1.10 during the years ended December 31, 2022 and 2021, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recognized stock-based compensation expense for the plan of $124,053 and $252,568 for the years ended December 31, 2022 and 2021, respectively. The Company estimated the fair value of the purchase options granted during the years ended December 31, 2022 and 2021 using the Black-Scholes option pricing model. The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended December 31, 2022 Stock price range $ 0.96 – 1.25 Dividend yield 0 % Expected volatility range 61 – 68 % Risk-free interest rate range 0.06 – 2.52 % Expected life 6 months For the Year Ended December 31, 2021 Stock price range $ 1.80 – 2.78 Dividend yield 0 % Expected volatility range 95 – 143 % Risk-free interest rate range 0.05 – 0.09 % Expected life 6 months Note 8 – Stock Based Compensation, continued Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2022 and 2021: For the Years Ended December 31, 2022 2021 Options $ 74,771 $ 284,994 RSUs 2,581,726 5,561,698 PSUs 138,287 5,831,928 ESPP 124,053 252,568 Total $ 2,918,837 $ 11,931,188 The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2022 2021 Research and development $ 1,134,106 $ 6,582,873 Sales and marketing 448,347 3,099,232 General and administrative 1,083,775 1,964,089 Severance expense 252,609 284,994 Total $ 2,918,837 $ 11,931,188 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, net operating loss carryback periods, alternative minimum tax refunds, modifications to the net interest deduction limitations and technical corrections to the tax depreciation methods for qualified improvement property. The CARES Act has an immaterial impact on the Company’s income taxes. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance as of December 31, 2022. Note 9 – Income Taxes, continued As of December 31, 2022 and 2021, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2022 2021 Deferred tax assets: Research and development tax credits $ 10,526,768 $ 9,475,588 Net operating loss carryovers 76,477,629 67,785,680 Property and equipment 162,698 189,271 Research and development costs 9,829,326 10,923,959 Start-up and organizational costs 9,275 462 Stock-based compensation 283,285 4,659,555 Operating lease liability 551,284 187,132 Other accruals 464,948 670,065 Total gross deferred tax assets 98,305,213 93,891,712 Less: valuation allowance (97,756,771 ) (93,718,497 ) Total deferred tax assets 548,442 173,215 Deferred tax liabilities: Operating lease right-of-use asset (548,442 ) (173,215 ) Total deferred tax liabilities (548,442 ) (173,215 ) Total deferred taxes, net $ — $ — The change in the Company’s valuation allowance is as follows: 2022 2021 January 1, $ 93,718,497 $ 82,929,675 Increase in valuation allowance 4,038,274 10,788,822 December 31, $ 97,756,771 $ 93,718,497 The Company has federal and state net operating loss carryforwards of approximately $273,056,000 and $274,011,000, respectively, available to offset future taxable income. The federal and state NOL carryforwards will expire at various dates beginning in 2033. The Company has federal and state research and development tax credit carryforwards of approximately $6,373,000 and $5,258,000, respectively. The federal R&D credit carryforwards will expire beginning in 2032 and state R&D credit carryforwards do not expire. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company. Although management believes that the Company may have sufficient future taxable income to absorb the net operating loss carryforwards and research and development tax credit carryforwards before the expiration of the carryforward period, there may be circumstances beyond the Company’s control that limit such utilization. Accordingly, management has determined that a full valuation allowance of the deferred tax asset is appropriate at December 31, 2022 and 2021. Note 9 – Income Taxes, continued Internal Revenue Code Section 382 imposes limitations on the use of net operating loss carryforwards when the stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Management cannot control the ownership changes occurring as a result of public trading of the Company’s Common Stock. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryforward. The Company completed a Section 382 analysis as of December 31, 2022 and determined that none of its NOLs or R&D credits would be limited. For the Year Ended December 31, 2022 2021 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (4.4 ) (5.8 ) Permanent differences: Stock-based compensation 12.4 1.8 Executive compensation — 1.6 Research and development tax credits (2.4 ) (2.7 ) Increase in valuation allowance 15.4 26.1 Effective income tax rate 0.0 % 0.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related Party Transactions In November 2016, the Company and Dialog entered into the Alliance Agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 6 – Commitments and Contingencies, Strategic Alliance Agreement On September 20, 2021, the Company was notified by Dialog, then acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement between the Company and Dialog. |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2022 | |
Risks And Uncertainties [Abstract] | |
Customer Concentration | Note 11 – Customer Concentration One customer accounted for approximately 50% of the Company’s revenue for the year ended December 31, 2022 and three customers accounted for approximately 42% of the Company’s revenue for the year ended December 31, 2021. One customer accounted for approximately 87% of the Company’s accounts receivable balance as of December 31, 2022. Four customers accounted for approximately 68% of the Company’s accounts receivable balance as of December 31, 2021. Note 12 – Subsequent Events During the period from January 1, 2023 through March 1, 2023, the Company raised net proceeds of $2,674,683 (net of $68,651 in issuance costs) under its ATM Program. As of March 1, 2023, the Company had $3,526,605 remaining on the ATM Program. On February 28, 2023, the Company committed to purchase products that will be produced by a contract manufacturer during the second and third quarters of 2023. The total amount of the committed orders is $510,000, and the products produced by the contract manufacturer will be held for future sales. On March 24, 2023, the Company completed an underwritten offering of its securities (the “Offering”) pursuant to which it sold an aggregate of (i) 8,250,000 shares of its common stock and (ii) warrants to purchase up to 8,250,000 shares of common stock, for aggregate proceeds of approximately $2,689,000, net of commissions and professional fees of approximately $611,000. The warrants issued in the Offering were immediately exercisable and have a term of six years and a per share exercise price of $0.40. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events During the period from January 1, 2023 through March 1, 2023, the Company raised net proceeds of $2,674,683 (net of $68,651 in issuance costs) under its ATM Program. As of March 1, 2023, the Company had $3,526,605 remaining on the ATM Program. On February 28, 2023, the Company committed to purchase products that will be produced by a contract manufacturer during the second and third quarters of 2023. The total amount of the committed orders is $510,000, and the products produced by the contract manufacturer will be held for future sales. On March 24, 2023, the Company completed an underwritten offering of its securities (the “Offering”) pursuant to which it sold an aggregate of (i) 8,250,000 shares of its common stock and (ii) warrants to purchase up to 8,250,000 shares of common stock, for aggregate proceeds of approximately $2,689,000, net of commissions and professional fees of approximately $611,000. The warrants issued in the Offering were immediately exercisable and have a term of six years and a per share exercise price of $0.40. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. The Company’s significant estimates and assumptions include the valuation of stock-based compensation awards, recognition of revenue, the lower of cost or net realizable value of inventory and valuation of deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. |
Revenue Recognition | Revenue Recognition The Company follows Accounting Standards Codification (“ASC”) Topic 606, "Revenue from Contracts with Customers” (“Topic 606”). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations of the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company’s revenue consists of its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the years ended December 31, 2022 and 2021, the Company recognized $851,321 and $756,793 in revenue, respectively. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these product development projects in research and development expense, in the periods such expenses were incurred. Revenue Recognition The Company records revenue associated with the sale of production-level systems at the point in time at which control over the product is transferred to the customer. The Company records the expense related to the sales of these systems as cost of revenue during the period that the product is transferred to the customer. |
Inventory | Inventory The Company follows ASC Topic 330, Inventory |
Research and Development | Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $12,497,781 and $20,572,580 for the years ended December 31, 2022 and 2021, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date. |
Income Taxes | Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2022, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2022 and 2021. The Company files income tax returns with the United States and California governments. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 4,132,060 and 5,519,068 for the years ended December 31, 2022 and 2021, respectively, because their inclusion would be antidilutive. Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share, continued Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2022 2021 Warrants issued to private investors 1,666,666 3,284,789 Options to purchase common stock 300,262 525,006 RSUs 2,165,132 1,709,273 Total potentially dilutive securities 4,132,060 5,519,068 |
Leases | Leases The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 6 – Commitments and Contingencies, Operating Leases |
Management's Evaluation of Subsequent Events | Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of December 31, 2022, through the date which the financial statements are issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share, continued Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2022 2021 Warrants issued to private investors 1,666,666 3,284,789 Options to purchase common stock 300,262 525,006 RSUs 2,165,132 1,709,273 Total potentially dilutive securities 4,132,060 5,519,068 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment are as follows: As of December 31, 2022 2021 Computer software $ 978,147 $ 916,498 Computer hardware 2,144,364 2,211,490 Furniture and fixtures 488,465 484,186 Leasehold improvements 782,538 782,538 4,393,514 4,394,712 Less – accumulated depreciation (3,964,479 ) (3,884,515 ) Total property and equipment, net $ 429,035 $ 510,197 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: As of December 31, 2022 2021 Accrued compensation $ 1,306,503 $ 1,217,176 Accrued legal expenses 298,546 178,236 Other accrued expenses 185,365 127,905 Total $ 1,790,414 $ 1,523,317 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Note 6 – Commitments and Contingencies, continued Operating Leases, continued Operating Lease Commitments The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2023 $ 752,828 2024 733,497 2025 562,408 Total future lease payments 2,048,733 Present value discount (2.9% weighted average) (78,708 ) Total operating lease liabilities $ 1,970,025 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Fair Values of Stock Options Granted | The Company estimated the fair value of stock options granted during 2022 using the Black-Scholes option pricing model. The fair values of stock options granted during 2022 were estimated using the following assumptions: Year Ended December 31, 2022 Stock price $ 1.27 Dividend yield 0 % Expected volatility 108 % Risk-free interest rate 1.92 % Expected life 5.6 years |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during the year ended December 31, 2022: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2022 525,006 $ 5.77 0.7 $ — Granted 300,000 1.27 — — Exercised — — — — Forfeited (524,744 ) 5.77 — — Outstanding at December 31, 2022 300,262 $ 1.27 8.9 $ — Exercisable at December 31, 2022 262 $ 2.49 1.0 $ — |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the year ended December 31, 2022 is presented below: Total Weighted Average Grant Date Fair Value Unvested at January 1, 2022 1,709,273 $ 3.72 RSUs granted 1,937,255 $ 1.21 RSUs forfeited (458,476 ) $ 1.98 RSUs vested (1,022,920 ) $ 4.16 Unvested at December 31, 2022 2,165,132 $ 1.63 |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the year ended December 31, 2022 is presented below: Total Weighted Average Grant Date Fair Value Unvested at January 1, 2022 — $ — PSUs granted 187,000 $ 1.02 PSUs forfeited (51,425 ) $ 1.02 PSUs vested (135,575 ) $ 1.02 Unvested at December 31, 2022 — $ — |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2022 and 2021: For the Years Ended December 31, 2022 2021 Options $ 74,771 $ 284,994 RSUs 2,581,726 5,561,698 PSUs 138,287 5,831,928 ESPP 124,053 252,568 Total $ 2,918,837 $ 11,931,188 |
Summary of Stock-based Compensation Reflected within Statements of Operations | The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2022 2021 Research and development $ 1,134,106 $ 6,582,873 Sales and marketing 448,347 3,099,232 General and administrative 1,083,775 1,964,089 Severance expense 252,609 284,994 Total $ 2,918,837 $ 11,931,188 |
Employee Stock Purchase Plan [Member] | |
Summary of Fair Values of Stock Options Granted | The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended December 31, 2022 Stock price range $ 0.96 – 1.25 Dividend yield 0 % Expected volatility range 61 – 68 % Risk-free interest rate range 0.06 – 2.52 % Expected life 6 months For the Year Ended December 31, 2021 Stock price range $ 1.80 – 2.78 Dividend yield 0 % Expected volatility range 95 – 143 % Risk-free interest rate range 0.05 – 0.09 % Expected life 6 months |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2022 and 2021, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2022 2021 Deferred tax assets: Research and development tax credits $ 10,526,768 $ 9,475,588 Net operating loss carryovers 76,477,629 67,785,680 Property and equipment 162,698 189,271 Research and development costs 9,829,326 10,923,959 Start-up and organizational costs 9,275 462 Stock-based compensation 283,285 4,659,555 Operating lease liability 551,284 187,132 Other accruals 464,948 670,065 Total gross deferred tax assets 98,305,213 93,891,712 Less: valuation allowance (97,756,771 ) (93,718,497 ) Total deferred tax assets 548,442 173,215 Deferred tax liabilities: Operating lease right-of-use asset (548,442 ) (173,215 ) Total deferred tax liabilities (548,442 ) (173,215 ) Total deferred taxes, net $ — $ — |
Summary of Valuation Allowance | The change in the Company’s valuation allowance is as follows: 2022 2021 January 1, $ 93,718,497 $ 82,929,675 Increase in valuation allowance 4,038,274 10,788,822 December 31, $ 97,756,771 $ 93,718,497 |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended December 31, 2022 2021 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (4.4 ) (5.8 ) Permanent differences: Stock-based compensation 12.4 1.8 Executive compensation — 1.6 Research and development tax credits (2.4 ) (2.7 ) Increase in valuation allowance 15.4 26.1 Effective income tax rate 0.0 % 0.0 % |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Liquidity And Management Plans [Line Items] | ||
Engineering product development | $ 851,321 | $ 756,793 |
Net loss | (26,275,260) | (41,427,293) |
Net cash provided by (used in) operating activities | (23,636,747) | (28,720,389) |
Proceeds of securities offerings | 27,043,751 | 744,787 |
Cash and cash equivalents, at carrying value, total | 26,287,293 | 49,071,414 |
Technology Service [Member] | ||
Liquidity And Management Plans [Line Items] | ||
Engineering product development | $ 851,321 | $ 756,793 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue | $ 851,321 | $ 756,793 | |
Research and development expense, total | 12,497,781 | 20,572,580 | |
Liability for unrecognized tax benefits | 0 | ||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | |
Antidilutive securities excluded from computation of earnings per share, amount | 4,132,060 | 5,519,068 | |
Warrants Issued to Private Investors [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,666,666 | 3,284,789 | |
Warrants Issued to Private Investors [Member] | Expiring at October 6 2022 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,618,123 | ||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ 23 | ||
Warrants Issued to Private Investors [Member] | Expiring at March 1 2024 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,666,666 | ||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ 10 | ||
Employee Stock Purchase Plan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Common stock purchase price discount percentage | 85% | 15% | |
Product Development Projects Revenue [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue | $ 851,321 | $ 756,793 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 4,132,060 | 5,519,068 |
Warrants Issued to Private Investors [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 1,666,666 | 3,284,789 |
Employee Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 300,262 | 525,006 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 2,165,132 | 1,709,273 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,393,514 | $ 4,394,712 |
Less – accumulated depreciation | (3,964,479) | (3,884,515) |
Total property and equipment, net | 429,035 | 510,197 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 978,147 | 916,498 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,144,364 | 2,211,490 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 488,465 | 484,186 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 782,538 | $ 782,538 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 246,156 | $ 258,249 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Disposal of property, plant and equipment | $ 166,192 | $ 130,341 |
Computer Hardware [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 | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | remaining life of the lease. | |
Minimum [Member] | Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 1 year | |
Maximum [Member] | Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,306,503 | $ 1,217,176 |
Accrued legal expenses | 298,546 | 178,236 |
Other accrued expenses | 185,365 | 127,905 |
Total | $ 1,790,414 | $ 1,523,317 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | |||||||
Oct. 01, 2021 | Oct. 31, 2022 | Oct. 31, 2019 | Dec. 31, 2022 | May 20, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Jul. 15, 2019 | |
Commitments And Contingencies [Line Items] | ||||||||
Operating right-of-use lease assets | $ 1,959,869 | $ 618,985 | ||||||
Operating lease liabilities, current portion | 705,894 | 628,307 | ||||||
Total operating lease payments | 2,048,733 | |||||||
Long-term portion of operating lease liabilities | 1,264,131 | $ 40,413 | ||||||
Accounting Standards Update 2016-02 | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating right-of-use lease assets | 1,959,869 | |||||||
Operating lease liabilities, current portion | 705,894 | |||||||
Total operating lease payments | 2,048,733 | |||||||
Long-term portion of operating lease liabilities | $ 1,264,131 | |||||||
Weighted average remaining lease term | 2 years 8 months 12 days | |||||||
San Jose, California [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease, renewal term | 3 years | |||||||
Operating right-of-use lease assets | $ 2,071,336 | |||||||
Operating lease liabilities, current portion | $ 2,071,336 | |||||||
Operating lease present value discount rate | 3% | |||||||
Operating lease payment | $ 58,903 | |||||||
San Jose, California [Member] | Maximum [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Maximum monthly lease payment | $ 62,490 | |||||||
Costa Mesa, California [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease, renewal term | 2 years | |||||||
Operating right-of-use lease assets | $ 104,563 | |||||||
Operating lease liabilities, current portion | $ 104,563 | |||||||
Operating lease payment | $ 4,369 | $ 9,773 | ||||||
Costa Mesa, California [Member] | Maximum [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Maximum monthly lease payment | $ 4,522 | $ 10,200 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) | Dec. 31, 2022 USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2023 | $ 752,828 |
2024 | 733,497 |
2025 | 562,408 |
Total future lease payments | 2,048,733 |
Present value discount (2.9% weighted average) | (78,708) |
Total operating lease liabilities | $ 1,970,025 |
Commitments and Contingencies_3
Commitments and Contingencies - Hosted Design Solution Agreement - Additional Information (Detail) | 1 Months Ended |
Jun. 30, 2021 USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Additional term of agreement | 3 years |
Quarterly payments for service agreement | $ 233,000 |
Commitments and Contingencies_4
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - Executive Officers [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | ||
Expense recognized by company | $ 1,293,875 | $ 1,433,990 |
Accrued Expenses [Member] | ||
Commitments And Contingencies [Line Items] | ||
Bonus accrued but not yet paid | $ 688,364 |
Commitments and Contingencies_5
Commitments and Contingencies - Executive Employee Agreement - Cesar Johnston - Additional Information (Detail) | 12 Months Ended | ||||
Jul. 20, 2022 shares | Dec. 09, 2021 USD ($) Installment shares | Dec. 31, 2024 shares | Dec. 31, 2023 shares | Dec. 31, 2022 USD ($) shares | |
Performance Share Unit (PSUs) [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares granted | 187,000 | ||||
Shares vested | 135,575 | ||||
Performance Share Unit (PSUs) [Member] | Share Based Compensation [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares vested | 100,000 | ||||
Mr. Johnston [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Salary | $ | $ 400,000 | ||||
Annual bonus, percentage | 100% | ||||
One time sign on bonus amount | $ | $ 120 | ||||
Bonus payable, number of installments | Installment | 2 | ||||
Bonus payable installment amount | $ | $ 60 | ||||
Debt description | a grant of 150,000 restricted stock units to acquire shares of the Company’s common stock, one third of which vested on December 6, 2022 and the remaining two thirds of which will vest in eight equal installments of 12,500 each on each quarterly anniversary thereafter | ||||
Options granted | 300,000 | ||||
Target bonus percentage | 100% | ||||
Mr. Johnston [Member] | Johnston A&R CIC Agreement [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Target bonus percentage | 150% | ||||
Mr. Johnston [Member] | Performance Share Unit (PSUs) [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Additional equity award | 287,000 | ||||
Vesting percentage | 33.30% | ||||
Vesting period | 3 years | ||||
Additional equity award per year. | 25,000 | ||||
Shares granted | 287,000 | 287,000 | |||
Shares vested | 135,575 | 287,000 | |||
Accrued bonuses | $ | $ 360,000 | ||||
Shares authorized | 187,000 | 187,000 | |||
Mr. Johnston [Member] | Performance Share Unit (PSUs) [Member] | One Time Bonus [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Accrued bonuses | $ | $ 120,000 | ||||
Mr. Johnston [Member] | Performance Share Unit (PSUs) [Member] | Maximum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares vested | 187,000 | ||||
Mr. Johnston [Member] | Performance Share Unit (PSUs) [Member] | Maximum [Member] | Forecast | |||||
Commitments And Contingencies [Line Items] | |||||
Shares vested | 50,000 | 50,000 | |||
Mr. Johnston [Member] | Performance Share Unit (PSUs) [Member] | Share Based Compensation [Member] | Forecast | |||||
Commitments And Contingencies [Line Items] | |||||
Shares vested | 50,000 | 50,000 |
Commitments and Contingencies_6
Commitments and Contingencies - Employee Agreement - Stephen Rizzone - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jul. 09, 2021 | Jan. 01, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | ||||
Severance expense | $ 798,391 | $ 4,017,172 | ||
Stock-based compensation - stock options | 74,771 | 284,994 | ||
Accrued severance | 416,516 | 975,439 | ||
Mr. Rizzone [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Agreement effective date | Jan. 01, 2015 | |||
Initial term of agreement | 4 years | |||
Officers' compensation | $ 365,000 | |||
Employment agreement percentage of base salary | 100% | |||
Severance expense | $ 4,017,172 | |||
Stock-based compensation - stock options | $ 284,994 | |||
Accrued severance | $ 411,607 | |||
Mr. Rizzone [Member] | Separation Agreement | ||||
Commitments And Contingencies [Line Items] | ||||
Compensation-based payments | $ 1,460,000 | |||
Additional lump sum cash payment | $ 2,000,000 | |||
Description of other commitments | a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested restricted stock units and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. |
Commitments and Contingencies_7
Commitments and Contingencies - Employee Agreement - Neeraj Sahejpal - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 29, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | |||
Severance expense | $ 798,391 | $ 4,017,172 | |
Accrued severance expense | 416,516 | 975,439 | |
Restricted Stock Units (RSUs) [Member] | |||
Commitments And Contingencies [Line Items] | |||
Compensation-based payments | 2,581,726 | $ 5,561,698 | |
Mr. Neeraj Sahejpal [Member] | |||
Commitments And Contingencies [Line Items] | |||
Salary | $ 261,250 | ||
Potential bonus | $ 261,250 | ||
Severance expense | 798,391 | ||
Compensation-based payments | 252,609 | ||
Mr. Neeraj Sahejpal [Member] | Restricted Stock Units (RSUs) [Member] | |||
Commitments And Contingencies [Line Items] | |||
Shares vested | 85,943 | ||
Accrued severance expense | $ 4,909 |
Commitments and Contingencies_8
Commitments and Contingencies - Strategic Alliance Agreement - Additional Information (Detail) | 1 Months Ended |
Nov. 30, 2016 | |
Strategic Alliance Agreement [Member] | |
Commitments And Contingencies [Line Items] | |
Initial term of agreement | 7 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 16, 2021 USD ($) | Oct. 04, 2021 USD ($) | Sep. 24, 2020 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) Vote shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 | Jul. 24, 2020 shares | |
Class of Stock [Line Items] | |||||||||
Number of common stock voting entitlement per share | Vote | 1 | ||||||||
Securities reserved for issuance | $ 100,000,000 | ||||||||
At-the-market ("ATM") funds receivable | $ 38,832,711 | $ 38,832,711 | |||||||
Accounting issuance costs will be paid | $ 1,167,289 | ||||||||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | $ 744,787 | $ 27,043,751 | |||||||
Common stock outstanding abstract | Our outstanding shares of common stock typically include shares that are deemed delivered under U.S. GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance. | ||||||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | 200,000,000 | ||||||
Maximum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Securities reserved for issuance | 75,000,000 | ||||||||
Sales Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from (Payments for) in Securities Sold under Agreements | $ 6,269,937 | ||||||||
Sale of stock, Description | The $40,000,000 of common stock to be offered, issued and sold under the ATM Program is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. | ||||||||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 744,787 | $ 27,043,751 | |||||||
Net of issuance costs from offering of shares | $ 73,403 | $ 868,122 | |||||||
Sales Agreement [Member] | Maximum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from (Payments for) in Securities Sold under Agreements | $ 35,000,000 | $ 40,000,000 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||
Apr. 30, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 20, 2022 | Jun. 16, 2021 | May 26, 2020 | Dec. 28, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee contribution through payroll withholdings | $ 272,833 | $ 384,126 | |||||
2015 Performance Share Unit Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 1,700,000 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 5,110,104 | ||||||
Common stock remain eligible to be issued | 2,275,438 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 1,937,255 | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 600,000 | 700,000 | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,550,000 | ||||||
Common stock remain eligible to be issued | 201,619 | ||||||
Lowest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 1% | ||||||
Highest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 10% | ||||||
Vesting period | 6 months | ||||||
Exercise price discount from fair value on offering date | 85% | ||||||
Exercise price discount from fair value on exercise date | 85% | 15% | |||||
Share-based compensation arrangement by share-based payment award, terms of award | In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance through equity-based instruments thereunder by 700,000 shares, bringing to 1,550,000 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date which is typically the last market date of the offering period. | ||||||
Shares granted | 345,929 | 292,890 | |||||
2013 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 1,500,000 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 8,785,967 | ||||||
Common stock remain eligible to be issued | 1,294,884 | ||||||
Non-Employee Equity Compensation Plan 2014 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 800,000 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,650,000 | ||||||
Common stock remain eligible to be issued | 670,690 | ||||||
2017 Equity Inducement Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 2,000,000 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 2,600,000 | ||||||
Common stock remain eligible to be issued | 1,566,170 | ||||||
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 600,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Fair Values of Stock Options Granted (Detail) - Employee Stock Option [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock price | $ 1.27 |
Dividend yield | 0% |
Expected volatility | 108% |
Risk-free interest rate | 1.92% |
Expected life | 5 years 7 months 6 days |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Outstanding | 525,006 | |
Number of Options, Granted | 300,000 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | (524,744) | |
Number of Options, Outstanding | 300,262 | 525,006 |
Number of Options, Exercisable | 262 | |
Weighted Average Exercise Price, Outstanding | $ 5.77 | |
Weighted Average Exercise Price, Granted | 1.27 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 5.77 | |
Weighted Average Exercise Price, Outstanding | 1.27 | $ 5.77 |
Weighted Average Exercise Price, Exercisable | $ 2.49 | |
Weighted Average Remaining Life In Years, Outstanding | 8 years 10 months 24 days | 8 months 12 days |
Weighted Average Remaining Life In Years, Exercisable | 1 year |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 0 | $ 0 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 300,000 | |
Exercise price per share of shares granted | $ 1.27 | |
2013 Equity Incentive Plan [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 0 | 0 |
2013 Equity Incentive Plan [Member] | Employee Stock Option [Member] | Chief Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 300,000 | |
Exercise price per share of shares granted | $ 1.27 | |
Share-based compensation arrangement by share-based payment award, award vesting description | half of the options vesting on the second anniversary of the vesting start date and a quarter of the options vesting on each of the next two anniversaries | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 233,689 | $ 233,689 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 2,475,986 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days |
2013 Equity Incentive Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years |
2013 Equity Incentive Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
2013 Equity Incentive Plan [Member] | Employee [Member] | Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,038,700 |
Non-Employee Equity Compensation Plan 2014 [Member] | Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 290,055 |
Non-Employee Equity Compensation Plan 2014 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
Non-Employee Equity Compensation Plan 2014 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years |
2017 Equity Inducement Plan [Member] | Employee [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 608,500 |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at January 1, 2022 | shares | 1,709,273 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | shares | 1,937,255 |
RSUs forfeited | shares | (458,476) |
RSUs vested | shares | (1,022,920) |
Unvested at December 31, 2022 | shares | 2,165,132 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 3.72 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 1.21 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 1.98 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 4.16 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 1.63 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - Performance Shares [Member] - USD ($) | 12 Months Ended | ||||
Jul. 20, 2022 | Dec. 09, 2021 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 187,000 | ||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 135,575 | ||||
Share based compensation arrangement by share based payment award unamortized value | $ 0 | ||||
Share Based Compensation [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 100,000 | ||||
Mr. Johnston [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 287,000 | 287,000 | |||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 135,575 | 287,000 | |||
Share based compensation arrangement by share based payment award number of shares authorized | 187,000 | 187,000 | |||
Mr. Johnston [Member] | Forecast | Share Based Compensation [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 50,000 | 50,000 | |||
Mr. Johnston [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 187,000 | ||||
Mr. Johnston [Member] | Maximum [Member] | Forecast | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award equity instruments other than options vested in period | 50,000 | 50,000 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at January 1, 2022 | shares | 0 |
PSUs granted | shares | 187,000 |
PSUs forfeited | shares | (51,425) |
PSUs vested | shares | (135,575) |
Unvested at December 31, 2022 | shares | 0 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, PSUs granted | $ / shares | 1.02 |
Weighted Average Grant Date Fair Value, PSUs forfeited | $ / shares | 1.02 |
Weighted Average Grant Date Fair Value, PSUs vested | $ / shares | 1.02 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 0 |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 0.37 | $ 1.10 |
Percentage of proportionate value of call option of stock | 85% | |
Percentage of proportionate value of put option of stock | 15% | |
Compensation-based payments | $ 124,053 | $ 252,568 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Fair Values of Purchase Options Granted (Detail) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 1.27 | |
Dividend yield | 0% | |
Expected volatility | 108% | |
Risk-free interest rate | 1.92% | |
Expected life | 5 years 7 months 6 days | |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Expected life | 6 months | 6 months |
Employee Stock Purchase Plan [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 0.96 | $ 1.80 |
Expected volatility | 95% | 95% |
Risk-free interest rate | 0.05% | 0.05% |
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 2.78 | $ 2.78 |
Expected volatility | 143% | 143% |
Risk-free interest rate | 0.09% | 0.09% |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Options | $ 74,771 | $ 284,994 |
Total | 2,918,837 | 11,931,188 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 2,581,726 | 5,561,698 |
Performance Share Unit (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 138,287 | 5,831,928 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | $ 124,053 | $ 252,568 |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Severance expense | $ 252,609 | $ 284,994 |
Share-based Compensation, Total | 2,918,837 | 11,931,188 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 1,134,106 | 6,582,873 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 448,347 | 3,099,232 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | $ 1,083,775 | $ 1,964,089 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||
Tax Cuts and Jobs Act of 2017 Accounting Complete | true | |
Deferred tax assets, tax credit carryforwards, research | $ 10,526,768 | $ 9,475,588 |
Tax credit carry forward expiration period | 2033 | |
Operating loss carryforwards, limitations on use | stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 273,056,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 6,373,000 | |
Tax credit research and development expiration period | 2032 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 274,011,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 5,258,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | |||
Research and development tax credits | $ 10,526,768 | $ 9,475,588 | |
Net operating loss carryovers | 76,477,629 | 67,785,680 | |
Property and equipment | 162,698 | 189,271 | |
Research and development costs | 9,829,326 | 10,923,959 | |
Start-up and organizational costs | 9,275 | 462 | |
Stock-based compensation | 283,285 | 4,659,555 | |
Operating lease liability | 551,284 | 187,132 | |
Other accruals | 464,948 | 670,065 | |
Total gross deferred tax assets | 98,305,213 | 93,891,712 | |
Less: valuation allowance | (97,756,771) | (93,718,497) | $ (82,929,675) |
Total deferred tax assets | 548,442 | 173,215 | |
Deferred tax liabilities: | |||
Operating lease right-of-use asset | (548,442) | (173,215) | |
Total deferred tax liabilities | (548,442) | (173,215) | |
Total deferred taxes, net | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
January 1, | $ 93,718,497 | $ 82,929,675 |
Increase in valuation allowance | 4,038,274 | 10,788,822 |
December 31, | $ 97,756,771 | $ 93,718,497 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax benefit at federal statutory rate | (21.00%) | (21.00%) |
State income taxes | (4.40%) | (5.80%) |
Permanent differences: | ||
Stock-based compensation | 12.40% | 1.80% |
Executive compensation | 1.60% | |
Research and development tax credits | (2.40%) | (2.70%) |
Increase in valuation allowance | 15.40% | 26.10% |
Effective income tax rate | 0% | 0% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | |
Jun. 28, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Cost of revenue | $ 1,277,565 | ||
Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 2.20% | ||
Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Warrants outstanding | 0 | ||
Chip Development Expense | Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Cost of revenue | $ 0 | $ 408,000 | |
Private Placements [Member] | Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Stock issued during period, shares, new issues | 1,739,691 | ||
Private Placements [Member] | Warrant Issued to Private Investors [Member] | Dialog Semiconductor Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Class of warrant or right, number of securities called by warrants or rights | 1,417,565 |
Customer Concentration - Additi
Customer Concentration - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues [Member] | Three Customer [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 1 | 3 |
Concentration percentage | 50% | 42% |
Accounts Receivable [Member] | Four Customer [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 1 | 4 |
Concentration percentage | 87% | 68% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 2 Months Ended | 12 Months Ended | ||||
Mar. 24, 2023 | Feb. 28, 2023 | Dec. 16, 2021 | Mar. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||||
Proceeds of securities offerings | $ 27,043,751 | $ 744,787 | ||||
Common stock, shares issued | 78,944,954 | 76,667,205 | ||||
Securities reserved for issuance | $ 100,000,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds of securities offerings | $ 2,674,683 | |||||
Net of stock issuance costs | 68,651 | |||||
Remaining securities at the market offering | $ 3,526,605 | |||||
Amount of committed orders for future sales | $ 510,000 | |||||
Common stock, shares issued | 8,250,000 | |||||
Class of warrant or right, number of securities called by warrants or rights | 8,250,000 | |||||
Securities reserved for issuance | $ 2,689,000 | |||||
Net of commissions and professional fees | $ 611,000 | |||||
Warrants exercisable term | 6 years | |||||
Class of warrant or right, exercise price of warrants or rights | $ 0.40 |