Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-38445 | |
Entity Registrant Name | HELIUS MEDICAL TECHNOLOGIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4787690 | |
Entity Address, Address Line One | 642 Newtown Yardley Road, Suite 100 | |
Entity Address, City or Town | Newtown | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18940 | |
City Area Code | 215 | |
Local Phone Number | 944-6100 | |
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share | |
Trading Symbol | HSDT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,529,863 | |
Entity Central Index Key | 0001610853 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 3,638 | $ 5,182 |
Accounts receivable, net | 49 | 117 |
Other receivables | 513 | 520 |
Inventory, net | 384 | 457 |
Prepaid expenses and other current assets | 940 | 1,162 |
Total current assets | 5,524 | 7,438 |
Property and equipment, net | 174 | 178 |
Intangible assets, net | 17 | 24 |
Operating lease right-of-use asset, net | 42 | 52 |
Total assets | 5,757 | 7,692 |
Current liabilities | ||
Accounts payable | 814 | 531 |
Accrued and other current liabilities | 674 | 1,260 |
Current portion of operating lease liabilities | 46 | 45 |
Current portion of deferred revenue | 42 | 43 |
Total current liabilities | 1,576 | 1,879 |
Operating lease liabilities, net of current portion | 12 | |
Deferred revenue, net of current portion | 115 | 128 |
Derivative liability | 2,080 | 3,323 |
Total liabilities | 3,771 | 5,342 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 887,847 and 714,590 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 1 | 1 |
Additional paid-in capital | 164,843 | 162,979 |
Accumulated deficit | (162,473) | (159,957) |
Accumulated other comprehensive loss | (385) | (673) |
Total stockholders' equity | 1,986 | 2,350 |
Total liabilities and stockholders' equity | $ 5,757 | $ 7,692 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Unaudited Condensed Consolidated Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares, issued (in shares) | 887,847 | 714,590 |
Common stock, shares, outstanding (in shares) | 887,847 | 714,590 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | ||
Product sales, net | $ 124 | $ 106 |
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | us-gaap:ProductMember | us-gaap:ProductMember |
Other revenue | $ 11 | $ 5 |
Total revenue | 135 | 111 |
Cost of revenue | ||
Cost of revenue | $ 123 | $ 122 |
Cost, Product and Service [Extensible Enumeration] | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit (loss) | $ 12 | $ (11) |
Operating expenses | ||
Selling, general and administrative expenses | 2,633 | 2,874 |
Research and development expenses | 788 | 886 |
Amortization expense | 7 | 39 |
Total operating expenses | 3,428 | 3,799 |
Loss from operations | (3,416) | (3,810) |
Nonoperating income (expense) | ||
Interest income (expense), net | (8) | 100 |
Change in fair value of derivative liability | 1,142 | 1,221 |
Foreign exchange loss | (288) | (5) |
Other income, net | 54 | |
Nonoperating income, net | 900 | 1,316 |
Loss before provision for income taxes | (2,516) | (2,494) |
Provision for income taxes | ||
Net loss | (2,516) | (2,494) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 288 | 5 |
Comprehensive loss | $ (2,228) | $ (2,489) |
Loss per share | ||
Basic (in dollar per share) | $ (3.08) | $ (4.42) |
Diluted (in dollar per share) | $ (3.08) | $ (4.42) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 817,327 | 564,134 |
Diluted (in shares) | 817,327 | 564,134 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Class A Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Beginning Balance, Shares at Dec. 31, 2022 | 564,094 | ||||
Beginning Balance at Dec. 31, 2022 | $ 1 | $ 159,645 | $ (151,107) | $ (388) | $ 8,151 |
Settlement of restricted stock units, Shares | 120 | ||||
Stock-based compensation | 405 | 405 | |||
Other comprehensive gain (loss) | 5 | 5 | |||
Net Income (Loss) | (2,494) | (2,494) | |||
Ending Balance, Shares at Mar. 31, 2023 | 564,214 | ||||
Ending Balance at Mar. 31, 2023 | $ 1 | 160,050 | (153,601) | (383) | 6,067 |
Beginning Balance, Shares at Dec. 31, 2023 | 714,590 | ||||
Beginning Balance at Dec. 31, 2023 | $ 1 | 162,979 | (159,957) | (673) | 2,350 |
Issuance of common stock in public offering, Shares | 148,201 | ||||
Issuance of common stock in public offering | 1,374 | 1,374 | |||
Share issuance costs | (174) | (174) | |||
Exercise of warrants, Shares | 23,400 | ||||
Exercise of warrants | 263 | 263 | |||
Settlement of restricted stock units, Shares | 1,656 | ||||
Stock-based compensation | 401 | 401 | |||
Other comprehensive gain (loss) | 288 | 288 | |||
Net Income (Loss) | (2,516) | (2,516) | |||
Ending Balance, Shares at Mar. 31, 2024 | 887,847 | ||||
Ending Balance at Mar. 31, 2024 | $ 1 | $ 164,843 | $ (162,473) | $ (385) | $ 1,986 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (2,516) | $ (2,494) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of derivative liability | (1,142) | (1,221) |
Stock-based compensation expense | 401 | 405 |
Foreign exchange loss | 288 | 5 |
Depreciation expense | 9 | 12 |
Amortization expense | 7 | 39 |
Provision for (reversal of) inventory reserve | (19) | |
Non-cash operating lease expense | 10 | 12 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 66 | 60 |
Other receivables | 6 | 116 |
Inventory | 92 | (28) |
Prepaid expense and other current assets | 120 | 131 |
Operating lease liabilities | (11) | (13) |
Accounts payable | 284 | 213 |
Accrued and other current liabilities | (586) | (424) |
Deferred revenue | (10) | (3) |
Net cash used in operating activities | (3,001) | (3,190) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (5) | (19) |
Net cash used in investing activities | (5) | (19) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 1,374 | |
Proceeds from exercise of warrants | 162 | |
Payment of deferred offering costs | (31) | |
Share issuance costs | (42) | |
Net cash provided by financing activities | 1,463 | |
Effect of currency exchange rate changes on cash and cash equivalents | (1) | |
Net decrease in cash and cash equivalents | (1,544) | (3,209) |
Cash and cash equivalents at beginning of period | 5,182 | 14,549 |
Cash and cash equivalents at end of period | 3,638 | $ 11,340 |
Non-cash investing and financing transactions: | ||
Derivative warrant liability reclassified to equity on exercise of warrants | 101 | |
Deferred offering costs reclassified to equity upon public offering | $ 132 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying interim Unaudited Condensed Consolidated Financial Statements of Helius Medical Technologies, Inc. (together with its wholly owned subsidiaries the “Company”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission on March 28, 2024 (“2023 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted. There have been no material changes to the Company's significant accounting policies from those described in the 2023 Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair statement of the results for the interim periods presented. All such adjustments, unless otherwise noted herein, are of a normal, recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. Reverse Stock Split At the annual meeting of stockholders on May 24, 2023, our stockholders voted to approve a reverse stock split of our outstanding Class A common stock (“Common Stock”) at a ratio in the range of 1-for- 10 80 50 All issued and outstanding Common Stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options, restricted stock units and warrants to purchase shares of Common Stock. In accordance with the terms of the warrant agreement for the Public Warrants described further in Note 6, the exercise price for these warrants was reset to the volume-weighted average price for the five days following the Reverse Stock Split. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans to reflect the Reverse Stock Split. Any fraction of a share of Common Stock that was created as a result of the Reverse Stock Split was rounded down to the next whole share and stockholders received cash settlement equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s Common Stock as reported on Nasdaq on the last trading day before the Reverse Stock Split effective date. The authorized shares and par value of the Common Stock and preferred stock were not adjusted as a result of the Reverse Stock Split. Going Concern Uncertainty As of March 31, 2024, the Company had cash, cash equivalents of $3.6 million. For the three months ended March 31, 2024, the Company had an operating loss of $3.4 million, and as of March 31, 2024, its accumulated deficit was $162.5 million. For the three months ended March 31, 2024, the Company had $0.1 million of net revenue from the commercial sale of products. The Company expects to continue to incur operating losses and net cash outflows until such time as it generates a level of revenue to support its cost structure. There is no assurance that the Company will achieve profitable operations, and, if achieved, whether it will be sustained on a continued basis. These factors indicate substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are filed. The Company’s Unaudited Condensed Consolidated Financial Statements have been prepared on the basis of continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business; no adjustments have been made relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company not continue as a going concern. The Company intends to fund ongoing activities by utilizing its current cash and cash equivalents on hand, cash received from the sale of its PoNS device in the U.S. and Canada and by raising additional capital through equity or debt financings. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company. If the Company is unable to raise sufficient additional capital, the Company may be compelled to reduce the scope of its operations. Global Economic Conditions Generally, worldwide economic conditions remain uncertain, particularly due to the conflict between Russia and Ukraine, as well as in the Middle East between Israel and Hamas, disruptions in the banking system and financial markets and increased inflation. The general economic and capital market conditions both in the United States and worldwide, have been volatile in the past and at times have adversely affected the Company’s access to capital and increased the cost of capital. The capital and credit markets may not be available to support future capital raising activity on favorable terms. If economic conditions decline, the Company’s future cost of equity or debt capital and access to the capital markets could be adversely affected. Changes in economic conditions, supply chain constraints, logistics challenges, labor shortages, the effects of conflicts in Ukraine and the Middle East, disruptions in the banking system and financial markets, high levels of inflation and an increase in interest rates have increased costs and have had and may continue to have a negative impact on the Company’s business. Although the Company has taken and may continue to take measures to mitigate these impacts, if these measures are not effective, the Company’s business, financial condition, results of operations, and liquidity could be materially adversely affected. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
RECENT ACCOUNTING PRONOUNCEMENTS | 2. RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
SUPPLEMENTAL BALANCE SHEET DISC
SUPPLEMENTAL BALANCE SHEET DISCLOSURES | 3 Months Ended |
Mar. 31, 2024 | |
SUPPLEMENTAL BALANCE SHEET DISCLOSURES | |
SUPPLEMENTAL BALANCE SHEET DISCLOSURES | 3. SUPPLEMENTAL BALANCE SHEET DISCLOSURES Components of selected captions in the unaudited condensed consolidated balance sheets consisted of the following: Accounts receivable, net Accounts receivable from product sales are net of allowance for credit losses of less than $1 thousand as of both March 31, 2024 and December 31, 2023. Inventory, net (in thousands) March 31, December 31, 2024 2023 Raw materials $ 295 $ 351 Work-in-process 62 67 Finished goods 66 96 Inventory, gross 423 514 Inventory reserve (39) (57) Inventory, net $ 384 $ 457 During the three months ended March 31, 2024, $0 and $14 thousand of inventory was written off to the inventory reserve. Prepaid expenses and other current assets (in thousands) March 31, December 31, 2024 2023 Prepaid expenses $ 547 $ 689 Inventory related 355 333 Deferred offering costs 38 140 Total prepaid expenses and other current assets $ 940 $ 1,162 Accrued and other current liabilities (in thousands) March 31, December 31, 2024 2023 Insurance payable $ 281 $ 446 Employees benefits 275 509 Professional services 41 52 Franchise tax 50 168 Other 27 85 Total accrued and other current liabilities $ 674 $ 1,260 Deferred revenue Exclusive Distribution Agreement Pursuant to an Exclusive Distribution Agreement with Health Tech Connex Inc. (“HTC”) (“Exclusivity Agreement”) entered into on March 3, 2023, subject to certain terms and conditions, the Company granted to HTC the exclusive right to provide PoNS Therapy in the Fraser Valley and Vancouver metro regions of British Columbia. HTC will purchase the PoNS devices for use in these regions exclusively from the Company and on terms no less favorable than the then-current standard terms and conditions. This Exclusivity Agreement replaced the previous Clinical Research and Co-Promotion Agreement (“Co-Promotion Agreement”) between the parties entered into in October 2019 that included a similar exclusive right provision. The exclusive right under the Exclusivity Agreement was granted for a value of CAD$273 thousand, which is represented by the unamortized up-front payment under the former Co-Promotion Agreement. The initial term of the Exclusivity Agreement expires on December 31, 2027, and is renewable by HTC for one additional five-year term upon sixty days’ written notice to the Company. Deferred revenue as of both March 31, 2024 and December 31, 2023 is comprised of the remaining unamortized amount under these agreements. Revenue recognized is included in Other revenue in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
LEASES | |
LEASES | 4. LEASES The Company has an options to extend Maturities of operating lease liabilities as of March 31, 2024 were as follows (in thousands): 2024 (remaining) $ 35 2025 12 Total lease payments 47 Less: imputed interest (1) Total lease liabilities $ 46 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 5. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value of an asset or liability considers assumptions that market participants would use in pricing the asset or liability, including consideration of non-performance risk. The inputs used to determine fair values are categorized in one of the following three levels of the fair value hierarchy: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly. Level 3 – Unobservable inputs that are not corroborated by market data. The Unaudited Condensed Consolidated Financial Statements include financial instruments for which the fair market value of such instruments may differ from amounts reflected on a historical cost basis. As of March 31, 2024 and December 31, 2023, financial instruments of the Company consist of cash equivalents, which were comprised of deposits of excess cash in an unrestricted money market savings account and a money market mutual fund. The carrying value of cash equivalents generally approximates fair value due to their short-term nature. The Company’s derivative liability as of March 31, 2024 and December 31, 2023 is comprised of warrants issued in connection with the registered public offering completed in August 2022 (“August 2022 Public Offering”) discussed in more detail in Note 8 to our Consolidated Financial Statements included our 2023 10-K. The derivative liability is classified as Level 3 within the fair value hierarchy and is required to be recorded at fair value on a recurring basis. See Note 6 for further information on the fair value of the derivative liability. The majority of the Company’s non-financial instruments, which include intangible assets, lease assets, inventories and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value. |
COMMON STOCK, PREFERRED STOCK A
COMMON STOCK, PREFERRED STOCK AND WARRANTS | 3 Months Ended |
Mar. 31, 2024 | |
COMMON STOCK, PREFERRED STOCK AND WARRANTS | |
COMMON STOCK, PREFERRED STOCK AND WARRANTS | 6. COMMON STOCK, PREFERRED STOCK AND WARRANTS At-The-Market Offering On June 23, 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC (“Roth”) to create an at-the-market offering program (“ATM”) under which the Company may offer and sell shares with an aggregate offering price of up to $2.0 million. Roth is entitled to a fixed commission rate equal to up to 3% of the gross proceeds pursuant to the Sales Agreement. As of March 31, 2024, 201,211 shares have been sold under the ATM generating net proceeds of $1.8 million. Series B Preferred Stock On March 23, 2023, the Board of Directors declared a dividend of one one The outstanding shares of Series B Preferred Stock will vote together with the outstanding shares of the Company’s Common Stock, as a single class, exclusively with respect to a proposal giving the Board of Directors the authority, as it determines appropriate, to implement a reverse stock split within twelve months following the approval of such proposal by the Company’s stockholders as well as any proposal to adjourn any meeting of stockholders called for the purpose of voting on the foregoing matters. Each share of Series B Preferred Stock entitled the holder to 1,000,000 votes per share and each fraction of a share of Series B Preferred Stock had a ratable number of votes. The holder of Series B Preferred Stock, as such, will not be entitled to receive dividends. At the annual meeting of stockholders of the Company held on May 24, 2023, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of its outstanding Common Stock. All shares of Series B Preferred Stock that did not vote in person or by proxy were redeemed in whole by the Company. Shares of Series B Preferred Stock that did vote in person or by proxy will need to request redemption from the Company at a rate of $0.001 per share in cash. As of March 31, 2024, no shareholders of Series B Preferred Stock have requested such redemption. Warrants The Company issued warrants to purchase an aggregate of 720,000 shares of Common Stock (“2022 Warrants”) in connection with the August 2022 Public Offering, as more fully described in Note 8 to our Consolidated Financial Statements included our 2023 10-K. The 2022 Warrants did not meet the guidance for being classified as an equity instrument due to a potential price reset prompted by a change in an unrelated instrument’s conversion rate or, in the event of a fundamental transaction, settlement rights that differ from those of the underlying common stockholders. Accordingly, the 2022 Warrants are being accounted for as a derivative liability instrument. As a result of the Company’s Reverse Stock Split on August 16, 2023, refer to Note 1, the exercise price on the 2022 Warrants was reset to $6.9135 per share based on the volume-weighted average price for the five The fair value of the 2022 Warrants as of March 31, 2024 and December 31, 2023 was determined using both a Monte Carlo simulation model, which uses multiple input variables to determine the probability of the occurrence of a price reset or a fundamental transaction and the Black-Scholes option pricing model. The following table includes the share price and the inputs used to estimate the fair value of the warrants: March 31, December 31, 2024 2023 Stock price $ 5.83 $ 8.04 Warrant term (in years) 3.36 3.61 Expected volatility 82.10 % 84.10 % Risk-free interest rate 4.37 % 3.96 % Dividend rate 0.00 % 0.00 % The fair value of the derivative liability associated with the 2022 Warrants as of March 31, 2024 and December 31, 2023 was $2.1 On May 9, 2024, in connection with the 2024 Public Offering (as defined below), the exercise price of the 2022 Warrants was repriced again. Refer to Note 11 for additional information. The Company has outstanding equity-classified warrants to purchase 9,969 shares of Common Stock at a weighted average exercise price of $819.77, with expiration dates ranging from October 2023 to February 2026. During the three months ended March 31, 2024, no equity-classified warrants were exercised |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION The Company may issue stock-based compensation awards under the Helius Medical Technologies, Inc. 2022 Equity Incentive Plan (“2022 Plan”) or the Helius Medical Technologies, Inc. 2021 Inducement Plan (as amended, the “Inducement Plan”), as described more fully in the 2023 10-K. On January 1, 2023, pursuant to the automatic increase provision of the 2022 Plan, the number of shares authorized for issuance increased from 264,319 to 319,941 . As of March 31, 2024, the remaining shares available for grant were 74,643 under the 2022 Plan and 9,240 under the Inducement Plan. During the three months ended March 31, 2024, the Company did not grant any restricted stock 2022 Plan As of March 31, 2024, there were an aggregate of 245,830 stock options outstanding with a weighted average exercise price of $76.28 per share and 572 unvested restricted stock units outstanding with a weighted average grant date fair value of $7.81 per share. Total stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of sales $ 4 $ 4 Selling, general and administrative 331 320 Research and development 66 81 Total stock-based compensation expense $ 401 $ 405 As of March 31, 2024, the total remaining unrecognized compensation expense related to nonvested stock options and restricted stock units was $2.1 million which will be amortized over the weighted-average remaining requisite service period of 0.9 years. |
BASIC AND DILUTED LOSS PER SHAR
BASIC AND DILUTED LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
BASIC AND DILUTED LOSS PER SHARE | |
BASIC AND DILUTED LOSS PER SHARE | 8. BASIC AND DILUTED LOSS PER SHARE The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information): Three Months Ended March 31, 2024 2023 Basic: Net loss available to common stockholders — basic $ (2,516) $ (2,494) Weighted average common shares outstanding — basic 817,327 564,134 Loss per share - basic $ (3.08) $ (4.42) Diluted: Net loss available to common stockholders — diluted (1) $ (2,516) $ (2,494) Weighted average common shares outstanding — diluted (1) 817,327 564,134 Loss per share — diluted $ (3.08) $ (4.42) (1) For the three months ended March 31, 2024 and March 31, 2023, no adjustment was made to the numerator and no incremental shares were added to the denominator for the Public Warrants being accounted for as a derivative liability, as the Public Warrants were out-of-the-money during the periods. Refer to Note 6 for additional information about the Public Warrants. The following outstanding securities, presented based on amounts outstanding as of the end of each period, were not included in the computation of diluted net loss per share for the periods indicated, as they would have been anti-dilutive due to the net loss in each period. Three Months Ended March 31, 2024 2023 Stock options 245,830 222,424 Restricted stock units 572 40 Warrants 613,659 731,853 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES The Company is obligated under a license agreement with Advanced NeuroRehabilitation, LLC to pay a 4% royalty on net revenue collected from the sale of devices covered by the patent-pending technology. During the three months ended March 31, 2024 and 2023, the Company recorded royalty expense from the sale of devices of approximately $5 thousand and $4 thousand, respectively, in its Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. |
ENTERPRISE-WIDE DISCLOSURES
ENTERPRISE-WIDE DISCLOSURES | 3 Months Ended |
Mar. 31, 2024 | |
ENTERPRISE-WIDE DISCLOSURES | |
ENTERPRISE-WIDE DISCLOSURES | 10. ENTERPRISE-WIDE DISCLOSURES Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the Chief Executive Officer. The Company operates and manages its business within one operating and reportable The following table presents the Company’s revenue disaggregated by geographic area (in thousands): Three Months Ended March 31, 2024 2023 Product sales, net: United States $ 79 $ 75 Canada 45 31 Total product sales, net 124 106 Other revenue 11 5 Total revenue $ 135 $ 111 Two customers accounted for 94% of net product sales for the three months ended March 31, 2024 and a single customer accounted for 14% of net product sales for the three months ended March 31, 2023. Two customers accounted for 94% of accounts receivable, net as of March 31, 2024 and a single customer accounted for 68% of accounts receivable, net as of March 31, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS On May 9, 2024, the Company closed on a registered public offering consisting of 704,999 shares of Common Stock (the “2024 Public Offering”), pre-funded warrants to purchase 2,147,222 shares of Common Stock (the “Pre-funded Warrants”) and accompanying Series A Warrants to purchase up to 2,852,221 shares of its Common Stock (“Series A Warrants”) and Series B Warrants to purchase up to 2,852,221 shares of its Common Stock (“Series B Warrants”, and together with the Series A Warrants, the “2024 Public Warrants”). The 2024 Public Offering price per share of Common Stock and accompanying Series A Warrants and Series B Warrants was $2.25, the public offering price per Pre-funded Warrant and accompanying Series A and Series B warrant was $2.249. The Pre-funded Warrants have an exercise price of $0.001 per share and 1,076,445 were exercised on the closing date. Net proceeds from the 2024 Public Offering, after deducting placement agent fees and expenses and other offering costs, were approximately $5.6 million. The 2024 Public Warrants have an exercise price of $2.25 per share, are exercisable upon issuance, and the Series A Warrants will expire five years following the date of issuance and the Series B Warrants will expire twelve months following the date of issuance. The Pre-funded Warrants are exercisable upon issuance and may be exercised at any time until the Pre-funded Warrants are exercised in full. As a result of the 2024 Public Offering, the exercise price of the 2022 Warrants will be repriced per the terms of the warrant agreement. |
SUPPLEMENTAL BALANCE SHEET DI_2
SUPPLEMENTAL BALANCE SHEET DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SUPPLEMENTAL BALANCE SHEET DISCLOSURES | |
Schedule of inventory, net | Inventory, net (in thousands) March 31, December 31, 2024 2023 Raw materials $ 295 $ 351 Work-in-process 62 67 Finished goods 66 96 Inventory, gross 423 514 Inventory reserve (39) (57) Inventory, net $ 384 $ 457 |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets (in thousands) March 31, December 31, 2024 2023 Prepaid expenses $ 547 $ 689 Inventory related 355 333 Deferred offering costs 38 140 Total prepaid expenses and other current assets $ 940 $ 1,162 |
Schedule of accrued and other current liabilities | Accrued and other current liabilities (in thousands) March 31, December 31, 2024 2023 Insurance payable $ 281 $ 446 Employees benefits 275 509 Professional services 41 52 Franchise tax 50 168 Other 27 85 Total accrued and other current liabilities $ 674 $ 1,260 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
LEASES | |
Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities as of March 31, 2024 were as follows (in thousands): 2024 (remaining) $ 35 2025 12 Total lease payments 47 Less: imputed interest (1) Total lease liabilities $ 46 |
COMMON STOCK, PREFERRED STOCK_2
COMMON STOCK, PREFERRED STOCK AND WARRANTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
COMMON STOCK, PREFERRED STOCK AND WARRANTS | |
Schedule of estimate the fair value of the warrants | March 31, December 31, 2024 2023 Stock price $ 5.83 $ 8.04 Warrant term (in years) 3.36 3.61 Expected volatility 82.10 % 84.10 % Risk-free interest rate 4.37 % 3.96 % Dividend rate 0.00 % 0.00 % |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED COMPENSATION | |
Schedule of stock-based compensation expense | Total stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of sales $ 4 $ 4 Selling, general and administrative 331 320 Research and development 66 81 Total stock-based compensation expense $ 401 $ 405 |
BASIC AND DILUTED LOSS PER SH_2
BASIC AND DILUTED LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
BASIC AND DILUTED LOSS PER SHARE | |
Schedule of computation of basic and diluted loss per share | The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information): Three Months Ended March 31, 2024 2023 Basic: Net loss available to common stockholders — basic $ (2,516) $ (2,494) Weighted average common shares outstanding — basic 817,327 564,134 Loss per share - basic $ (3.08) $ (4.42) Diluted: Net loss available to common stockholders — diluted (1) $ (2,516) $ (2,494) Weighted average common shares outstanding — diluted (1) 817,327 564,134 Loss per share — diluted $ (3.08) $ (4.42) (1) For the three months ended March 31, 2024 and March 31, 2023, no adjustment was made to the numerator and no incremental shares were added to the denominator for the Public Warrants being accounted for as a derivative liability, as the Public Warrants were out-of-the-money during the periods. Refer to Note 6 for additional information about the Public Warrants. |
Schedule of anti-dilutive securities | Three Months Ended March 31, 2024 2023 Stock options 245,830 222,424 Restricted stock units 572 40 Warrants 613,659 731,853 |
ENTERPRISE-WIDE DISCLOSURES (Ta
ENTERPRISE-WIDE DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
ENTERPRISE-WIDE DISCLOSURES | |
Schedule of revenue disaggregated by geographic area | The following table presents the Company’s revenue disaggregated by geographic area (in thousands): Three Months Ended March 31, 2024 2023 Product sales, net: United States $ 79 $ 75 Canada 45 31 Total product sales, net 124 106 Other revenue 11 5 Total revenue $ 135 $ 111 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | ||||
Aug. 11, 2023 | May 24, 2023 | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
BASIS OF PRESENTATION | |||||
Reverse stock split | 0.02 | ||||
Cash and cash equivalents | $ 3,638 | $ 5,182 | |||
Operating loss | 3,416 | $ 3,810 | |||
Accumulated deficit | 162,473 | $ 159,957 | |||
Product sales, net | $ 124 | $ 106 | |||
2022 Warrants | |||||
BASIS OF PRESENTATION | |||||
Number of days, warrants exercise price reset | 5 days | ||||
Class A Common Stock | Minimum | |||||
BASIS OF PRESENTATION | |||||
Reverse stock split | 0.10 | ||||
Class A Common Stock | Maximum | |||||
BASIS OF PRESENTATION | |||||
Reverse stock split | 0.0125 |
SUPPLEMENTAL BALANCE SHEET DI_3
SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Accounts receivable, net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Maximum | ||
Accounts receivable, net | ||
Allowance for credit losses | $ 1 | $ 1 |
SUPPLEMENTAL BALANCE SHEET DI_4
SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Inventory, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Inventory | ||
Raw materials | $ 295 | $ 351 |
Work-in-process | 62 | 67 |
Finished goods | 66 | 96 |
Inventory, gross | 423 | 514 |
Inventory reserve | (39) | (57) |
Inventory, net | 384 | 457 |
Work-in-process inventory written off to inventory reserve | $ 0 | $ 14 |
SUPPLEMENTAL BALANCE SHEET DI_5
SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
SUPPLEMENTAL BALANCE SHEET DISCLOSURES | ||
Prepaid expenses | $ 547 | $ 689 |
Inventory related | 355 | 333 |
Deferred offering costs | 38 | 140 |
Total prepaid expenses and other current assets | $ 940 | $ 1,162 |
SUPPLEMENTAL BALANCE SHEET DI_6
SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Accrued and other current liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued and other current liabilities | ||
Insurance payable | $ 281 | $ 446 |
Employees benefits | 275 | 509 |
Professional services | 41 | 52 |
Franchise tax | 50 | 168 |
Other | 27 | 85 |
Total accrued and other current liabilities | $ 674 | $ 1,260 |
SUPPLEMENTAL BALANCE SHEET DI_7
SUPPLEMENTAL BALANCE SHEET DISCLOSURES - Deferred revenue (Details) - HTC - Exclusivity Agreement $ in Thousands | Mar. 03, 2023 CAD ($) item |
Deferred Revenue | |
Value of exclusivity right granted | $ | $ 273 |
Number of additional terms | item | 1 |
Additional term | 5 years |
Period for written notice for renewal | 60 days |
LEASES (Details)
LEASES (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) lease | Mar. 31, 2023 USD ($) | |
LEASES | ||
Number of operating leases | lease | 1 | |
Lessee options to extend lease | false | |
Operating lease costs | $ 10 | $ 14 |
Maturities of operating lease liabilities | ||
2024 (remaining) | 35 | |
2025 | 12 | |
Total lease payments | 47 | |
Less: imputed interest | (1) | |
Total lease liabilities | $ 46 |
COMMON STOCK, PREFERRED STOCK_3
COMMON STOCK, PREFERRED STOCK AND WARRANTS - Offerings, Series B Preferred Stock and Warrants (Details) | 3 Months Ended | 9 Months Ended | ||||
Aug. 11, 2023 | Jun. 23, 2023 USD ($) | May 24, 2023 $ / shares | Mar. 23, 2023 USD ($) Vote | Mar. 31, 2024 USD ($) | Mar. 31, 2024 USD ($) shares | |
Common stock and warrants | ||||||
Proceeds from issuance of common stock | $ 1,374,000 | |||||
Reverse stock split | 0.02 | |||||
At-The-Market Offering | ||||||
Common stock and warrants | ||||||
Shares issued | shares | 201,211 | |||||
Aggregate offering amount | $ 2,000,000 | |||||
Proceeds from issuance of common stock | $ 1,800,000 | |||||
At-The-Market Offering | Roth | ||||||
Common stock and warrants | ||||||
Maximum commission rate, percentage of gross proceeds pursuant to the Sales Agreement | 3% | |||||
Series B Preferred Stock | ||||||
Common stock and warrants | ||||||
Dividend declared in shares of Series B Preferred Stock for each outstanding share of Class A common stock | 0.001 | |||||
Number of voting rights per share of preferred stock each holder is entitled to | Vote | 1,000,000 | |||||
Preferred stock redemption rate (in dollars per share) | $ / shares | $ 0.001 | |||||
Class A Common Stock | Minimum | ||||||
Common stock and warrants | ||||||
Reverse stock split | 0.10 | |||||
Class A Common Stock | Maximum | ||||||
Common stock and warrants | ||||||
Reverse stock split | 0.0125 |
COMMON STOCK, PREFERRED STOCK_4
COMMON STOCK, PREFERRED STOCK AND WARRANTS - Warrant fair value inputs (Details) - 2022 Warrants | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Stock price | ||
Fair value inputs | ||
Derivative Liability, Measurement Input | 5.83 | 8.04 |
Warrant term (in years) | ||
Fair value inputs | ||
Derivative Liability, Measurement Input | 3.36 | 3.61 |
Expected volatility | ||
Fair value inputs | ||
Derivative Liability, Measurement Input | 0.8210 | 0.8410 |
Risk-free interest rate | ||
Fair value inputs | ||
Derivative Liability, Measurement Input | 0.0437 | 0.0396 |
Dividend rate | ||
Fair value inputs | ||
Derivative Liability, Measurement Input | 0 | 0 |
COMMON STOCK, PREFERRED STOCK_5
COMMON STOCK, PREFERRED STOCK AND WARRANTS - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Aug. 09, 2022 | |
Warrant activity | |||
Fair value of derivative liability | $ 2,080 | $ 3,323 | |
Derivative warrant liability reclassified to equity on exercise of warrants | 101 | ||
2022 Warrants | |||
Warrant activity | |||
Fair value of derivative liability | $ 2,100 | $ 3,300 | |
Number of warrants outstanding | 603,690 | ||
Exercise price | $ 6.9135 | ||
Shares of common stock purchasable with warrants | 720,000 | ||
Number of days, warrants exercise price reset | 5 days | ||
Warrant expiration period | 5 years | ||
Number of warrants exercised | 23,400 | ||
Number of warrants cancelled | 0 | ||
Net proceeds of warrant exercise amount | $ 162 | ||
Equity-classified Warrants | |||
Warrant activity | |||
Number of warrants outstanding | 9,969 | ||
Number of warrants exercised | 0 | ||
Number of warrants cancelled | 0 | ||
Equity-classified Warrants | Weighted Average | |||
Warrant activity | |||
Exercise price | $ 819.77 |
STOCK-BASED COMPENSATION - Plan
STOCK-BASED COMPENSATION - Plan information- (Details) - shares | Mar. 31, 2024 | Jan. 01, 2023 | Dec. 31, 2022 |
2022 Plan | |||
STOCK-BASED COMPENSATION | |||
Shares authorized for issuance | 319,941 | 264,319 | |
Shares of common stock available for issuance | 74,643 | ||
Inducement Plan | |||
STOCK-BASED COMPENSATION | |||
Shares of common stock available for issuance | 9,240 |
STOCK-BASED COMPENSATION - Awar
STOCK-BASED COMPENSATION - Awards granted and outstanding (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Stock options | |
STOCK-BASED COMPENSATION | |
Outstanding stock options (in shares) | 245,830 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 76.28 |
Restricted Stock Units | |
STOCK-BASED COMPENSATION | |
Outstanding unvested RSU (in shares) | 572 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.81 |
2022 Plan | Stock options | |
STOCK-BASED COMPENSATION | |
Granted (in shares) | 0 |
2022 Plan | Restricted Stock Units | |
STOCK-BASED COMPENSATION | |
Granted (in shares) | 0 |
Inducement Plan | Stock options | |
STOCK-BASED COMPENSATION | |
Granted (in shares) | 0 |
Inducement Plan | Restricted Stock Units | |
STOCK-BASED COMPENSATION | |
Granted (in shares) | 0 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
STOCK-BASED COMPENSATION | ||
Stock based compensation expense | $ 401 | $ 405 |
Remaining unrecognized compensation expense related to nonvested awards | $ 2,100 | |
Weighted-average remaining requisite service period | 10 months 24 days | |
Cost of sales | ||
STOCK-BASED COMPENSATION | ||
Stock based compensation expense | $ 4 | 4 |
Selling, general and administrative | ||
STOCK-BASED COMPENSATION | ||
Stock based compensation expense | 331 | 320 |
Research and development | ||
STOCK-BASED COMPENSATION | ||
Stock based compensation expense | $ 66 | $ 81 |
BASIC AND DILUTED LOSS PER SH_3
BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic: | ||
Net loss available to common stockholders - basic | $ (2,516) | $ (2,494) |
Weighted average common shares outstanding - basic (in shares) | 817,327 | 564,134 |
Loss per share - basic (in dollar per share) | $ (3.08) | $ (4.42) |
Diluted: | ||
Net loss available to common stockholders - diluted | $ (2,516) | $ (2,494) |
Weighted average common shares outstanding - diluted (in shares) | 817,327 | 564,134 |
Loss per share - diluted (in dollar per share) | $ (3.08) | $ (4.42) |
BASIC AND DILUTED LOSS PER SH_4
BASIC AND DILUTED LOSS PER SHARE - Antidilutive securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock options | ||
Anti-dilutive securities | ||
Anti-dilutive outstanding securities not included in computation of diluted loss per share | 245,830 | 222,424 |
Restricted Stock Units | ||
Anti-dilutive securities | ||
Anti-dilutive outstanding securities not included in computation of diluted loss per share | 572 | 40 |
Warrants | ||
Anti-dilutive securities | ||
Anti-dilutive outstanding securities not included in computation of diluted loss per share | 613,659 | 731,853 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - License agreement (Details) - Advanced NeuroRehabilitation, LLC - License Agreement for Exclusive Right on Patent Pending Technology - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | ||
Percentage of royalty on net revenue | 4% | |
Royalty expense | $ 5 | $ 4 |
ENTERPRISE-WIDE DISCLOSURES (De
ENTERPRISE-WIDE DISCLOSURES (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment customer | Mar. 31, 2023 USD ($) | |
Revenue disaggregated by geographic area | ||
Product sales, net | $ 124 | $ 106 |
Other revenue | 11 | 5 |
Total revenue | $ 135 | $ 111 |
Number Of Operating Segments | segment | 1 | |
Number Of Reportable Segments | segment | 1 | |
Net product sales | Customer | Two customers | ||
Revenue disaggregated by geographic area | ||
Number of customers | customer | 2 | |
Concentration of risk (percent) | 94% | |
Net product sales | Customer | Single customer | ||
Revenue disaggregated by geographic area | ||
Concentration of risk (percent) | 14% | |
Accounts receivable, net | Credit | Two customers | ||
Revenue disaggregated by geographic area | ||
Number of customers | customer | 2 | |
Concentration of risk (percent) | 94% | |
Accounts receivable, net | Credit | Single customer | ||
Revenue disaggregated by geographic area | ||
Concentration of risk (percent) | 68% | |
United States | ||
Revenue disaggregated by geographic area | ||
Product sales, net | $ 79 | $ 75 |
Canada | ||
Revenue disaggregated by geographic area | ||
Product sales, net | $ 45 | $ 31 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
May 09, 2024 | Mar. 31, 2024 | |
Common Stock. | ||
Subsequent Events | ||
Shares issued | 148,201 | |
Subsequent Event | 2024 Public Offering | ||
Subsequent Events | ||
Combined offering price (in dollars per share) | $ 2.25 | |
Offering price per pre-funded warrant and accompanying Public Warrants (in dollars per share) | $ 2.249 | |
Net proceeds from issuance of common stock | $ 5.6 | |
Subsequent Event | Pre-Funded Warrants | 2024 Public Offering | ||
Subsequent Events | ||
Shares of common stock purchasable with warrants | 2,147,222 | |
Exercise price | $ 0.001 | |
Number of warrants exercised | 1,076,445 | |
Subsequent Event | Series A Warrants | 2024 Public Offering | ||
Subsequent Events | ||
Shares of common stock purchasable with warrants | 2,852,221 | |
Warrants expiration period | 5 years | |
Subsequent Event | Series B Warrants | 2024 Public Offering | ||
Subsequent Events | ||
Shares of common stock purchasable with warrants | 2,852,221 | |
Warrants expiration period | 12 months | |
Subsequent Event | Public Warrants | 2024 Public Offering | ||
Subsequent Events | ||
Exercise price | $ 2.25 | |
Subsequent Event | Common Stock. | 2024 Public Offering | ||
Subsequent Events | ||
Shares issued | 704,999 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (2,516) | $ (2,494) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |