(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | o | Accelerated filer | o | ||||||||
x | Smaller reporting company | ||||||||||
Emerging growth company |
Item 1. | ||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Prepaid expenses | |||||||||||
Inventory, net | |||||||||||
Total current assets | |||||||||||
Right to use assets, operating leases | |||||||||||
Property and equipment, net | |||||||||||
Other noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Current portion of operating lease liability | |||||||||||
Current portion of note payable | |||||||||||
Deferred revenue | |||||||||||
Total current liabilities | |||||||||||
Note payable, less current portion | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see notes) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues, net | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross profit | |||||||||||
Operating expenses: | |||||||||||
Research and development | |||||||||||
Selling, general and administrative | |||||||||||
Total operating expenses | |||||||||||
Loss from operations | ( | ( | |||||||||
Other income (expense): | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ||||||||||
Other income, net | |||||||||||
Net loss and comprehensive loss | $ | ( | $ | ( | |||||||
Weighted average shares outstanding - basic and diluted | |||||||||||
Net loss per share - basic and diluted | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation | |||||||||||
Bad debt expense | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Prepaid expenses | |||||||||||
Inventory | ( | ||||||||||
Other assets | ( | ( | |||||||||
Accounts payable | ( | ( | |||||||||
Accrued expenses | |||||||||||
Deferred revenue | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments of notes payable | ( | ||||||||||
Proceeds from the exercise of warrants | |||||||||||
Payment of employee withholding taxes related to share based awards | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental cash flow information is as follows: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Accounts receivable | $ | $ | |||||||||
Allowance for uncollectible accounts | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance as of beginning of period | $ | $ | |||||||||
Increase in provision | |||||||||||
Amounts written off, less recoveries | ( | ||||||||||
Balance as of end of period | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in progress | |||||||||||
Finished goods | |||||||||||
Total inventory | |||||||||||
Less: reserve for obsolescence | ( | ( | |||||||||
Inventory, net | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance as of beginning of period | $ | $ | |||||||||
Increase in reserve | |||||||||||
Amounts relieved | |||||||||||
Balance as of end of period | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Software licenses | |||||||||||
Professional services | |||||||||||
Insurance | |||||||||||
Deposit on equipment purchase | |||||||||||
Patents | |||||||||||
Prepaid inventory | |||||||||||
Other | |||||||||||
Total prepaid expenses | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Research and development equipment | $ | $ | |||||||||
Office and computer equipment | |||||||||||
Autos | |||||||||||
Furniture and fixtures | |||||||||||
Leasehold improvements | |||||||||||
Total in service | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Property and equipment, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Compensation, severance and related benefits | $ | $ | |||||||||
Legal and consulting professional services | |||||||||||
Product warranty | |||||||||||
Other | |||||||||||
Total accrued expenses | $ | $ |
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Total principal payments | ||||||||
Less: current portion of notes payable | ( | |||||||
Notes payable, less current portion | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating lease cost | $ | $ | |||||||||
2024 | $ | |||||||
Total operating lease payments | ||||||||
Less: imputed interest | ( | |||||||
Total operating lease liabilities | $ |
Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | ||||||||||||||||||
Three months ended March 31, 2024: | ||||||||||||||||||||
Outstanding as of December 31, 2023 | $ | |||||||||||||||||||
Forfeited | ( | |||||||||||||||||||
Outstanding as of March 31, 2024 | (1) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Research and development | $ | $ | |||||||||
Selling, general and administrative (1) | |||||||||||
Total stock-based compensation expense | $ | $ |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||
Balances as of December 31, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | |||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balances as of March 31, 2024 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||
Balances as of December 31, 2022 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | — | — | |||||||||||||||||||||||||
Issuance of shares pursuant to the vesting of restricted stock units, net of shares withheld for taxes | — | ( | — | ( | |||||||||||||||||||||||||
Issuance of common stock for service | — | — | |||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balances as of March 31, 2023 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | |||||||||||||||
Outstanding as of December 31, 2023 | $ | ||||||||||||||||
Exercised | ( | — | |||||||||||||||
Outstanding as of March 31, 2024 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Common stock warrants | |||||||||||
Stock options | |||||||||||
Three Months Ended March 31, | % Increase (Decrease) | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
Revenues, net | $ | 415 | $ | 233 | 78 | % | |||||||||||
Cost of sales | 280 | 141 | 99 | % | |||||||||||||
Gross profit | 135 | 92 | 47 | % | |||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 370 | 387 | (4) | % | |||||||||||||
Selling, general and administrative | 1,608 | 1,750 | (8) | % | |||||||||||||
Total operating expenses | 1,978 | 2,137 | (7) | % | |||||||||||||
Loss from operations | (1,843) | (2,045) | (10) | % | |||||||||||||
Other income, net | 11 | 8 | 38 | % | |||||||||||||
Net loss | $ | (1,832) | $ | (2,037) | (10) | % |
Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
Personnel (including stock-based compensation) | $ | 198 | $ | 242 | $ | (44) | |||||||||||
Facility-related | 39 | 26 | 13 | ||||||||||||||
Depreciation | 30 | 28 | 2 | ||||||||||||||
Supplies and maintenance | 28 | 30 | (2) | ||||||||||||||
Professional fees | 18 | 44 | (26) | ||||||||||||||
Stability studies, materials and testing | 16 | 3 | 13 | ||||||||||||||
Other | 41 | 14 | 27 | ||||||||||||||
Total | $ | 370 | $ | 387 | $ | (17) |
Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
Personnel (including stock-based compensation) | $ | 862 | $ | 903 | $ | (41) | |||||||||||
Professional fees | 314 | 452 | (138) | ||||||||||||||
Marketing | 73 | 54 | 19 | ||||||||||||||
Licensed software | 69 | 65 | 4 | ||||||||||||||
Insurance | 61 | 86 | (25) | ||||||||||||||
Travel and entertainment | 59 | 74 | (15) | ||||||||||||||
Facilities | 40 | 38 | 2 | ||||||||||||||
Other | 130 | 78 | 52 | ||||||||||||||
Total | $ | 1,608 | $ | 1,750 | $ | (142) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash and cash equivalents, beginning of period | $ | 5,395 | $ | 4,775 | |||||||
Net cash provided by (used in): | |||||||||||
Operating activities | (1,829) | (2,015) | |||||||||
Investing activities | (2) | (1) | |||||||||
Financing activities | (2) | (11) | |||||||||
Decrease in cash and cash equivalents | (1,833) | (2,027) | |||||||||
Cash and cash equivalents, end of period | $ | 3,562 | $ | 2,748 |
Exhibit Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
SENESTECH, INC. | ||||||||
Date: May 9, 2024 | By: | /s/ Joel L. Fruendt | ||||||
Joel L. Fruendt | ||||||||
President and Chief Executive Officer | ||||||||
Date: May 9, 2024 | By: | /s/ Thomas C. Chesterman | ||||||
Thomas C. Chesterman | ||||||||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary | ||||||||
Dated: May 9, 2024 | /s/ Joel L. Fruendt | ||||
Joel L. Fruendt | |||||
President and Chief Executive Officer |
Dated: May 9, 2024 | /s/ Thomas C. Chesterman | ||||
Thomas C. Chesterman | |||||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
Dated: May 9, 2024 | /s/ Joel L. Fruendt | ||||
Joel L. Fruendt | |||||
President and Chief Executive Officer |
Dated: May 9, 2024 | /s/ Thomas C. Chesterman | ||||
Thomas C. Chesterman | |||||
Executive Vice President, Chief Financial Officer, Treasurer and Secretary |
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 5,144,632 | 5,140,024 |
Common stock, shares outstanding (in shares) | 5,144,632 | 5,140,024 |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement [Abstract] | ||
Revenues, net | $ 415 | $ 233 |
Cost of sales | 280 | 141 |
Gross profit | 135 | 92 |
Operating expenses: | ||
Research and development | 370 | 387 |
Selling, general and administrative | 1,608 | 1,750 |
Total operating expenses | 1,978 | 2,137 |
Loss from operations | (1,843) | (2,045) |
Other income (expense): | ||
Interest income | 15 | 8 |
Interest expense | (4) | 0 |
Other income, net | 11 | 8 |
Net loss | (1,832) | (2,037) |
Comprehensive loss | $ (1,832) | $ (2,037) |
Weighted average shares outstanding - basic (in shares) | 5,144,531 | 171,047 |
Weighted average shares outstanding - diluted (in shares) | 5,144,531 | 171,047 |
Net loss per share - basic (in dollars per share) | $ (0.36) | $ (11.91) |
Net loss per share - diluted (in dollars per share) | $ (0.36) | $ (11.91) |
BASIS OF PRESENTATION |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Nature of Business SenesTech, Inc. (subsequently referred to in this report as “we,” “us,” “our,” or “our company”) was incorporated in the state of Nevada in July 2004. On November 12, 2015, we subsequently reincorporated in the state of Delaware. Our corporate headquarters and manufacturing site are in Phoenix, Arizona. We have developed and are commercializing a global, proprietary technology for managing animal pest populations, initially rat populations, through fertility control. Our first product is known as ContraPest®. ContraPest is a liquid bait containing the active ingredients 4-vinylcyclohexene diepoxide and triptolide. ContraPest limits reproduction of male and female rats beginning with the first breeding cycle following consumption. ContraPest is being marketed for use in controlling Norway and roof rat populations. In addition to the U.S. Environmental Protection Agency registration of ContraPest, we must obtain registration from the various state regulatory agencies prior to selling in each state. To date, we have received registration for ContraPest in all 50 states and the District of Columbia, 49 of which have approved the removal of the Restricted Use designation, as well as the District of Columbia and five major U.S. territories. In November 2023, we launched our latest product EvolveTM, a soft bait containing the active ingredient cottonseed oil. Evolve limits reproduction of male and female rats after one to two breeding cycles following consumption. Evolve is considered a minimum risk pesticide under the U.S. Environmental Protection Agency Federal Insecticide, Fungicide, and Rodenticide Act, Section 25(b). We must obtain registration from the various state regulatory agencies that do not accept the federal exemption. To date, we are authorized to sell Evolve in 33 states. Going Concern Our condensed financial statements as of March 31, 2024 were prepared under the assumption that we would continue as a going concern. The reports of our independent registered public accounting firm that accompanies our financial statements for each of the years ended December 31, 2023 and December 31, 2022 contain a going concern qualification in which such firm expressed substantial doubt about our ability to continue as a going concern, based on the financial statements at that time. Specifically, we have incurred operating losses since our inception, and we expect to continue to incur significant expenses and operating losses for the foreseeable future. These prior losses and expected future losses have had, and will continue to have, an adverse effect on our financial condition. If we encounter continued issues or delays in the commercialization of fertility control products, our expected future losses could have an adverse effect on our financial condition and negatively impact our ability to fund continued operations, obtain additional financing in the future and continue as a going concern. There are no assurances that such financing, if necessary, will be available to us at all or will be available in sufficient amounts or on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. If we are unable to generate additional funds in the future through additional financings, sales of our products, licensing fees, royalty payments or from other sources or transactions, we will exhaust our resources and will be unable to continue operations. Liquidity and Capital Resources Since our inception, we have sustained significant operating losses in the course of our research and development and commercialization activities and expect such losses to continue for the near future. We have generated limited revenue to date from product sales, research grants and licensing fees received under a former license agreement. We have primarily funded our operations to date through the sale of equity securities, including convertible preferred stock, common stock and warrants to purchase common stock. We have also raised capital through debt financing, consisting primarily of convertible notes and government loan programs, and, to a lesser extent, payments received in connection with product sales, research grants and licensing fees. As of March 31, 2024, we had an accumulated deficit of $131.7 million and cash and cash equivalents of $3.6 million. Our ultimate success depends upon the outcome of a combination of factors, including the following: (i) successful commercialization of fertility control products and maintaining and obtaining regulatory approval of our products and product candidates; (ii) market acceptance, commercial viability and profitability of fertility control products and other products; (iii) the ability to market our products and establish an effective sales force and marketing infrastructure to generate significant revenue; (iv) the success of our research and development; (v) the ability to retain and attract key personnel to develop, operate and grow our business; and (vi) our ability to meet our working capital needs. Based upon our current operating plan, we expect that cash and cash equivalents at March 31, 2024, in combination with anticipated revenue and any additional sales of our equity securities, will be sufficient to fund our current operations for at least the next six months. While we have evaluated and continue to evaluate our operating expenses and concentrate our resources toward the successful commercialization of fertility control products in the United States, additional financing will be needed before achieving anticipated revenue targets and margin targets. If we are unable to raise necessary capital through the sale of our securities, we may be required to take other measures that could impair our ability to be successful and operate as a going concern. In any event, additional capital is needed in order to fund our operating losses and research and development activities before we become profitable. We may never achieve profitability or generate positive cash flows, and unless and until we do, we will continue to need to raise capital through equity or debt financing. If such equity or debt financing is not available at adequate levels or on acceptable terms, we may need to delay, limit or terminate commercialization and development efforts or discontinue operations. Condensed Financial Statements Our accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with the U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, the unaudited condensed financial statements include all material adjustments, all of which are of a normal and recurring nature, necessary to present fairly our financial position as of March 31, 2024, and our operating results and cash flows for the three month periods ended March 31, 2024 and 2023. The accompanying financial information as of December 31, 2023 is derived from audited financial statements. Interim results are not necessarily indicative of results for a full year. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024. Recent Accounting Pronouncements There have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our condensed financial statements. 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 and classification of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The significant estimates in our financial statements include the valuation of inventory, common stock warrants, and stock-based awards, such as stock options and restricted stock units. Actual results could differ from such estimates. Advertising Costs Advertising costs are expensed as incurred and was $61,000 and $41,000 for the three months ended March 31, 2024 and 2023. Comprehensive Loss We have no other comprehensive income items for the periods presented. As a result, our net loss and comprehensive loss were the same for the periods presented and a separate statement of comprehensive loss is not included in the accompanying condensed financial statements.
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BALANCE SHEET COMPONENTS |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Cash and Cash Equivalents Highly liquid investments with maturities of three months or less as of the date of acquisition are classified as cash equivalents, of which we had $3.6 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively, included within cash and cash equivalents in the condensed balance sheets. Accounts Receivable, Net Accounts receivable, net consisted of the following (in thousands):
The following was the activity in the allowance for uncollectible accounts (in thousands):
Inventory, net Inventory, net consisted of the following (in thousands):
The following was the activity in the reserve for obsolescence (in thousands):
Prepaid Expenses Prepaid expenses consisted of the following (in thousands):
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
Accrued Expenses Accrued expenses consisted of the following (in thousands):
Notes Payable In 2023, we arranged financing for the purchase of certain equipment. The notes payable for that certain equipment have an annual interest rate of 9.1% with a term of five years and is secured by the underlying equipment. As of March 31, 2024, future principal payments were as follows (in thousands):
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FAIR VALUE MEASUREMENTS |
3 Months Ended |
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Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The carrying amounts of our financial instruments, including accounts payable and accrued liabilities, approximate fair value due to their short maturities. Notes payable are recorded at amortized cost, which approximates fair value.
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LEASES |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES We have operating leases for our corporate headquarters and our manufacturing and research facility, which expire in 2024. The components of lease cost were as follows (in thousands):
As of March 31, 2024, maturities of operating lease liabilities were as follows (in thousands):
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STOCK-BASED COMPENSATION |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION In 2018, our stockholders approved the adoption of the SenesTech, Inc. 2018 Equity Incentive Plan (the “2018 Plan”) which provides for the issuance of stock-based instruments, such as stock options or restricted stock units, to employees or consultants as deemed appropriate. The 2018 Plan has since been amended and restated on certain occasions, most recently on June 26, 2023, when our stockholders approved an increase to the total number of authorized shares to 70,717 shares. Currently, we only have stock options outstanding under the 2018 Plan, which are generally issued with a per share exercise price equal to the fair market value of our common stock at the date of grant. Options granted generally vest immediately, or ratably over a 12- to 36-month period coinciding with their respective service periods, with terms generally of five years. Certain stock option awards provide for accelerated vesting upon a change in control. As of March 31, 2024, we had 42,049 shares of common stock available for issuance under the 2018 Plan. The following table presents the outstanding stock option activity:
(1) Includes options related to 8,249 shares that are inducement awards and not granted under the 2018 Plan. The stock-based compensation expense was recorded as follows (in thousands):
(1) Includes $2,000 related to stock issued in exchange for marketing services for the three months ended March 31, 2023. The allocation between research and development and selling, general and administrative expense was based on the department and services performed by the employee or non-employee. At March 31, 2024, the total compensation cost related to unvested options not yet recognized was $207,000, which will be recognized over a weighted average period of 1.1 years, assuming the employees and non-employees complete their service period required for vesting.
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STOCKHOLDERS' EQUITY |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Activity in equity during the three month periods ended March 31, 2024 and 2023 was as follows (dollars in thousands):
The following table presents the common stock warrant activity:
During the three months ended March 31, 2024, warrants representing 4,608 shares of common stock were exercised with an exercise price of $1.30 per share.
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COMMON STOCK WARRANTS |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK WARRANTS | STOCKHOLDERS’ EQUITY Activity in equity during the three month periods ended March 31, 2024 and 2023 was as follows (dollars in thousands):
The following table presents the common stock warrant activity:
During the three months ended March 31, 2024, warrants representing 4,608 shares of common stock were exercised with an exercise price of $1.30 per share.
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LOSS PER SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOSS PER SHARE | LOSS PER SHARE Basic loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period, which includes prefunded warrants and shares held in abeyance from date of issuance. Diluted loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares used in the basic loss per share calculation plus potentially dilutive securities outstanding during the period determined using the treasury stock method. Stock options and warrants are considered to be potentially dilutive securities but have been excluded from the calculation of diluted loss per share because their effect would be anti-dilutive given the net losses reported for all periods presented. Therefore, basic and diluted loss per share are the same for each period presented. The following shares were excluded from the calculation of diluted net loss per share:
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SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS We have evaluated subsequent events from the balance sheet date through May 9, 2024, the date at which the condensed financial statements were issued, and determined that there were no additional items that require adjustment to or disclosure in the condensed financial statements.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss | $ (1,832) | $ (2,037) |
Insider Trading Arrangements |
3 Months Ended |
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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 |
BASIS OF PRESENTATION (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | Condensed Financial Statements Our accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with the U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, the unaudited condensed financial statements include all material adjustments, all of which are of a normal and recurring nature, necessary to present fairly our financial position as of March 31, 2024, and our operating results and cash flows for the three month periods ended March 31, 2024 and 2023.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements There have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our condensed financial statements.
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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 and classification of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The significant estimates in our financial statements include the valuation of inventory, common stock warrants, and stock-based awards, such as stock options and restricted stock units. Actual results could differ from such estimates.
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Comprehensive Loss | Comprehensive Loss We have no other comprehensive income items for the periods presented. As a result, our net loss and comprehensive loss were the same for the periods presented and a separate statement of comprehensive loss is not included in the accompanying condensed financial statements.
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Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and was $61,000 and $41,000 for the three months ended March 31, 2024 and 2023.
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Cash and Cash Equivalents | Cash and Cash Equivalents Highly liquid investments with maturities of three months or less as of the date of acquisition are classified as cash equivalents, of which we had $3.6 million and $5.4 million as of March 31, 2024 and December 31, 2023, respectively, included within cash and cash equivalents in the condensed balance sheets.
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BALANCE SHEET COMPONENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts receivable, net and activity in allowance for uncollectible accounts | Accounts receivable, net consisted of the following (in thousands):
The following was the activity in the allowance for uncollectible accounts (in thousands):
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Schedule of inventory, net and activity in reserve for obsolescence | Inventory, net consisted of the following (in thousands):
The following was the activity in the reserve for obsolescence (in thousands):
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Schedule of prepaid expenses | Prepaid expenses consisted of the following (in thousands):
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Schedule of property and equipment, net | Property and equipment, net consisted of the following (in thousands):
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Schedule of accrued expenses | Accrued expenses consisted of the following (in thousands):
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Schedule of maturities of notes payable | As of March 31, 2024, future principal payments were as follows (in thousands):
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of lease cost | The components of lease cost were as follows (in thousands):
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Schedule of future minimum operating lease payments | As of March 31, 2024, maturities of operating lease liabilities were as follows (in thousands):
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STOCK-BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option activity | The following table presents the outstanding stock option activity:
(1) Includes options related to 8,249 shares that are inducement awards and not granted under the 2018 Plan.
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Schedule of stock-based compensation expense | The stock-based compensation expense was recorded as follows (in thousands):
(1) Includes $2,000 related to stock issued in exchange for marketing services for the three months ended March 31, 2023.
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STOCKHOLDERS' EQUITY (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stockholders' equity activity | Activity in equity during the three month periods ended March 31, 2024 and 2023 was as follows (dollars in thousands):
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COMMON STOCK WARRANTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of common stock warrant activity | The following table presents the common stock warrant activity:
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LOSS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding potentially dilutive securities | The following shares were excluded from the calculation of diluted net loss per share:
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BASIS OF PRESENTATION (Details) $ in Thousands |
2 Months Ended | 3 Months Ended | |
---|---|---|---|
Dec. 31, 2023
USD ($)
state
|
Mar. 31, 2024
USD ($)
territory
state
|
Mar. 31, 2023
USD ($)
|
|
Organization and Description of Business [Line Items] | |||
Number of states registration received | state | 50 | ||
Number of states approved removal of RUP designation | state | 49 | ||
Number of major U.S. territories registration received | territory | 5 | ||
Accumulated deficit | $ | $ 129,913 | $ 131,745 | |
Cash and cash equivalents | $ | $ 5,395 | 3,562 | |
Advertising costs | $ | $ 61 | $ 41 | |
Evolve | |||
Organization and Description of Business [Line Items] | |||
Number of states authorized to sell product | state | 33 |
BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Mar. 31, 2024 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash and cash equivalents | $ 5,395 | $ 3,562 |
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 5,395 | $ 3,562 |
Notes Payable | ||
Debt Instrument [Line Items] | ||
Debt, annual interest rate | 9.10% | |
Debt, term | 5 years |
BALANCE SHEET COMPONENTS - Schedule of accounts receivable, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accounts receivable | $ 165 | $ 99 | ||
Allowance for uncollectible accounts | (4) | (4) | $ (4) | $ (6) |
Accounts receivable, net | $ 161 | $ 95 |
BALANCE SHEET COMPONENTS - Schedule of allowance for uncollectible accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance as of beginning of period | $ 4 | $ 6 |
Increase in provision | 0 | 0 |
Amounts written off, less recoveries | 0 | (2) |
Balance as of end of period | $ 4 | $ 4 |
BALANCE SHEET COMPONENTS - Schedule of inventory, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Raw materials | $ 797 | $ 747 | ||
Work in progress | 11 | 0 | ||
Finished goods | 71 | 53 | ||
Total inventory | 879 | 800 | ||
Less: reserve for obsolescence | (5) | (5) | $ (18) | $ (18) |
Inventory, net | $ 874 | $ 795 |
BALANCE SHEET COMPONENTS - Schedule of activity in reserve for obsolescence (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Inventory, Valuation Reserves [Roll Forward] | ||
Balance as of beginning of period | $ 5 | $ 18 |
Increase in reserve | 0 | 0 |
Amounts relieved | 0 | 0 |
Balance as of end of period | $ 5 | $ 18 |
BALANCE SHEET COMPONENTS - Schedule of prepaid expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Software licenses | $ 139 | $ 152 |
Professional services | 66 | 30 |
Insurance | 49 | 64 |
Deposit on equipment purchase | 25 | 0 |
Patents | 9 | 14 |
Prepaid inventory | 8 | 111 |
Other | 50 | 17 |
Total prepaid expenses | $ 346 | $ 388 |
BALANCE SHEET COMPONENTS - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ (2,456) | $ (2,419) |
Property and equipment, net | 353 | 388 |
Depreciable Property, Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total in service | 2,809 | 2,807 |
Research and development equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total in service | 1,763 | 1,763 |
Office and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total in service | 808 | 808 |
Autos | ||
Property, Plant and Equipment [Line Items] | ||
Total in service | 54 | 54 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total in service | 41 | 41 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total in service | $ 143 | $ 141 |
BALANCE SHEET COMPONENTS - Schedule of accrued expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Compensation, severance and related benefits | $ 285 | $ 232 |
Legal and consulting professional services | 27 | 121 |
Product warranty | 12 | 15 |
Other | 67 | 0 |
Total accrued expenses | $ 391 | $ 368 |
BALANCE SHEET COMPONENTS - Schedule of notes payable maturities (Details) - Notes Payable $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
2024 | $ 25 |
2025 | 36 |
2026 | 39 |
2027 | 43 |
2028 | 38 |
Total principal payments | 181 |
Less: current portion of notes payable | (34) |
Notes payable, less current portion | $ 147 |
LEASES - Schedule of lease cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 56 | $ 56 |
LEASES - Schedule of maturities of operating leases liabilities (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Leases [Abstract] | |
2023 | $ 164 |
Total operating lease payments | 164 |
Less: imputed interest | (5) |
Total operating lease liabilities | $ 159 |
STOCK-BASED COMPENSATION - Narrative (Details) - 2018 Equity Incentive Plan - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Jun. 30, 2019 |
Jun. 26, 2023 |
|
Stock-Based Compensation (Details) [Line Items] | |||
Shares authorized (in shares) | 70,717 | ||
Common stock, available for issuance (in shares) | 42,049 | ||
Unrecognized compensation cost | $ 207 | ||
Stock Options | |||
Stock-Based Compensation (Details) [Line Items] | |||
Options, term | 5 years | ||
Unrecognized compensation cost, period of recognition | 1 year 1 month 6 days | ||
Minimum | Stock Options | |||
Stock-Based Compensation (Details) [Line Items] | |||
Options, vesting period | 12 months | ||
Maximum | Stock Options | |||
Stock-Based Compensation (Details) [Line Items] | |||
Options, vesting period | 36 months |
STOCK-BASED COMPENSATION - Schedule of stock option activity (Details) - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Number of Options | ||
Beginning Balance (in shares) | 36,708 | |
Forfeited (in shares) | (41) | |
Ending Balance (in shares) | 36,667 | 36,708 |
Weighted Average Exercise Price Per Share | ||
Beginning Balance (in dollars per share) | $ 119.70 | |
Forfeited (in dollars per share) | 300.62 | |
Ending Balance (in dollars per share) | $ 119.49 | $ 119.70 |
Weighted Average Remaining Contractual Term (years) | ||
Outstanding | 3 years 9 months 18 days | 4 years |
Forfeited | $ 3.0 | |
Stock Options, Inducement Awards | ||
Number of Options | ||
Ending Balance (in shares) | 8,249 |
STOCK-BASED COMPENSATION - Schedule of stock-based compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Stock-Based Compensation (Details) [Line Items] | ||
Total stock-based compensation expense | $ 85 | $ 166 |
Issuance of common stock for service | 100 | |
Research and development | ||
Stock-Based Compensation (Details) [Line Items] | ||
Total stock-based compensation expense | 4 | 4 |
Selling, general and administrative | ||
Stock-Based Compensation (Details) [Line Items] | ||
Total stock-based compensation expense | $ 81 | 162 |
Issuance of common stock for service | $ 2 |
COMMON STOCK WARRANTS - Schedule of common stock warrant activity for the period (Details) - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Shares | ||
Beginning Balance (in shares) | 7,775,734 | |
Exercised (in shares) | (4,608) | |
Ending Balance (in shares) | 7,771,126 | 7,775,734 |
Weighted Average Exercise Price Per Share | ||
Beginning Balance (in dollars per share) | $ 2.95 | |
Exercised (in dollars per share) | 1.30 | |
Ending Balance (in dollars per share) | $ 2.95 | $ 2.95 |
Weighted Average Remaining Contractual Term (years) | ||
Outstanding (in years) | 3 years 1 month 6 days | 3 years 4 months 24 days |
COMMON STOCK WARRANTS - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Class of Warrant or Right [Line Items] | |
Warrants, exercised (in shares) | shares | 4,608 |
Warrants, exercised (in dollars per share) | $ / shares | $ 1.30 |
PreFunded Warrants, Issued in November 2022, Common Stock, Registered Direct Offering | |
Class of Warrant or Right [Line Items] | |
Warrants, exercised (in shares) | shares | 4,608 |
Warrants, exercised (in dollars per share) | $ / shares | $ 1.30 |
LOSS PER SHARE -Schedule of outstanding potentially dilutive securities (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 0 | 288,772 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 0 | 265,401 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 0 | 23,371 |
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