Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-32288 | |
Entity Registrant Name | NEPHROS, INC. | |
Entity Central Index Key | 0001196298 | |
Entity Tax Identification Number | 13-3971809 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 380 Lackawanna Place | |
Entity Address, City or Town | South Orange | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07079 | |
City Area Code | (201) | |
Local Phone Number | 343-5202 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | NEPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,484,932 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,622 | $ 3,634 |
Accounts receivable, net | 1,443 | 1,286 |
Inventory | 2,268 | 3,153 |
Prepaid expenses and other current assets | 173 | 188 |
Total current assets | 8,506 | 8,261 |
Property and equipment, net | 88 | 116 |
Lease right-of-use assets | 750 | 984 |
Intangible assets, net | 392 | 423 |
Goodwill | 759 | 759 |
License and supply agreement, net | 301 | 402 |
Other assets | 123 | 54 |
TOTAL ASSETS | 10,919 | 10,999 |
Current liabilities: | ||
Current portion of secured note payable | 71 | |
Accounts payable | 805 | 740 |
Accrued expenses | 712 | 285 |
Current portion of lease liabilities | 311 | 316 |
Total current liabilities | 1,828 | 1,412 |
Equipment financing, net of current portion | 1 | |
Lease liabilities, net of current portion | 469 | 705 |
TOTAL LIABILITIES | 2,297 | 2,118 |
COMMITMENTS AND CONTINGENCIES (Note 14) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022. | ||
Common stock, $.001 par value; 40,000,000 shares authorized at September 30, 2023 and December 31, 2022; 10,484,932 and 10,297,429 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. | 10 | 10 |
Additional paid-in capital | 152,364 | 148,413 |
Accumulated deficit | (143,752) | (142,831) |
Subtotal | 8,622 | 5,592 |
Noncontrolling interest | 3,289 | |
TOTAL STOCKHOLDERS’ EQUITY | 8,622 | 8,881 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 10,919 | $ 10,999 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 10,484,932 | 10,297,429 |
Common stock, shares outstanding | 10,484,932 | 10,297,429 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net revenue: | ||||
Total net revenues | $ 3,742 | $ 2,409 | $ 10,984 | $ 7,417 |
Cost of goods sold | 1,548 | 1,647 | 4,600 | 4,195 |
Gross margin | 2,194 | 762 | 6,384 | 3,222 |
Operating expenses: | ||||
Selling, general and administrative | 2,137 | 1,743 | 6,500 | 5,806 |
Research and development | 205 | 252 | 665 | 896 |
Depreciation and amortization | 55 | 48 | 163 | 162 |
Total operating expenses | 2,397 | 2,043 | 7,328 | 6,864 |
Operating loss from continuing operations | (203) | (1,281) | (944) | (3,642) |
Other (expense) income: | ||||
Interest expense | (4) | (1) | (17) | |
Interest income | 11 | 4 | 36 | 7 |
Other income (expense), net | 10 | 31 | (12) | 94 |
Total other expense: | 21 | 31 | 23 | 84 |
Loss from continuing operations | (182) | (1,250) | (921) | (3,558) |
Net loss from discontinued operations | (1,904) | (2,700) | ||
Net loss | (182) | (3,154) | (921) | (6,258) |
Less: Undeclared deemed dividend attributable to noncontrolling interest | (77) | (206) | ||
Net loss attributable to Nephros, Inc. shareholders | $ (182) | $ (3,231) | $ (921) | $ (6,464) |
Net loss per common share, basic from continuing operations | $ (0.02) | $ (0.12) | $ (0.09) | $ (0.35) |
Net loss per common share, diluted from continuing operations | (0.02) | (0.12) | (0.09) | (0.35) |
Net loss per common share, basic from discontinued operations | (0.18) | (0.26) | ||
Net loss per common share, diluted from discontinued operations | (0.18) | (0.26) | ||
Net loss per common share, basic | (0.02) | (0.30) | (0.09) | (0.61) |
Net loss per common share, diluted | (0.02) | (0.30) | (0.09) | (0.61) |
Net loss per common share, basic, attributable to continuing noncontrolling interest | (0.01) | (0.02) | ||
Net loss per common share, diluted, attributable to continuing noncontrolling interest | (0.01) | (0.02) | ||
Net loss per common share, basic, attributable to Nephros, Inc, shareholders | (0.02) | (0.31) | (0.09) | (0.63) |
Net loss per common share, diluted, attributable to Nephros, Inc, shareholders | $ (0.02) | $ (0.31) | $ (0.09) | $ (0.63) |
Weighted average common shares outstanding, basic | 10,460,866 | 10,303,818 | 10,352,108 | 10,278,258 |
Weighted average common shares outstanding, diluted | 10,460,866 | 10,303,818 | 10,352,108 | 10,278,258 |
Comprehensive loss: | ||||
Net loss | $ (182) | $ (3,154) | $ (921) | $ (6,258) |
Other comprehensive loss, foreign currency translation adjustments, net of tax | (3) | |||
Comprehensive loss | (182) | (3,154) | (921) | (6,261) |
Comprehensive loss attributable to noncontrolling interest | (77) | (206) | ||
Comprehensive loss attributable to Nephros, Inc. shareholders | (182) | (3,231) | (921) | (6,467) |
Product [Member] | ||||
Net revenue: | ||||
Total net revenues | 3,713 | 2,399 | 10,912 | 7,387 |
Royalty and Other Revenues [Member] | ||||
Net revenue: | ||||
Total net revenues | $ 29 | $ 10 | $ 72 | $ 30 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 10 | $ 147,346 | $ 64 | $ (135,725) | $ 11,695 | $ 3,054 | $ 14,749 |
Balance, shares at Dec. 31, 2021 | 10,198,712 | ||||||
Net loss | (1,967) | (1,967) | (1,967) | ||||
Change in non-controlling interest | 188 | 188 | |||||
Stock-based compensation | 272 | 272 | 272 | ||||
Net unrealized losses on foreign currency translation, net of tax | (3) | (3) | (3) | ||||
Exercise of warrants | 163 | 163 | 163 | ||||
Exercise of warrants, shares | 60,374 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 10 | 147,781 | 61 | (137,692) | 10,160 | 3,242 | 13,402 |
Ending balance, shares at Mar. 31, 2022 | 10,259,086 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 10 | 147,346 | 64 | (135,725) | 11,695 | 3,054 | 14,749 |
Balance, shares at Dec. 31, 2021 | 10,198,712 | ||||||
Net loss | (6,258) | ||||||
Net unrealized losses on foreign currency translation, net of tax | (3) | ||||||
Ending balance, value at Sep. 30, 2022 | $ 10 | 148,275 | (141,983) | 6,302 | 3,279 | 9,581 | |
Ending balance, shares at Sep. 30, 2022 | 10,303,818 | ||||||
Beginning balance, value at Mar. 31, 2022 | $ 10 | 147,781 | 61 | (137,692) | 10,160 | 3,242 | 13,402 |
Balance, shares at Mar. 31, 2022 | 10,259,086 | ||||||
Net loss | (1,137) | (1,137) | (1,137) | ||||
Stock-based compensation | 259 | 259 | 18 | 277 | |||
Restricted stock vesting | |||||||
Restricted stock vesting, shares | 44,732 | ||||||
Elimination of cumulative translation adjustment, upon closing of wholly owned foreign subsidiary | (61) | (61) | (61) | ||||
Ending balance, value at Jun. 30, 2022 | $ 10 | 148,040 | (138,829) | 9,221 | 3,260 | 12,481 | |
Ending balance, shares at Jun. 30, 2022 | 10,303,818 | ||||||
Net loss | (3,154) | (3,154) | (3,154) | ||||
Stock-based compensation | 235 | 235 | 19 | 254 | |||
Net unrealized losses on foreign currency translation, net of tax | |||||||
Ending balance, value at Sep. 30, 2022 | $ 10 | 148,275 | (141,983) | 6,302 | 3,279 | 9,581 | |
Ending balance, shares at Sep. 30, 2022 | 10,303,818 | ||||||
Beginning balance, value at Dec. 31, 2022 | $ 10 | 148,413 | (142,831) | 5,592 | 3,289 | 8,881 | |
Balance, shares at Dec. 31, 2022 | 10,297,429 | ||||||
Net loss | (306) | (306) | (306) | ||||
Change in non-controlling interest | 3,262 | 3,262 | (3,262) | ||||
Stock-based compensation | 346 | 346 | (27) | 319 | |||
Ending balance, value at Mar. 31, 2023 | $ 10 | 152,021 | (143,137) | 8,894 | 8,894 | ||
Ending balance, shares at Mar. 31, 2023 | 10,297,429 | ||||||
Beginning balance, value at Dec. 31, 2022 | $ 10 | 148,413 | (142,831) | 5,592 | 3,289 | 8,881 | |
Balance, shares at Dec. 31, 2022 | 10,297,429 | ||||||
Net loss | (921) | ||||||
Net unrealized losses on foreign currency translation, net of tax | |||||||
Ending balance, value at Sep. 30, 2023 | $ 10 | 152,364 | (143,752) | 8,622 | 8,622 | ||
Ending balance, shares at Sep. 30, 2023 | 10,484,932 | ||||||
Beginning balance, value at Mar. 31, 2023 | $ 10 | 152,021 | (143,137) | 8,894 | 8,894 | ||
Balance, shares at Mar. 31, 2023 | 10,297,429 | ||||||
Net loss | (433) | (433) | (433) | ||||
Stock-based compensation | 194 | 194 | 194 | ||||
Ending balance, value at Jun. 30, 2023 | $ 10 | 152,215 | (143,570) | 8,655 | 8,655 | ||
Ending balance, shares at Jun. 30, 2023 | 10,297,429 | ||||||
Net loss | (182) | (182) | (182) | ||||
Stock-based compensation | 149 | 149 | 149 | ||||
Restricted stock vesting | |||||||
Restricted stock vesting, shares | 187,503 | ||||||
Net unrealized losses on foreign currency translation, net of tax | |||||||
Ending balance, value at Sep. 30, 2023 | $ 10 | $ 152,364 | $ (143,752) | $ 8,622 | $ 8,622 | ||
Ending balance, shares at Sep. 30, 2023 | 10,484,932 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (921) | $ (6,258) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation of property and equipment | 29 | 82 |
Amortization of intangible assets, license and supply agreement and finance lease right-of-use asset | 134 | 214 |
Stock-based compensation, including stock options and restricted stock | 662 | 803 |
Inventory obsolescence charge | 106 | 773 |
Provision for bad debt expense | 14 | (1) |
Impairment of assets held for sale | 1,395 | |
Gain on foreign currency transactions | (60) | |
Decrease (increase) in operating assets: | ||
Accounts receivable | (171) | 269 |
Inventory | 778 | 429 |
Prepaid expenses and other current assets | 15 | 28 |
Right-of-use assets | 234 | 262 |
Other assets | (69) | 26 |
(Decrease) increase in operating liabilities: | ||
Accounts payable | 65 | (555) |
Accrued expenses | 425 | (174) |
Lease liabilities | (237) | (272) |
Net cash provided by (used in) operating activities | 1,064 | (3,039) |
INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (137) | |
Net cash used in investing activities | (137) | |
FINANCING ACTIVITIES: | ||
Proceeds from sale of subsidiary preferred shares to noncontrolling interest | 188 | |
Principal payments on finance lease liability | (4) | (3) |
Principal payments on equipment financing | (1) | (2) |
Payments on secured note payable | (71) | (201) |
Proceeds from exercise of warrants | 163 | |
Net cash provided by (used in) financing activities | (76) | 145 |
Effect of exchange rates on cash and cash equivalents | (2) | |
Net increase (decrease) in cash and cash equivalents | 988 | (3,033) |
Cash and cash equivalents, beginning of period | 3,634 | 6,973 |
Cash and cash equivalents, end of period | 4,622 | 3,940 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 6 | 17 |
Supplemental disclosure of noncash investing and financing activities | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 69 |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1 – Organization and Nature of Operations Nephros, Inc. (“Nephros” or the “Company”) was incorporated under the laws of the State of Delaware on April 3, 1997. The Company was founded by health professionals, scientists and engineers affiliated with Columbia University to develop advanced end stage renal disease (“ESRD”) therapy technology and products. Beginning in 2009, Nephros introduced high performance liquid purification filters to meet the demand for water purification in certain medical markets. The Company’s filters, generally classified as ultrafilters, are primarily used in hospitals for the prevention of infection from waterborne pathogens, such as legionella and pseudomonas, and in dialysis centers for the removal of biological contaminants from water and bicarbonate concentrate. The Company also develops and sells water filtration products for commercial applications, focusing on the hospitality and food service markets. On October 4, 2022, the Company entered into a definitive asset purchase agreement with a third party for the sale of substantially all of the Company’s Pathogen Detection Systems (“PDS”) business, which had been previously reported as a separate reportable operating segment. As a result of the sale of the PDS business, we completely exited the PDS business. As a result, we determined that our PDS business had met the criteria for discontinued operations as of September 30, 2022. We no longer separately report the PDS business as a separate reportable segment in our financial statements including in this Quarterly Report for any of the periods presented. In July 2018, the Company formed a subsidiary, Specialty Renal Products, Inc. (“SRP”), to drive the development of its second-generation hemodiafiltration system and other products focused on improving therapies for patients with renal disease. After SRP’s formation, the Company assigned to SRP all of the Company’s rights to three patents relating to the Company’s hemodiafiltration technology, which were carried at zero book value. On March 9, 2023, the SRP Stockholders approved a plan of dissolution to wind down SRP’s operations, liquidate SRP’s remaining assets and dissolve SRP. Pursuant to such plan, SRP filed a certificate of dissolution with the State of Delaware on April 13, 2023. As a result of the SRP Stockholders’ approval of the plan of dissolution and provisions therein and after satisfying all of SRP’s liabilities, there are no assets available for distribution to the holders of any of SRP’s capital stock, including its Series A Preferred Stock. As such, the value recorded to non-controlling interest was written to zero and the impact reclassified to the Company’s additional paid-in capital as the Company retained control of SRP. The Company’s primary U.S. facility is located at 380 Lackawanna Place, South Orange, New Jersey 07079. This location houses the Company’s corporate headquarters, research, manufacturing, and distribution facilities. |
Basis of Presentation and Liqui
Basis of Presentation and Liquidity | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Liquidity | Note 2 – Basis of Presentation and Liquidity Interim Financial Information The accompanying unaudited consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. The consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. Results as of and for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The consolidated interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Segment Reporting The Company operates in only one business segment from which the Company’s chief operating decision maker evaluates the financial performance of the Company. Consolidation The accompanying consolidated financial statements include the accounts of Nephros, Inc. and its subsidiaries, including the Company’s wholly owned subsidiary Nephros International, which was dissolved during the quarter ended June 30, 2022, and SRP, which was dissolved pursuant to a plan of dissolution adopted by its stockholders on March 9, 2023 and the subsequent filing of a certificate of dissolution with the State of Delaware on April 13, 2023. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amount of revenues and expenses, during the reporting period. Actual results could differ materially from those estimates. Included in these estimates are assumptions about the collection of accounts receivable, value of inventories, useful life of fixed assets and intangible assets, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets, and assumptions used in determining stock compensation such as expected volatility and risk-free interest rate. Liquidity In February 2022, pursuant to a First Amendment to Series A Preferred Stock Purchase Agreement (the “Amendment”) among SRP and the holders of SRP’s outstanding shares of Series A Preferred Stock, SRP issued and sold an additional 100,003 5.00 500,015 1.3 1.0 no The Company has sustained operating losses every quarter through December 31, 2022, generating an accumulated deficit of $ 143.8 1.1 Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires that an entity recognize contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (“ASC”) 606. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023 and should be applied prospectively. The Company adopted this guidance as of January 1, 2023 and the guidance did not have an impact on its consolidated financial statements. Concentration of Credit Risk The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. To date, the Company has not experienced any impairment losses on its cash. The Company also limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. Major Customers For the three months ended September 30, 2023, and 2022, the following customers accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Accounts Receivable Percentage of Major Customers Customer 2023 2022 A 35 % 33 % B 13 % 4 % Total 48 % 37 % For the nine months ended September 30, 2023, and 2022, the following customers accounted for the following percentages of the Company’s revenues, respectively: Customer 2023 2022 A 24 % 24 % B 11 % 10 % Total 35 % 34 % As of September 30, 2023, and December 31, 2022, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2023 2022 C 15 % 10 % A 14 % 21 % B 4 % 10 % Total 33 % 41 % Accounts Receivable The Company recognizes an allowance that reflects a current estimate of credit losses expected to be incurred over the life of a financial asset, including trade receivables. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the expected condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible. The allowance for doubtful accounts was approximately $ 14,000 no Depreciation Expense Depreciation related to equipment utilized in the manufacturing process is recognized in cost of goods sold on the consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2023, depreciation expense was approximately $ 1,000 3,000 3,000 19,000 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition The Company recognizes revenue related to product sales when product is shipped via external logistics providers and the other criteria of ASC 606 are met. Product revenue is recorded net of returns and allowances. There was no allowance for sales returns for the three and nine months ended September 30, 2023, or 2022. In addition to product revenue, the Company recognizes revenue related to royalty and other agreements in accordance with the five-step model in ASC 606. Other revenues recognized for the three and nine months ended September 30, 2023 were approximately $ 29,000 72,000 10,000 30,000 Other Revenue – Other revenues are derived from sales of services to customers, which primarily include installation, training and testing on products and equipment sold to certain customers. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 4 – Discontinued Operations In accordance with ASC 205-20, “Presentation of Financial Statements: Discontinued Operations”, a disposal of a component of an entity or a group of components of an entity (disposal group) is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the disposal group meets the criteria to be classified as held-for-sale. The consolidated statements of operations reported for current and prior periods report the results of operations of the discontinued operations, including the impairment loss recognized as a component of net income (loss) separate from the net income (loss) from continuing operations. All discontinued operations relate to the Company’s previously reported PDS segment, for the three and nine months ended September 30, 2022. Schedule of Assets and Liabilities of Discontinued Operations Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 (in thousands) (in thousands) Total net revenues $ 79 $ 141 Gross loss (149 ) (211 ) Research and development expenses 192 556 Depreciation and amortization expense 7 21 Selling, general and administrative expenses 161 517 Total operating expenses 360 1,094 Operating loss from discontinued operations (509 ) (1,305 ) Impairment of assets held for sale (1,395 ) (1,395 ) Loss from discontinued operations $ (1,904 ) $ (2,700 ) The following items related to discontinued operations were included in the condensed consolidated statement of cash flows: For the nine months ended, September 30, 2022 (in thousands) Depreciation $ 42 Amortization 82 Stock compensation 66 Impairment of assets held-for-sale 1,395 Operating lease right-of-use assets 33 Purchases of property and equipment (34 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 – Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 Level 2 – Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. At September 30, 2023 and December 31, 2022, the Company’s cash equivalents consisted of money market funds and certificates of deposit that can be withdrawn before maturity. The Company values its cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that use these inputs as Level 1. At September 30, 2023 and December 31, 2022, the fair value measurements of the Company’s assets and liabilities measured on a recurring basis were as follows: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) September 30, 2023 Cash $ 1,320 $ $ Money market funds 1,802 Certificate of deposit 1,500 Cash and cash equivalents $ 4,622 $ - $ - December 31, 2022 Cash $ 1,598 $ $ Money market funds 2,036 Cash and cash equivalents $ 3,634 $ - $ - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturity of these instruments. The carrying amounts of the secured long-term note payable, lease liabilities and equipment financing approximate fair value as of September 30, 2023 and December 31, 2022 because those financial instruments bear interest at rates that approximate current market rates for similar agreements with similar maturities and credit. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 6 – Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out method and consists of raw materials and finished goods. The Company’s inventory components as of September 30, 2023 and December 31, 2022, were as follows: Schedule of Inventory, Net September 30, 2023 December 31, 2022 (in thousands) Finished goods $ 1,895 $ 2,709 Raw materials 373 422 Work in process - 22 Total inventory $ 2,268 $ 3,153 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 7 – Intangible Assets and Goodwill Intangible Assets Intangible assets as of September 30, 2023 and December 31, 2022 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows: Schedule of Intangible Assets September 30, 2023 December 31, 2022 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Tradenames, service marks and domain names $ 50 $ (47 ) $ 3 $ 50 $ (40 ) $ 10 Customer relationships 540 (151 ) 389 540 (127 ) 413 Total intangible assets $ 590 $ (198 ) $ 392 $ 590 $ (167 ) $ 423 The Company recognized amortization expense of approximately $ 11,000 The Company recognized amortization expense of approximately $ 31,000 As of September 30, 2023, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2023 (excluding the nine months ended September 30, 2023) $ 11 2024 32 2025 32 2026 32 2027 32 2028 32 The Company recognized approximately $ 1.0 Goodwill Goodwill has a carrying value on the Company’s consolidated balance sheets of approximately $ 0.8 |
License and Supply Agreement, n
License and Supply Agreement, net | 9 Months Ended |
Sep. 30, 2023 | |
License And Supply Agreement Net | |
License and Supply Agreement, net | Note 8 – License and Supply Agreement, net On April 23, 2012, the Company entered into a License and Supply Agreement (as thereafter amended, the “License and Supply Agreement”) with Medica S.p.A. (“Medica”), an Italy-based medical product manufacturing company, for the marketing and sale of certain filtration products based upon Medica’s proprietary Medisulfone ultrafiltration technology in conjunction with the Company’s filtration products, and for an exclusive supply arrangement for the filtration products. Under the License and Supply Agreement, Medica granted to the Company an exclusive license, with right of sublicense, to market, promote, distribute, offer for sale and sell the filtration products worldwide, with certain limitations on territory, during the term of the License and Supply Agreement. In addition, the Company granted to Medica an exclusive license under the Company’s intellectual property to make the filtration products during the term of the License and Supply Agreement. The filtration products covered under the License and Supply Agreement includes both certain products based on Medica’s proprietary Versatile microfiber technology and certain filtration products based on Medica’s proprietary Medisulfone ultrafiltration technology. The License and Supply Agreement expires on December 31, 2025, unless earlier terminated by either party in accordance with its terms. The Company is in active discussions to extend the License and Supply Agreement and expects to complete this extension prior to such termination date. In exchange for the license, the gross value of the intangible asset capitalized was $ 2.3 million. License and supply agreement, net, on the consolidated balance sheet is $ 0.3 million and $ 0.4 million as of September 30, 2023 and December 31, 2022, respectively. Accumulated amortization is $ 2 1.9 33,000 As of September 2013, the Company has an understanding with Medica whereby the Company has agreed to pay interest to Medica at a 12 no In addition, for the period beginning April 23, 2014 through December 31, 2025, the Company will pay Medica a royalty rate of 3 102,000 64,000 292,000 198,000 102,000 71,000 |
Secured Note Payable
Secured Note Payable | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Secured Note Payable | Note 9 – Secured Note Payable On March 27, 2018, the Company entered into a Secured Promissory Note Agreement (the “Secured Note”) with Tech Capital for a principal amount of $ 1.2 The Secured Note had a maturity date of April 1, 2023 8 Principal and interest payments were due on the first day of each month commencing on May 1, 2018 During the three months ended September 30, 2023, no payments were made under the Secured Note, as the Note was repaid in full at March 31, 2023. During the three months ended September 30, 2022, the Company made payments under the Secured Note of approximately $ 72,000 4,000 During the nine months ended September 30, 2023 and September 30, 2022, the Company made payments under the Secured Note of approximately $ 71,000 216,000 1,000 15,000 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | Note 10 – Leases The Company has operating leases for corporate offices, an automobile and office equipment. The leases have remaining lease terms of 1 5 Lease cost, as presented below, includes costs associated with leases for which right-of-use (“ROU”) assets have been recognized as well as short-term leases. The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended September 30, 2023 Three months ended September 30, 2022 (in thousands) Operating lease cost $ 90 $ 103 Finance lease cost: Amortization of right-of-use assets 2 2 Interest on lease liabilities - 1 Total finance lease cost 2 3 Variable lease cost 2 9 Total lease cost $ 94 $ 115 Nine months ended September 30, 2023 Nine months ended September 30, 2022 (in thousands) Operating lease cost $ 272 $ 316 Finance lease cost: Amortization of right-of-use assets 6 7 Interest on lease liabilities 2 4 Total finance lease cost 8 11 Variable lease cost 9 28 Total lease cost $ 289 $ 355 Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Nine months ended September 30, 2023 Nine months ended September 30, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 272 $ 316 Financing cash flows from finance leases $ 4 $ 3 Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases September 30, 2023 December 31, 2022 (in thousands) Operating lease right-of-use assets $ 744 $ 972 Finance lease right-of-use assets $ 6 $ 12 Current portion of operating lease liabilities $ 305 $ 309 Operating lease liabilities, net of current portion 469 700 Total operating lease liabilities $ 774 $ 1,009 Current portion of finance lease liabilities $ 6 $ 8 Finance lease liabilities, net of current portion - 4 Total finance lease liabilities $ 6 $ 12 Weighted average remaining lease term Operating leases 3.4 3.9 Finance leases 0.8 1.5 Weighted average discount rate Operating leases 8.0 % 8.0 % Finance leases 8.0 % 8.0 % As of September 30, 2023, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2023 (excluding the nine months ended September 30, 2023) $ 53 $ 2 2024 299 4 2025 163 - 2026 168 - 2027 158 - Total future minimum lease payments 841 6 Less imputed interest (67 ) - Total $ 774 $ 6 |
Stock Plans and Share-Based Pay
Stock Plans and Share-Based Payments | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Plans and Share-Based Payments | Note 11 – Stock Plans and Share-Based Payments The fair value of stock options and restricted stock is recognized as stock-based compensation expense in the Company’s consolidated statement of operations and comprehensive loss. The Company calculates stock-based compensation expense in accordance with ASC 718. The fair value of stock-based awards is amortized over the vesting period of the award. Stock Options The Company granted stock options to purchase 6,000 453,065 0.4 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The below assumptions for the risk-free interest rates, expected dividend yield, expected lives and expected stock price volatility were utilized for the stock options granted during the nine months ended September 30, 2023. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 74.03 % Risk-Free Interest Rate 3.44 % Expected Life (in years) 6.21 Expected Dividend Yield - % Stock-based compensation expense related to stock options was approximately $ 137,000 251,000 134,000 3,000 227,000 24,000 Stock-based compensation expense related to stock options was $ 486,000 724,000 450,000 36,000 669,000 55,000 There was no 819,000 2.4 Restricted Stock Total stock-based compensation expense for restricted stock on the Company’s consolidated statement of operations was approximately $ 12,000 ($16,000) 15,000 12,000 ($16,000) Total stock-based compensation expense for restricted stock was approximately $ 49,000 42,000 49,000 23,781 133,722 30,000 six months 42,000 As of September 30, 2023, there was no SRP Equity Incentive Plan SRP’s 2019 Equity Incentive Plan was approved on May 7, 2019 under which 150,000 Due to the Company’s deemed acquisition of the non-controlling interest in SRP during the nine months ended September 30, 2023, all remaining equity-based awards have been forfeited and no further expense will be incurred related to these awards. There were no SRP stock options or other equity awards granted during the nine months ended September 30, 2023. For the nine months ended September 30, 2023, a credit of approximately ($27,000) 19,000 37,000 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 12 – Stockholders’ Equity Noncontrolling Interest Pursuant to the terms and conditions of a Series A Preferred Stock Purchase Agreement, dated September 9, 2018, among SRP and the purchasers identified therein (the “SRP Purchase Agreement”), SRP sold to such purchasers an aggregate of 600,000 5.00 3.0 100,003 500,015 188,000 62,500 62.5 313 36 25,938 1.3 1.0 As of December 31, 2022, the non-controlling interest in SRP held by holders of the Series A Preferred has been classified as equity on the accompanying consolidated interim balance sheet, as the non-controlling interest is redeemable only upon the occurrence of events that are within the control of the Company. As a result of the adoption of the plan of liquidation and dissolution by SRP’s stockholders and the subsequent filing of a certificate of dissolution of SRP with the State of Delaware, the redemption feature related to the Series A Preferred Stock effectively terminated. As such, the value of the Series A Preferred Stock previously presented in non-controlling interest was reclassified to additional paid in capital as the Company retained control of SRP. In March 2023, the board of directors of SRP adopted, and the stockholders of SRP approved, a plan to wind down SRP’s operations and dissolve, and in April 2023, SRP filed a certificate of dissolution with the State of Delaware. In accordance with its plan of dissolution, after SRP satisfied its other outstanding liabilities, SRP assigned to the Company all of its remaining assets, including its intellectual property rights, in satisfaction of outstanding indebtedness owed to the Company in the approximate amount of $ 1.5 24,000 Warrants During the three and nine months ended September 30, 2023, the Company had no During the nine months ended September 30, 2022, warrants to purchase 60,374 0.2 60,374 14,815 40,000 63,102 |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Note 13 – Net Loss per Common Share Basic loss per common share is calculated by dividing net loss available to common shareholders by the number of weighted average common shares issued and outstanding. Diluted loss per common share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares issued and outstanding for the period, plus amounts representing the dilutive effect from the exercise of stock options and warrants and unvested restricted stock, as applicable. The Company calculates dilutive potential common shares using the treasury stock method, which assumes the Company will use the proceeds from the exercise of stock options and warrants to repurchase shares of common stock to hold in its treasury stock reserves. The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share September 30, 2023 2022 Shares underlying options outstanding 1,767,443 1,492,247 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies Purchase Commitments In exchange for the rights granted under the License and Supply Agreement with Medica (see Note 8 – License and Supply Agreement, net), the Company agreed to make certain minimum annual aggregate purchases from Medica over the term of the License and Supply Agreement. For the year ended December 31, 2023, the Company has agreed to make minimum annual aggregate purchases from Medica of € 3.8 4.1 4.5 4.8 Contractual Obligations See Note 10 – Leases for a discussion of the Company’s contractual obligations. |
Basis of Presentation and Liq_2
Basis of Presentation and Liquidity (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying unaudited consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. The consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. Results as of and for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The consolidated interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Segment Reporting | Segment Reporting The Company operates in only one business segment from which the Company’s chief operating decision maker evaluates the financial performance of the Company. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of Nephros, Inc. and its subsidiaries, including the Company’s wholly owned subsidiary Nephros International, which was dissolved during the quarter ended June 30, 2022, and SRP, which was dissolved pursuant to a plan of dissolution adopted by its stockholders on March 9, 2023 and the subsequent filing of a certificate of dissolution with the State of Delaware on April 13, 2023. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amount of revenues and expenses, during the reporting period. Actual results could differ materially from those estimates. Included in these estimates are assumptions about the collection of accounts receivable, value of inventories, useful life of fixed assets and intangible assets, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets, and assumptions used in determining stock compensation such as expected volatility and risk-free interest rate. |
Liquidity | Liquidity In February 2022, pursuant to a First Amendment to Series A Preferred Stock Purchase Agreement (the “Amendment”) among SRP and the holders of SRP’s outstanding shares of Series A Preferred Stock, SRP issued and sold an additional 100,003 5.00 500,015 1.3 1.0 no The Company has sustained operating losses every quarter through December 31, 2022, generating an accumulated deficit of $ 143.8 1.1 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires that an entity recognize contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (“ASC”) 606. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023 and should be applied prospectively. The Company adopted this guidance as of January 1, 2023 and the guidance did not have an impact on its consolidated financial statements. |
Concentration of Credit Risk | Concentration of Credit Risk The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. To date, the Company has not experienced any impairment losses on its cash. The Company also limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. |
Major Customers | Major Customers For the three months ended September 30, 2023, and 2022, the following customers accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Accounts Receivable Percentage of Major Customers Customer 2023 2022 A 35 % 33 % B 13 % 4 % Total 48 % 37 % For the nine months ended September 30, 2023, and 2022, the following customers accounted for the following percentages of the Company’s revenues, respectively: Customer 2023 2022 A 24 % 24 % B 11 % 10 % Total 35 % 34 % As of September 30, 2023, and December 31, 2022, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2023 2022 C 15 % 10 % A 14 % 21 % B 4 % 10 % Total 33 % 41 % |
Accounts Receivable | Accounts Receivable The Company recognizes an allowance that reflects a current estimate of credit losses expected to be incurred over the life of a financial asset, including trade receivables. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the expected condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible. The allowance for doubtful accounts was approximately $ 14,000 no |
Depreciation Expense | Depreciation Expense Depreciation related to equipment utilized in the manufacturing process is recognized in cost of goods sold on the consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2023, depreciation expense was approximately $ 1,000 3,000 3,000 19,000 |
Basis of Presentation and Liq_3
Basis of Presentation and Liquidity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Revenues and Accounts Receivable Percentage of Major Customers | For the three months ended September 30, 2023, and 2022, the following customers accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Accounts Receivable Percentage of Major Customers Customer 2023 2022 A 35 % 33 % B 13 % 4 % Total 48 % 37 % For the nine months ended September 30, 2023, and 2022, the following customers accounted for the following percentages of the Company’s revenues, respectively: Customer 2023 2022 A 24 % 24 % B 11 % 10 % Total 35 % 34 % As of September 30, 2023, and December 31, 2022, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2023 2022 C 15 % 10 % A 14 % 21 % B 4 % 10 % Total 33 % 41 % |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Discontinued Operations | All discontinued operations relate to the Company’s previously reported PDS segment, for the three and nine months ended September 30, 2022. Schedule of Assets and Liabilities of Discontinued Operations Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 (in thousands) (in thousands) Total net revenues $ 79 $ 141 Gross loss (149 ) (211 ) Research and development expenses 192 556 Depreciation and amortization expense 7 21 Selling, general and administrative expenses 161 517 Total operating expenses 360 1,094 Operating loss from discontinued operations (509 ) (1,305 ) Impairment of assets held for sale (1,395 ) (1,395 ) Loss from discontinued operations $ (1,904 ) $ (2,700 ) The following items related to discontinued operations were included in the condensed consolidated statement of cash flows: For the nine months ended, September 30, 2022 (in thousands) Depreciation $ 42 Amortization 82 Stock compensation 66 Impairment of assets held-for-sale 1,395 Operating lease right-of-use assets 33 Purchases of property and equipment (34 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At September 30, 2023 and December 31, 2022, the fair value measurements of the Company’s assets and liabilities measured on a recurring basis were as follows: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) September 30, 2023 Cash $ 1,320 $ $ Money market funds 1,802 Certificate of deposit 1,500 Cash and cash equivalents $ 4,622 $ - $ - December 31, 2022 Cash $ 1,598 $ $ Money market funds 2,036 Cash and cash equivalents $ 3,634 $ - $ - |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net | Schedule of Inventory, Net September 30, 2023 December 31, 2022 (in thousands) Finished goods $ 1,895 $ 2,709 Raw materials 373 422 Work in process - 22 Total inventory $ 2,268 $ 3,153 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets as of September 30, 2023 and December 31, 2022 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows: Schedule of Intangible Assets September 30, 2023 December 31, 2022 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Tradenames, service marks and domain names $ 50 $ (47 ) $ 3 $ 50 $ (40 ) $ 10 Customer relationships 540 (151 ) 389 540 (127 ) 413 Total intangible assets $ 590 $ (198 ) $ 392 $ 590 $ (167 ) $ 423 |
Schedule of Future Amortization Expense | As of September 30, 2023, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2023 (excluding the nine months ended September 30, 2023) $ 11 2024 32 2025 32 2026 32 2027 32 2028 32 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Schedule of Components of Lease Cost | The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended September 30, 2023 Three months ended September 30, 2022 (in thousands) Operating lease cost $ 90 $ 103 Finance lease cost: Amortization of right-of-use assets 2 2 Interest on lease liabilities - 1 Total finance lease cost 2 3 Variable lease cost 2 9 Total lease cost $ 94 $ 115 Nine months ended September 30, 2023 Nine months ended September 30, 2022 (in thousands) Operating lease cost $ 272 $ 316 Finance lease cost: Amortization of right-of-use assets 6 7 Interest on lease liabilities 2 4 Total finance lease cost 8 11 Variable lease cost 9 28 Total lease cost $ 289 $ 355 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Nine months ended September 30, 2023 Nine months ended September 30, 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 272 $ 316 Financing cash flows from finance leases $ 4 $ 3 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases September 30, 2023 December 31, 2022 (in thousands) Operating lease right-of-use assets $ 744 $ 972 Finance lease right-of-use assets $ 6 $ 12 Current portion of operating lease liabilities $ 305 $ 309 Operating lease liabilities, net of current portion 469 700 Total operating lease liabilities $ 774 $ 1,009 Current portion of finance lease liabilities $ 6 $ 8 Finance lease liabilities, net of current portion - 4 Total finance lease liabilities $ 6 $ 12 Weighted average remaining lease term Operating leases 3.4 3.9 Finance leases 0.8 1.5 Weighted average discount rate Operating leases 8.0 % 8.0 % Finance leases 8.0 % 8.0 % |
Schedule of Maturities of Lease Liabilities | As of September 30, 2023, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2023 (excluding the nine months ended September 30, 2023) $ 53 $ 2 2024 299 4 2025 163 - 2026 168 - 2027 158 - Total future minimum lease payments 841 6 Less imputed interest (67 ) - Total $ 774 $ 6 |
Stock Plans and Share-Based P_2
Stock Plans and Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The below assumptions for the risk-free interest rates, expected dividend yield, expected lives and expected stock price volatility were utilized for the stock options granted during the nine months ended September 30, 2023. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 74.03 % Risk-Free Interest Rate 3.44 % Expected Life (in years) 6.21 Expected Dividend Yield - % |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share September 30, 2023 2022 Shares underlying options outstanding 1,767,443 1,492,247 |
Schedule of Revenues and Accoun
Schedule of Revenues and Accounts Receivable Percentage of Major Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Customer A [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 35% | 33% | 24% | 24% | |
Customer A [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 14% | 21% | |||
Customer B [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 13% | 4% | 11% | 10% | |
Customer B [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 4% | 10% | |||
Customer Total [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 48% | 37% | 35% | 34% | |
Customer Total [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 33% | 41% | |||
Customer C [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 15% | 10% |
Basis of Presentation and Liq_4
Basis of Presentation and Liquidity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 28, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | |
Retained earnings (accumulated deficit) | $ 143,752,000 | $ 143,752,000 | $ 142,831,000 | ||||
Net cash provided by (used in) operating activities | 1,064,000 | $ (3,039,000) | |||||
Allowance for doubtful accounts receivable | 14,000 | 14,000 | $ 0 | ||||
Depreciation expense | 1,000 | $ 3,000 | 3,000 | $ 19,000 | |||
Specialty Renal Products, Inc. [Member] | Loan Agreement [Member] | |||||||
Repayments of debt | $ 1,300,000 | ||||||
Proceeds from loans | $ 1,000,000 | ||||||
Loans payable | $ 0 | $ 0 | |||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | SRP Purchase Agreement [Member] | |||||||
Number of shares sold in transaction | 100,003 | ||||||
Share price | $ 5 | ||||||
Gross proceeds received through transaction | $ 500,015 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 3,742 | $ 2,409 | $ 10,984 | $ 7,417 |
Royalty and Other Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 29 | $ 10 | $ 72 | $ 30 |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Total net revenues | $ 79 | $ 141 | ||
Gross loss | (149) | (211) | ||
Research and development expenses | 192 | 556 | ||
Depreciation and amortization expense | 7 | 21 | ||
Selling, general and administrative expenses | 161 | 517 | ||
Total operating expenses | 360 | 1,094 | ||
Operating loss from discontinued operations | (509) | (1,305) | ||
Impairment of assets held for sale | (1,395) | (1,395) | ||
Loss from discontinued operations | $ (1,904) | (2,700) | ||
Depreciation | 42 | |||
Amortization | 82 | |||
Stock compensation | 66 | |||
Impairment of assets held-for-sale | 1,395 | |||
Operating lease right-of-use assets | 33 | |||
Purchases of property and equipment | $ (34) |
Schedule of Assets and Liabil_2
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | $ 1,320 | $ 1,598 |
Money market funds | 1,802 | 2,036 |
Certificate of deposit | 1,500 | |
Cash and cash equivalents | 4,622 | 3,634 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents |
Schedule of Inventory, Net (Det
Schedule of Inventory, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,895 | $ 2,709 |
Raw materials | 373 | 422 |
Work in process | 22 | |
Total inventory | $ 2,268 | $ 3,153 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 590 | $ 590 |
Accumulated Amortization | (198) | (167) |
Total Intangible Assets, Net | 392 | 423 |
Tradenames, Service Marks and Domain Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 50 | 50 |
Accumulated Amortization | (47) | (40) |
Total Intangible Assets, Net | 3 | 10 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 540 | 540 |
Accumulated Amortization | (151) | (127) |
Total Intangible Assets, Net | $ 389 | $ 413 |
Schedule of Future Amortization
Schedule of Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (excluding the nine months ended September 30, 2023) | $ 11 |
2024 | 32 |
2025 | 32 |
2026 | 32 |
2027 | 32 |
2028 | $ 32 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization of intangible assets | $ 11 | $ 11 | $ 31 | $ 31 | |
Intangible asset impairment charges | $ 1,000 | $ 1,000 | |||
Goodwill | $ 759 | $ 759 | $ 759 |
License and Supply Agreement,_2
License and Supply Agreement, net (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2013 | |
Gross value of intangible asset capitalized | $ 2,300,000 | $ 2,300,000 | ||||
Licence agreements,net | 301,000 | 301,000 | $ 402,000 | |||
Accumulated Amortization | (198,000) | (198,000) | (167,000) | |||
Amortization of intangible assets | 11,000 | $ 11,000 | 31,000 | $ 31,000 | ||
Accounts Payable [Member] | ||||||
Royalty expense | 102,000 | 71,000 | ||||
Cost of Goods Sold [Member] | ||||||
Royalty expense | 102,000 | 64,000 | 292,000 | 198,000 | ||
Medica [Member] | ||||||
Debt instrument, interest rate, stated percentage | 12% | |||||
License and Supply Agreement [Member] | ||||||
Accumulated Amortization | 2,000,000 | 2,000,000 | $ 1,900,000 | |||
Amortization of intangible assets | $ 33,000 | $ 33,000 | ||||
Interest expense, debt | $ 0 | $ 0 | ||||
License and Supply Agreement [Member] | Medica [Member] | April 23, 2014 through December 31, 2025 [Member] | ||||||
Royalty rate | 3% |
Secured Note Payable (Details N
Secured Note Payable (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 27, 2018 | |
Short-Term Debt [Line Items] | |||||
Interest expense | $ 4,000 | $ 1,000 | $ 17,000 | ||
Secured Note [Member] | |||||
Short-Term Debt [Line Items] | |||||
Repayments of notes payable | 72,000 | 71,000 | 216,000 | ||
Interest expense | $ 4,000 | $ 1,000 | $ 15,000 | ||
Secured Promissory Note Agreement [Member] | Tech Capital, LLC [Member] | |||||
Short-Term Debt [Line Items] | |||||
Principal amount of secured note payable | $ 1,200,000 | ||||
Maturity date | Apr. 01, 2023 | ||||
Debt interest rate | 8% | 8% | |||
Maturity date, description | Principal and interest payments were due on the first day of each month commencing on May 1, 2018 |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases | ||||
Operating lease cost | $ 90 | $ 103 | $ 272 | $ 316 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 2 | 2 | 6 | 7 |
Interest on lease liabilities | 1 | 2 | 4 | |
Total finance lease cost | 2 | 3 | 8 | 11 |
Variable lease cost | 2 | 9 | 9 | 28 |
Total lease cost | $ 94 | $ 115 | $ 289 | $ 355 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 272 | $ 316 |
Financing cash flows from finance leases | $ 4 | $ 3 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease right-of-use assets | $ 744 | $ 972 |
Finance lease right-of-use assets | 6 | 12 |
Current portion of operating lease liabilities | 305 | 309 |
Operating lease liabilities, net of current portion | 469 | 700 |
Total operating lease liabilities | 774 | 1,009 |
Current portion of finance lease liabilities | 6 | 8 |
Finance lease liabilities, net of current portion | 4 | |
Total finance lease liabilities | $ 6 | $ 12 |
Weighted average remaining lease term, Operating leases | 3 years 4 months 24 days | 3 years 10 months 24 days |
Weighted average remaining lease term, Finance leases | 9 months 18 days | 1 year 6 months |
Operating leases | 8% | 8% |
Finance leases | 8% | 8% |
Schedule of Maturities of Lease
Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Operating Leases, 2023 | $ 53 | |
Operating Leases, 2024 | 299 | |
Operating Leases, 2025 | 163 | |
Operating Leases, 2026 | 168 | |
Operating Leases, 2027 | 158 | |
Operating Leases, Total future minimum lease payments | 841 | |
Operating Leases, Less imputed interest | (67) | |
Operating Leases, Total | 774 | $ 1,009 |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Finance Leases, 2023 | 2 | |
Finance Leases, 2024 | 4 | |
Finance Leases, 2025 | ||
Finance Leases, 2026 | ||
Finance Leases, 2027 | ||
Finance Leases, Total future minimum lease payments | 6 | |
Finance Leases, Less imputed interest | ||
Finance Leases, Total | $ 6 | $ 12 |
Leases (Details Narrative)
Leases (Details Narrative) | Sep. 30, 2023 |
Minimum [Member] | |
Operating lease term | 1 year |
Maximum [Member] | |
Operating lease term | 5 years |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions (Details) - Employee Stock [Member] | 9 Months Ended |
Sep. 30, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |
Stock Price Volatility | 74.03% |
Risk-Free Interest Rates | 3.44% |
Expected Life (in years) | 6 years 2 months 15 days |
Expected Dividend Yield |
Stock Plans and Share-Based P_3
Stock Plans and Share-Based Payments (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | May 07, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 | |
Unrecognized compensation expense | 819,000 | $ 819,000 | |||
Unrecognized compensation expense, period for recognition | 2 years 4 months 24 days | ||||
SRP Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 19,000 | $ (27,000) | 37,000 | ||
Number of shares reserved and authorized for awards | 150,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 137,000 | 251,000 | 486,000 | 724,000 | |
Share-Based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 134,000 | 227,000 | 450,000 | 669,000 | |
Share-Based Payment Arrangement, Option [Member] | Research and Development Expense [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 3,000 | 24,000 | 36,000 | 55,000 | |
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 12,000 | $ 49,000 | 42,000 | ||
credit of expense due to forfeiture | (16,000) | ||||
Forfeiture of unvested restricted stock | 16,000 | ||||
Vesting period | 6 months | ||||
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | (16,000) | $ 49,000 | $ 42,000 | ||
Unvested Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
credit of expense due to forfeiture | (15,000) | ||||
Forfeiture of unvested restricted stock | $ 15,000 | ||||
Unrecognized compensation expense | $ 0 | $ 0 | |||
Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options granted | 6,000 | 453,065 | |||
Fair value of stock options granted | $ 400,000 | $ 400,000 | |||
Employees [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued | 23,781 | ||||
Board [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued | 133,722 | ||||
Contractors [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued | 30,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 04, 2022 | Feb. 01, 2022 | Sep. 09, 2018 | Mar. 31, 2023 | Feb. 28, 2022 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||||||
Inventory write down | $ 106,000 | $ 773,000 | |||||||
Proceeds from warrants exercised | $ 163,000 | ||||||||
Warrant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants outstanding | 0 | ||||||||
Warrants to purchase common stock exercised | 60,374 | ||||||||
Proceeds from warrants exercised | $ 200,000 | ||||||||
Number of warrant expired | 63,102 | ||||||||
Management [Member] | Warrant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants to purchase common stock exercised | 14,815 | ||||||||
Proceeds from warrants exercised | $ 40,000 | ||||||||
Specialty Renal Products, Inc. [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Outstanding indebtness | $ 1,500,000 | ||||||||
Inventory write down | $ 24,000,000 | ||||||||
Specialty Renal Products, Inc. [Member] | Chief Executive Officer [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 313 | ||||||||
Specialty Renal Products, Inc. [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 62,500 | ||||||||
Ownership percentage | 62.50% | ||||||||
Specialty Renal Products, Inc. [Member] | Lambda Investors LLC [Member] | Series A Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 25,938 | ||||||||
Ownership percentage | 36% | ||||||||
Series A Preferred Stock Purchase Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock | 600,000 | ||||||||
Sale of stock price per share | $ 5 | ||||||||
Proceeds from sale of stock | $ 3,000,000 | ||||||||
SRP Purchase Agreement Closing [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock | 100,003 | ||||||||
Proceeds from sale of stock | $ 500,015 | ||||||||
Sale of stock | $ 188,000 | ||||||||
Loan Agreement [Member] | Specialty Renal Products, Inc. [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Repayments of debt | $ 1,300,000 | ||||||||
Proceeds from Loans | $ 1,000,000 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,767,443 | 1,492,247 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - License and Supply Agreement [Member] - Medica Spa [Member] € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | |
Purchase commitment, minimum amount committed | $ 4.8 | € 4.5 | ||
Forecast [Member] | ||||
Long-term purchase commitment, amount | $ 4.1 | € 3.8 |