0000950170-24-038168 | 10-K | XBRL Viewer

Income Taxes

12 Months Ended

Dec. 31, 2023

Note 9 – Income Taxes

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance as of December 31, 2023.

Note 9 – Income Taxes, continued

As of December 31, 2023 and 2022, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:


	December 31,
	2023			2022
Deferred tax assets:
Research and development tax credits	$	11,638,252		$	10,526,768
Net operating loss carryovers		83,393,532			76,477,629
Property and equipment		147,008			162,698
Research and development costs		8,652,830			9,829,326
Start-up and organizational costs		9,884			9,275
Stock-based compensation		118,807			283,285
Operating lease liability		353,749			551,284
Other accruals		351,214			464,948
Total gross deferred tax assets		104,665,276			98,305,213
Less: valuation allowance		(104,318,267	)		(97,756,771	)
Total deferred tax assets		347,009			548,442
Deferred tax liabilities:
Operating lease right-of-use asset		(347,009	)		(548,442	)
Total deferred tax liabilities		(347,009	)		(548,442	)
Total deferred taxes, net	$	—		$	—

The change in the Company’s valuation allowance is as follows:


	2023		2022
January 1,	$	97,756,771	$	93,718,497
Increase in valuation allowance		6,561,496		4,038,274
December 31,	$	104,318,267	$	97,756,771

The Company has federal and state net operating loss carryforwards of approximately $297,696,000 and $298,948,000, respectively, available to offset future taxable income. The federal and state NOL carryforwards will expire at various dates beginning in 2033. The Company has federal and state research and development tax credit carryforwards of approximately $7,152,000 and $5,678,000, respectively. The federal R&D credit carryforwards will expire beginning in 2032 and state R&D credit carryforwards do not expire. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company. Although management believes that the Company may have sufficient future taxable income to absorb the net operating loss carryforwards and research and development tax credit carryforwards before the expiration of the carryforward period, there may be circumstances beyond the Company’s control that limit such utilization. Accordingly, management has determined that a full valuation allowance of the deferred tax asset is appropriate at December 31, 2023 and 2022.

The Inflation Reduction Act (IRA) of 2022 was signed into law by President Joe Biden on August 16, 2022. The IRA provides several tax incentives, including the expanded Internal Revenue Code (IRC) Section 179D deduction, increased ability to leverage the R&D credit to offset payroll taxes for eligible start-up businesses, and 15% alternative minimum tax (AMT) for corporations with average income more than $1 billion for the past three tax period. The provisions do not have material impact to the Company for the 2023 tax year and the Company will continue to monitor the effect of this legislation.

Note 9 – Income Taxes, continued

IRC Section 382 imposes limitations on the use of net operating loss carryforwards when the stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Management cannot control the ownership changes occurring as a result of public trading of the Company’s Common Stock. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryforward. The Company completed a Section 382 analysis as of December 31, 2023 and determined that none of its NOLs or R&D credits would be limited.


	For the Year Ended December 31,
	2023			2022
Tax benefit at federal statutory rate		(21.0	)%		(21.0	)%
State income taxes		(8.8	)		(4.4	)
Permanent differences:
Stock-based compensation		0.1			12.4
Executive compensation		—			—
Research and development tax credits		(4.0	)		(2.4	)
Increase in valuation allowance		33.9			15.4
Mark-to-market warrant liability		(2.1	)		—
Other		1.9			—
Effective income tax rate		0.0	%		0.0	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Related Party Transactions - Additional Information (Detail) - USD ($)	8 Months Ended	12 Months Ended
	Jun. 28, 2017	Dec. 31, 2023	Dec. 31, 2022	Mar. 28, 2023
Related Party Transaction [Line Items]
Class of warrant or right, number of securities called by warrants or rights				412,500
Cost of revenue		$ 279,083	$ 1,277,565
Dialog [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage		1.60%
Dialog Semiconductor Plc [Member]
Related Party Transaction [Line Items]
Warrants outstanding		0
Dialog Semiconductor Plc [Member] \| Related Party [Member] \| Strategic Alliance Agreement [Member]
Related Party Transaction [Line Items]
Revenues		$ 0	0
Chip Development Expense [Member] \| Dialog Semiconductor Plc [Member]
Related Party Transaction [Line Items]
Cost of revenue		$ 87,701	$ 0
Private Placements [Member] \| Dialog Semiconductor Plc [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues	86,985
Private Placements [Member] \| Warrants Issued to Investors [Member] \| Dialog Semiconductor Plc [Member]
Related Party Transaction [Line Items]
Class of warrant or right, number of securities called by warrants or rights	70,878

Business Organization, Nature of Operations - Additional Information (Details)			12 Months Ended
	Aug. 15, 2023	Jun. 14, 2023	Dec. 31, 2023
Reverse stock split, description			1-for-20
Reverse stock split, conversion ratio	20		20
Maximum [Member]
Reverse stock split, conversion ratio		20

Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 13,936,050	$ 26,287,293
Accounts receivable, net	101,554	143,353
Inventory	429,638	105,821
Prepaid expenses and other current assets	539,145	827,551
Total current assets	15,006,387	27,364,018
Property and equipment, net	428,904	429,035
Operating right-of-use lease assets	1,240,042	1,959,869
Total assets	16,675,333	29,752,922
Current liabilities:
Accounts payable	1,879,334	900,765
Accrued expenses	1,253,937	1,790,414
Accrued severance	133,598	416,516
Warrant liability	619,575
Operating lease liabilities, current portion	707,251	705,894
Deferred revenue	27,082	29,727
Total current liabilities	4,620,777	3,843,316
Long-term liabilities:
Operating lease liabilities, long-term portion	556,879	1,264,131
Total liabilities	5,177,656	5,107,447
Commitments and contingencies
Stockholders’ equity:
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2023 and December 31, 2022; no shares issued or outstanding
Common Stock, $0.00001 par value, 200,000,000 shares authorized at December 31, 2023 and December 31, 2022; 5,471,121 and 3,947,267 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively.	930	789
Additional paid-in capital	393,538,809	387,319,985
Accumulated deficit	(382,042,062)	(362,675,299)
Total stockholders’ equity	11,497,677	24,645,475
Total liabilities and stockholders’ equity	$ 16,675,333	$ 29,752,922

Statement of Changes in Stockholder's Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
At The Market [Member]
Issuance costs	$ 197,647	$ 73,403
Sale of Common Stock [Member]
Issuance costs	$ 3,166,139

Stockholders' Equity - Additional Information (Detail)							3 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Aug. 30, 2023 USD ($)	Mar. 28, 2023 USD ($) $ / shares shares	Dec. 16, 2021 USD ($)	Oct. 04, 2021 USD ($)	Sep. 24, 2020 USD ($)	Sep. 24, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Number of common stock voting entitlement per share \| Vote								1
Securities reserved for issuance		$ 2,677,191	$ 100,000,000
Common stock, shares issued \| shares		412,500						5,471,121	3,947,267
Class of warrant or right, number of securities called by warrants or rights \| shares		412,500
Warrants exercisable term								6 years
Class of warrant or right, exercise price of warrants or rights \| $ / shares		$ 8
At-the-market ("ATM") funds receivable							$ 38,832,711
Accounting issuance costs will be paid					$ 1,167,289
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs								$ 4,239,584	$ 744,787
Common stock outstanding abstract
Common stock outstanding								Our outstanding shares of common stock typically include shares that are deemed delivered under U.S. GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance.
Common stock, shares authorized \| shares								200,000,000	200,000,000
Warrants Issued to Investors [Member]
Class of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights \| $ / shares								$ 1.66
Maximum [Member]
Class of Stock [Line Items]
Securities reserved for issuance					75,000,000
Sales Agreement [Member]
Class of Stock [Line Items]
Sale of stock, Description								The $40,000,000 of common stock to be offered, issued and sold under the ATM Program is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus.
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs								$ 3,555,563	$ 744,787	$ 27,043,751
Net of issuance costs from offering of shares								162,799	$ 73,403	$ 868,122
Remaining securities under agreements to Repurchase on shelf registration statement								0
Sales Agreement [Member] \| Maximum [Member]
Class of Stock [Line Items]
Proceeds from (Payments for) in Securities Sold under Agreements				$ 35,000,000	$ 40,000,000	$ 40,000,000
At The Market Program [Member]
Class of Stock [Line Items]
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs								684,021
Net of issuance costs from offering of shares								34,848
Remaining securities under agreements to Repurchase on shelf registration statement								$ 24,281,132
At The Market Program [Member] \| Maximum [Member]
Class of Stock [Line Items]
Proceeds from (Payments for) in Securities Sold under Agreements	$ 25,000,000

Warrant Liability

12 Months Ended

Dec. 31, 2023

Warrants and Rights Note Disclosure [Abstract]

Warrant Liability

Note 10 - Warrant Liability

2023 Warrants

In March 2023, the Company issued 412,500 warrants to purchase up to 412,500 shares of its common stock. The 2023 Warrants have a six-year term and were exercisable upon issuance on March 28, 2023. At issuance, each 2023 Warrant was exercisable for one share of the Company’s common stock at a price of $8.00 per share. As of December 31, 2023, the exercise price of the 2023 Warrants was adjusted to $1.66 per share (subject to further adjustment in certain circumstances, including in the event of stock dividends and splits; recapitalizations; change of control transactions; and issuances or sales of, or agreements to issue or sell, shares of common stock or common stock equivalents at a price per share less than the then-applicable exercise price for the 2023 Warrants, including sales under the ATM, the “Exercise Price”).

In the event of certain transactions such as a merger, consolidation, tender offer, reorganization, or other change in control, if holders of common stock are given any choice as to the consideration to be received, the holder of each 2023 Warrant shall be given the same choice of alternate consideration. In the event of certain transactions that are not within the Company’s control, such as a merger, consolidation, tender offer, reorganization, or other change in control of the Company, each holder of a 2023 Warrant shall be entitled to receive the same form of consideration at the Black Scholes value of the unexercised portion of the 2023 Warrant that is being offered and paid to holders of common stock, including the option to exercise the 2023 Warrants on a “cashless basis”.

If the Company issues additional shares of common stock or equity-linked securities for a consideration per share less than the Exercise Price, then such Exercise Price will be reduced to a new lower price pursuant to the terms of the 2023 Warrants. Additionally, if the Exercise Price of any outstanding derivative securities is modified by the Company such that such security’s modified exercise price is below the Exercise Price, the Exercise Price will adjust downward pursuant to the terms of the 2023 Warrant. This provision would not apply for stock or stock equivalents which fall under shares that qualify for exempt issuance, such as if the Company adjusted the option exercise price for an option granted to an employee, officer, or director.

Note 10 - Warrant Liability, continued

The Company accounted for the 2023 Warrants in accordance with the derivative guidance contained in ASC 815-40, as the warrants did not meet the criteria for equity treatment. The Company believes that the adjustments to the Exercise Price is based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40, and thus the 2023 Warrants are not eligible for an exception from derivative accounting. As such, the 2023 Warrants were initially measured at fair value and recorded as a liability in the amount of $3,135,000. As of December 31, 2023, all 2023 Warrants were outstanding. As of December 31, 2023, the fair value of the warrant liability was $619,575. The Company recorded a change in fair value of the warrant liability of $2,515,425 for the year ended December 31, 2023.

Fair Value Measurements - Schedule of Estimated Fair Value of the Warrant Liability (Details) - Warrants Two Thousand Twenty Three - Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2023 shares	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares
Share Price [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	1.83	1.6	4.8	10.8
Exercise Price [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	1.66	1.66	8	8
Term [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input term	5 years 2 months 12 days	5 years 6 months	5 years 8 months 12 days	6 years
Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	0.85	0.75	0.65	0.65
Risk-Free Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	0.038	0.046	0.041	0.036
Dividend Yield [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	0	0	0	0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax benefit at federal statutory rate	(21.00%)	(21.00%)
State income taxes	(8.80%)	(4.40%)
Permanent differences:
Stock-based compensation	0.10%	12.40%
Research and development tax credits	(4.00%)	(2.40%)
Increase in valuation allowance	33.90%	15.40%
Mark-to-market warrant liability	(2.10%)
Other	1.90%
Effective income tax rate	0.00%	0.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false

Stock Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding	15,013
Number of Options, Granted	0
Number of Options, Exercised	0
Number of Options, Forfeited	(13)
Number of Options, Outstanding	15,000	15,013
Number of Options, Exercisable	7,500	13
Number of Options, Vested	7,500
Number of Options, Exercised	0
Number of Options, Forfeited	(13)
Weighted Average Exercise Price, Outstanding	$ 25.42
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Forfeited	49.8
Weighted Average Exercise Price, Outstanding	25.4	$ 25.42
Weighted Average Exercise Price, Exercisable	49.8
Weighted Average Exercise Price, Vested	25.4
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Forfeited	49.8
Weighted Average Exercise Price, Exercisable	$ 25.40	$ 49.8
Weighted Average Remaining Life In Years, Outstanding	7 years 10 months 24 days	8 years 10 months 24 days
Weighted Average Remaining Life In Years, Exercisable	7 years 10 months 24 days	3 months 18 days

Stock Based Compensation - Performance Share Units - Additional Information (Detail) - Performance Share Unit (PSUs) [Member] - USD ($)					12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jul. 20, 2022	Dec. 09, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period						2,500
Share based compensation arrangement by share based payment award equity instruments other than options vested in period						1,125
Share based compensation arrangement by share based payment award unamortized value						$ 0
Share Based Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options vested in period						2,500
Mr. Johnston [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period			14,350	14,350			14,350
Share based compensation arrangement by share based payment award equity instruments other than options vested in period				14,350		1,125	6,779
Mr. Johnston [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options vested in period		2,500				2,500	9,350
Mr. Johnston [Member] \| Maximum [Member] \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award equity instruments other than options vested in period	2,500				2,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 4,455,481	$ 4,393,514
Less – accumulated depreciation	(4,026,577)	(3,964,479)
Total property and equipment, net	428,904	429,035
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	900,641	978,147
Computer Hardware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	2,283,837	2,144,364
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	488,465	488,465
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 782,538	$ 782,538

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2023		2022
Accrued compensation	$	992,743	$	1,306,503
Accrued legal expenses		147,506		298,546
Other accrued expenses		113,688		185,365
Total	$	1,253,937	$	1,790,414

Commitments and Contingencies - Executive Employee Agreement - Cesar Johnston - Additional Information (Detail)					12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Jul. 20, 2022 shares	Dec. 09, 2021 USD ($) Installment shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Performance Share Unit (PSUs) [Member]
Commitments And Contingencies [Line Items]
Shares granted						2,500
Shares vested						1,125
Performance Share Unit (PSUs) [Member] \| Share Based Compensation [Member]
Commitments And Contingencies [Line Items]
Shares vested						2,500
Mr. Johnston [Member]
Commitments And Contingencies [Line Items]
Salary \| $				$ 400,000
Annual bonus, percentage				100.00%
One time sign on bonus amount \| $				$ 120,000
Bonus payable, number of installments \| Installment				2
Bonus payable installment amount \| $				$ 60,000
Debt description						a grant of 7,500 restricted stock units to acquire shares of the Company’s common stock, one third of which vested on December 6, 2022 and the remaining two thirds of which will vest in eight equal installments of 625 each on each quarterly anniversary thereafter
Options granted				15,000
Target bonus percentage				100.00%
Mr. Johnston [Member] \| Johnston A&R CIC Agreement [Member]
Commitments And Contingencies [Line Items]
Target bonus percentage				150.00%
Mr. Johnston [Member] \| Performance Share Unit (PSUs) [Member]
Commitments And Contingencies [Line Items]
Vesting percentage				33.30%
Vesting period				3 years
Additional equity award per year.				1,250
Shares granted			14,350	14,350			14,350
Shares vested				14,350		1,125	6,779
Shares maximum achievable and eligible to vest							9,350
Mr. Johnston [Member] \| Performance Share Unit (PSUs) [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Shares vested		2,500				2,500	9,350
Mr. Johnston [Member] \| Performance Share Unit (PSUs) [Member] \| Maximum [Member] \| Forecast
Commitments And Contingencies [Line Items]
Shares vested	2,500				2,500

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods.

Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants is estimated using an appropriate valuation model. Such warrant classification is also subject to re-evaluation at each reporting period.

Offering costs associated with warrants classified as liabilities are expensed as incurred and are presented as offering cost related to warrant liability in the statement of operations. Offering costs associated with the sale of warrants classified as equity are charged against proceeds.

Fair Value

The Company follows ASC 820, Fair Value Measurements (“ASC 820”), which establishes a common definition of fair value to be applied when US GAAP requires the use of fair value, establishes a framework for measuring fair value, and requires certain disclosure about such fair value measurements.

ASC 820 establishes a 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 observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

•

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities to which the Company has access at a measurement date.

•

Level 2: Observable inputs other than Level 1 quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3: Unobservable inputs for which little or no market data exists and for which the Company must develop its own assumptions regarding the assumptions that market participants would use in pricing the asset or liability, including assumptions regarding risk.

Because of the uncertainties inherent in the valuation of assets or liabilities for which there are no observable inputs, those estimated fair values may differ significantly from the values that may have been used had a ready market for the assets or liabilities existed.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, cash equivalents, prepaid expenses, other current assets, and accounts payable & accrued expenses, are an approximate of their fair values because of the short maturity of these instruments. The Company’s derivative liabilities recognized at fair value on a recurring basis are a level 3 measurement (see Note 11 – Fair Value Measurement).

Revenue Recognition

The Company follows Accounting Standards Codification (“ASC”) 606, "Revenue from Contracts with Customers" (“Topic 606”).

In accordance with Topic 606, the Company recognizes revenue using the following five-step approach:

Identify the contract with the customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations of the contract.

Recognize revenue when or as the performance obligations are satisfied.

The Company’s revenue consists of its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the years ended December 31, 2023 and 2022, the Company recognized $474,184 and $851,321 in revenue, respectively.

The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these product development projects in research and development expense, in the periods such expenses were incurred.

Inventory

The Company follows ASC Topic 330, Inventory (“Topic 330”) to account for its inventory, which includes finished goods ready for sale, work in process and raw materials, at the lower of cost or net realizable value. Net realizable value is calculated at the end of each reporting period and adjustment, if needed, is made. Cost is determined by the first-in, first-out ("FIFO") method.

Research and Development

Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, which are generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $10,810,570 and $12,497,781 for the years ended December 31, 2023 and 2022, respectively.

Stock-Based Compensation

The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Forfeitures are recognized as they occur.

Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes stock-based compensation expense for the fair value of the purchase options, as measured on the grant date.

Income Taxes

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2023, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2023 and 2022. The Company files income tax returns with the United States and California governments.

Property and Equipment

The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – remaining life of the lease.

Accounting for Reverse Stock Split

During the year ended December 31, 2023, the Company effected a reverse stock split of its common stock at a ratio of 1-for-20 (See Note 1 - Business Organization, Nature of Operations, Reverse Stock Split). On August 15, 2023, the Company had 92,069,632 shares of common stock issued and outstanding prior to the reverse stock split taking effect. On August 16, 2023, the Company had 4,601,654 shares of outstanding common stock after the reverse stock split became effective. No fractional shares were issued in connection with the reverse stock split, and stockholders of record who would have otherwise been entitled to receive a fractional share received a cash payment in lieu thereof. The Company paid approximately $6,250 for cash in lieu of fractional shares. The par value of the Company's common stock did not change and no adjustments to historical par value were made. All information presented in the accompanying financial statements, unless otherwise indicated herein, reflects the 1-for-20 reverse stock split of the Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split.

Net Loss Per Common Share

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 582,567 and 206,603 for the years ended December 31, 2023 and 2022, respectively, because their inclusion would be antidilutive.

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


	For the Years Ended December 31,
	2023		2022
Warrants issued to private investors		495,833		83,333
Options to purchase common stock		15,000		15,013
RSUs		71,734		108,257
Total potentially dilutive securities		582,567		206,603

The table above includes 83,333 warrants expiring March 1, 2024, with an exercise price of $200.00 and 412,500 warrants expiring on March 28,2029, which have an exercise price of $1.66.

Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities.

ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 6 – Commitments and Contingencies, Operating Leases for further discussion of the Company’s operating leases.

Business Organization, Nature of Operations

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Organization, Nature of Operations

Note 1 – Business Organization, Nature of Operations

Description of Business

Energous Corporation ("the Company") has developed a wireless power networks technology (“WPNT”), consisting of semiconductor chipsets, software controls, hardware designs and antennas, that enable radio frequency (“RF”) based charging for Internet of Things (“IoT”) devices. The WPNT has a broad spectrum of capabilities to enable the next generation of wireless power networks, delivering power and data in a seamless device portfolio. This includes near field and at-a-distance wireless charging with multiple power levels at various distances.

The Company believes its technology is innovative in its approach, in that the Company is developing solutions that charge IoT devices using RF technology. To date, the Company has developed and released to production multiple transmitters and receivers, including prototypes and partner production designs. The transmitters vary based on form factor and power specifications and frequencies, while the receivers are designed to support a myriad of wireless charging applications including:


Device Type	Application
RF Tags	Cold Chain, Asset Tracking, Medical IoT
IoT Sensors	Cold Chain, Logistics, Asset Tracking
Electronic Shelf Labels	Retail and Industrial IoT

The first end product featuring the Company's technology entered the market in 2019. The Company started shipping its first at-a-distance wireless PowerBridges for commercial IoT applications in the fourth quarter of 2021 and expects additional wireless power enabled products to be released as the Company's business moves forward.

Reverse Stock Split

On June 14, 2023, at the Company's 2023 annual meeting of stockholders, the Company's stockholders approved a proposal to effect a reverse stock split of the Company's common stock by a ratio not to exceed 1-for-20.

On August 15, 2023, the Company announced that its Board of Directors had determined to set the reverse stock split ratio at 1-for-20 and that the Company's common stock would begin trading at the split-adjusted price beginning August 16, 2023. Upon effectiveness of the reverse stock split, every twenty shares of issued and outstanding common stock held were converted into one share of common stock. No fractional shares were distributed as a result of the reverse stock split and stockholders were entitled to a cash payment in lieu of fractional shares. Additionally, the par value of the Company's common stock did not change.

All information presented herein, unless otherwise indicated herein, reflects the 1-for-20 reverse stock split of the Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split.

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail)	Dec. 31, 2023 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024	$ 733,497
2025	562,408
Total future lease payments	1,295,905
Present value discount (3.0% weighted average)	(31,775)
Total operating lease liabilities	$ 1,264,130

Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at January 1, 2022 \| shares	108,251
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period \| shares	40,412
RSUs forfeited \| shares	(12,902)
RSUs vested \| shares	(64,027)
Unvested at December 31, 2022 \| shares	71,734
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 32.67
Weighted Average Grant Date Fair Value, RSUs granted \| $ / shares	12.81
Weighted Average Grant Date Fair Value, RSUs forfeited \| $ / shares	25.40
Weighted Average Grant Date Fair Value, RSUs vested \| $ / shares	30.58
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 24.65

Commitments and Contingencies - Employee Agreement - William Mannina - Additional Information (Detail) - USD ($)	Jul. 20, 2023	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Accrued severance expense		$ 133,598	$ 416,516
Mr. William Mannina [Member]
Commitments And Contingencies [Line Items]
Accrued severance expense		$ 127,593
Salary	$ 265,825

Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options \| $	$ 1,130,709
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	5 years
2013 Equity Incentive Plan [Member] \| Employee [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	3,439
Non-Employee Equity Compensation Plan 2014 [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	6,223
Non-Employee Equity Compensation Plan 2014 [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	1 year
Non-Employee Equity Compensation Plan 2014 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
2017 Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
2017 Equity Inducement Plan [Member] \| Employee [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	30,750

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 14 – Subsequent Events

The Company evaluates events that have occurred after the balance sheet date of December 31, 2023, through the date which the financial statements are issued.

On February 15, 2024, the Company entered into a securities purchase agreement with an institutional investor, providing for the issuance and sale by the Company, in a registered direct offering (the “Offering”), of (i) 570,000 shares of the Company’s common stock, par value $0.00001 (“Common Stock”), (ii) pre-funded warrants to purchase up to 450,409 shares of Common Stock (referred to individually as a “Pre-Funded Warrant” and collectively as the “Pre-Funded Warrants”), and (iii) warrants to purchase up to an aggregate of 1,020,409 shares of Common Stock (referred to individually as a “Warrant” and collectively as the “Warrants”). Each share of Common Stock and Pre-Funded Warrant was offered and sold together with an accompanying Warrant at a combined price of $1.96 per share of Common Stock or Pre-Funded Warrant, as applicable. Each Pre-Funded Warrant and Warrant is exercisable at any time on or after the date of issuance to purchase one share of Common Stock at a price of either $0.001 per share, in the case of the Pre-Funded Warrants, or $1.84 per share, in the case of the Warrants. The Pre-Funded Warrants expire when they are exercised in full, and the Warrants expire five years from the date of issuance.

The Offering closed on February 20, 2024. The Company received net proceeds of approximately $1.8 million from the Offering, after deducting placement agent fees and estimated offering expenses payable by the Company.

On March 26, 2024, the Company announced that effective March 24, 2024 Cesar Johnston is no longer serving as President and Chief Executive Officer. Mr. Johnston will remain a member of the Board. No agreement pertaining to Mr. Johnston's departure has yet been signed.

Except for the events stated above, no events have occurred that would require adjustment to the amounts, or disclosures, in the financial statements.

Income Taxes - Summary of Valuation Allowance (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
January 1,	$ 97,756,771	$ 93,718,497
Increase in valuation allowance	6,561,496	4,038,274
December 31,	$ 104,318,267	$ 97,756,771

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (19,366,763)	$ (26,275,260)
Adjustments to reconcile net loss to Net cash used in operating activities:
Depreciation and amortization	187,209	246,156
Stock based compensation	1,677,950	2,918,837
Change in operating lease right-of-use assets	719,827	730,452
Inventory net realizable value adjustment	167,413
Bad debt (recovered) expensed	(12,500)	40,737
Change in fair value of warrant liability	(2,515,425)
Offering costs allocated to warrant liability	591,670
Changes in operating assets and liabilities:
Accounts receivable	54,299	99,512
Inventory	(491,230)	(105,821)
Prepaid expenses and other current assets	288,406	47,335
Other assets		11,991
Accounts payable	978,569	(305,192)
Accrued expenses	(536,477)	267,097
Accrued severance	(282,918)	(558,923)
Operating lease liabilities	(705,895)	(770,031)
Deferred revenue	(2,645)	16,363
Net cash used in operating activities	(19,248,510)	(23,636,747)
Cash flows from investing activities:
Purchases of property and equipment	(187,078)	(164,994)
Net cash from investing activities	(187,078)	(164,994)
Cash flows from financing activities:
Net proceeds from an ATM offering	4,239,584	744,787
Net proceeds from a registered offering of common stock and warrants	2,677,191
Proceeds from a sale of common stock to the Chief Executive Officer	94,640
Proceeds from contributions to employee stock purchase plan	72,930	272,833
Net cash provided by financing activities	7,084,345	1,017,620
Net decrease in cash and cash equivalents	(12,351,243)	(22,784,121)
Cash and cash equivalents - beginning	26,287,293	49,071,414
Cash and cash equivalents - ending	13,936,050	26,287,293
Supplemental disclosure of non-cash financing activities:
Increase in operating lease right-of-use assets and operating lease liabilities		2,071,336
Performance Share Unit (PSUs) [Member]
Supplemental disclosure of non-cash financing activities:
Common stock issued		1
Restricted Stock Units (RSUs) [Member]
Supplemental disclosure of non-cash financing activities:
Common stock issued	$ 9	$ 10

Commitments and Contingencies - Employee Agreement - Neeraj Sahejpal - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 29, 2022	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Severance expense		$ 359,419	$ 798,391
Accrued severance expense		133,598	416,516
Restricted Stock Units (RSUs) [Member]
Commitments And Contingencies [Line Items]
Compensation-based payments		1,532,911	2,581,726
Mr. Neeraj Sahejpal [Member]
Commitments And Contingencies [Line Items]
Salary	$ 261,250
Potential bonus	$ 261,250
Severance expense			798,391
Compensation-based payments			$ 252,609
Mr. Neeraj Sahejpal [Member] \| Restricted Stock Units (RSUs) [Member]
Commitments And Contingencies [Line Items]
Shares vested	85,943
Accrued severance expense		$ 0

Stock Based Compensation - Summary of Fair Values of Purchase Options Granted (Detail) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price		$ 25.40
Dividend yield		0.00%
Expected volatility		108.00%
Risk-free interest rate		1.92%
Expected life		5 years 7 months 6 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected life	6 months	6 months
Employee Stock Purchase Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 4.8	$ 19.2
Expected volatility	59.00%	61.00%
Risk-free interest rate	4.42%	0.06%
Employee Stock Purchase Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 16.72	$ 25
Expected volatility	67.00%	68.00%
Risk-free interest rate	5.47%	2.52%

Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at January 1, 2022 \| shares	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares	2,500
PSUs forfeited \| shares	(1,375)
PSUs vested \| shares	(1,125)
Unvested at December 31, 2022 \| shares	0
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 0
Weighted Average Grant Date Fair Value, PSUs granted \| $ / shares	6.16
Weighted Average Grant Date Fair Value, PSUs forfeited \| $ / shares	6.16
Weighted Average Grant Date Fair Value, PSUs vested \| $ / shares	6.16
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 0

Liquidity and Management Plans

12 Months Ended

Dec. 31, 2023

Liquidity And Management Plan Disclosure [Abstract]

Liquidity and Management Plans

Note 2 – Liquidity and Management Plans

During the years ended December 31, 2023 and 2022, the Company has recorded revenue of $474,184 and $851,321, respectively. The Company incurred a net loss of $19,366,763 and $26,275,260 for the years ended December 31, 2023 and 2022, respectively. Net cash used in operating activities was $19,248,510 and $23,636,747 for the years ended December 31, 2023 and 2022, respectively. However, the Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $27,043,751 during 2021, $744,787 during 2022 and $6,916,775 during 2023, along with proceeds from the sale of the Company's common stock to Cesar Johnston, the Company's President and Chief Executive Officer, contributions to the employee stock purchase plan (“ESPP”) and payments received from customers.

As of December 31, 2023, the Company had cash on hand of $13,936,050. The Company expects that cash and cash equivalents as of December 31, 2023, together with anticipated additional proceeds from the ATM financing during 2024, proceeds from the Company's securities offering that closed on February 20, 2024, continued cost and expense reductions and collections generated by anticipated revenues, will be sufficient to fund the Company's operations through March 2025.

Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations. Accordingly, the Company expects to pursue additional cost and expense reductions in addition to financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such cost and expense reductions and financing will be available on terms that the Company would find acceptable, or at all. If the Company is unsuccessful in implementing this plan, the Company will be required to make further cost and expense reductions or modifications to its on-going and strategic plans.

The market for products using the Company’s technology is broad and evolving, but remains nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, the development of complementary technologies, competition and global market fluctuations.

Significant Accounting Policies - Additional Information (Detail)				12 Months Ended
	Aug. 15, 2023 shares	Jun. 14, 2023	Apr. 30, 2015	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Aug. 16, 2023 shares	Mar. 28, 2023 $ / shares
Summary Of Significant Accounting Policies [Line Items]
Revenue \| $				$ 474,184	$ 851,321
Research and development expense, total \| $				10,810,570	12,497,781
Liability for unrecognized tax benefits \| $				0
Interest or penalties for uncertain tax positions \| $				$ 0	$ 0
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]				Leasehold Improvements [Member]
Reverse stock split, description				1-for-20
Reverse stock split, conversion ratio	20			20
Shares issued prior to reverse stock split	92,069,632
Shares outstanding prior to reverse stock split	92,069,632
Shares outstanding after reverse stock split						4,601,654
Cash in lieu of fractional shares \| $				$ 6,250
Antidilutive securities excluded from computation of earnings per share, amount				582,567	206,603
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 \| $ / shares							$ 8
Computer Hardware [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life				3 years
Furniture and Fixtures [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life				7 years
Minimum [Member] \| Computer Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life				1 year
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split, conversion ratio		20
Maximum [Member] \| Computer Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life				2 years
Warrants Issued to Private Investors [Member]
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount				495,833	83,333
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 \| $ / shares				$ 1.66
Warrants Issued to Private Investors [Member] \| Expiring at March 1 2024 [Member]
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount				83,333
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 \| $ / shares				$ 200
Warrants Issued to Private Investors [Member] \| Expiring on March 28 2029 [Member]
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount				412,500
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 \| $ / shares				$ 1.66
Employee Stock Purchase Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock purchase price discount percentage			85.00%	15.00%
Product Development Projects Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenue \| $				$ 474,184	$ 851,321

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:


	December 31,
	2023			2022
Deferred tax assets:
Research and development tax credits	$	11,638,252		$	10,526,768
Net operating loss carryovers		83,393,532			76,477,629
Property and equipment		147,008			162,698
Research and development costs		8,652,830			9,829,326
Start-up and organizational costs		9,884			9,275
Stock-based compensation		118,807			283,285
Operating lease liability		353,749			551,284
Other accruals		351,214			464,948
Total gross deferred tax assets		104,665,276			98,305,213
Less: valuation allowance		(104,318,267	)		(97,756,771	)
Total deferred tax assets		347,009			548,442
Deferred tax liabilities:
Operating lease right-of-use asset		(347,009	)		(548,442	)
Total deferred tax liabilities		(347,009	)		(548,442	)
Total deferred taxes, net	$	—		$	—

Summary of Valuation Allowance

The change in the Company’s valuation allowance is as follows:


	2023		2022
January 1,	$	97,756,771	$	93,718,497
Increase in valuation allowance		6,561,496		4,038,274
December 31,	$	104,318,267	$	97,756,771

Schedule of Effective Income Tax Rate Reconciliation


	For the Year Ended December 31,
	2023			2022
Tax benefit at federal statutory rate		(21.0	)%		(21.0	)%
State income taxes		(8.8	)		(4.4	)
Permanent differences:
Stock-based compensation		0.1			12.4
Executive compensation		—			—
Research and development tax credits		(4.0	)		(2.4	)
Increase in valuation allowance		33.9			15.4
Mark-to-market warrant liability		(2.1	)		—
Other		1.9			—
Effective income tax rate		0.0	%		0.0	%

Commitments and Contingencies - Strategic Alliance Agreement - Additional Information (Detail)	1 Months Ended
	Jun. 30, 2021	Nov. 30, 2016
Commitments And Contingencies [Line Items]
Initial term of agreement	3 years
Strategic Alliance Agreement [Member]
Commitments And Contingencies [Line Items]
Initial term of agreement		7 years

Liquidity and Management Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liquidity And Management Plans [Line Items]
Engineering product development	$ 474,184	$ 851,321
Net loss	(19,366,763)	(26,275,260)
Net cash provided by (used in) operating activities	(19,248,510)	(23,636,747)
Net proceeds of securities offerings	6,916,775	744,787	$ 27,043,751
Cash and cash equivalents, at carrying value, total	13,936,050	26,287,293
Technology Service [Member]
Liquidity And Management Plans [Line Items]
Engineering product development	$ 474,184	$ 851,321

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Note 8 – Stock Based Compensation

Equity Incentive Plans

2013 Equity Incentive Plan

Effective on June 14, 2023, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 50,000 shares, bringing to 489,298 the total number of shares approved for issuance under that plan.

As of December 31, 2023, 118,877 shares of common stock remain eligible to be issued through equity-based instruments under the 2013 Equity Incentive Plan.

2014 Non-Employee Equity Compensation Plan

Effective on May 26, 2020, the Company’s stockholders approved the amendment and restatement of the 2014 Non-Employee Equity Compensation Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 40,000 shares, bringing to 82,500 the total number of shares approved for issuance under that plan.

As of December 31, 2023, 29,137 shares of common stock remain eligible to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan.

2015 Performance Share Unit Plan

Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 85,000 shares, bringing to 255,505 the total number of shares approved for issuance under that plan.

As of December 31, 2023, 108,897 shares of common stock remain eligible to be issued through equity-based instruments under the 2015 Performance Share Unit Plan.

2017 Equity Inducement Plan

On December 28, 2017, the Board approved the 2017 Equity Inducement Plan (“2017 Plan”). Under the 2017 Plan, the Board reserved 30,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. These awards will be granted to individuals who (a) are being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) are being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) will become an employee of the Company or any subsidiary in connection with a merger or acquisition.

On July 20, 2022, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Plan by 100,000 shares. As of December 31, 2023, 51,084 shares of common stock remain available to be issued through equity-based instruments under the 2017 Plan.

Employee Stock Purchase Plan

In April 2015, the Company’s Board approved the ESPP, under which 30,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 14, 2023, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance through equity-based instruments thereunder by 25,000 shares, bringing to 102,500 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date which is typically the last market date of the offering period.

Note 8 – Stock Based Compensation, continued

Equity Incentive Plans, continued

Employee Stock Purchase Plan, continued

As of December 31, 2023, 14,716 shares of common stock remain eligible to be issued under the ESPP. For the year ended December 31, 2023, eligible employees contributed $72,930 through payroll deductions to the ESPP and 20,336 shares were deemed delivered for the year ended December 31, 2023. For the year ended December 31, 2022, eligible employees contributed $272,833 through payroll deductions to the ESPP and 17,297 shares were deemed delivered for the year ended December 31, 2022.

Stock Option Award Activity

In February 2022, the Board granted our Chief Executive Officer 15,000 stock options under the 2013 Equity Incentive Plan at an exercise price of $25.40 per share with half of the options vesting on the second anniversary of the vesting start date and a quarter of the options vesting on each of the next two anniversaries of the vesting start date. No options were granted during the year ended December 31, 2023.

The Company estimated the fair value of stock options granted during 2022 using the Black-Scholes option pricing model. The fair values of stock options granted during 2022 were estimated using the following assumptions:


	Year Ended December 31, 2022
Stock price	$	25.40
Dividend yield		0	%
Expected volatility		108	%
Risk-free interest rate		1.92	%
Expected life	5.6 years

The following is a summary of the Company’s stock option activity during the year ended December 31, 2023:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life In Years		Intrinsic Value
Outstanding at January 1, 2023		15,013		$	25.42		8.9	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(13	)		49.80		—		—
Outstanding at December 31, 2023		15,000		$	25.40		7.9	$	—
Exercisable at January 1, 2023		13		$	49.80		0.3	$	—
Vested		7,500			25.40		—		—
Exercised		—			—		—		—
Forfeited		(13	)		49.80		—		—
Exercisable at December 31, 2023		7,500		$	25.40		7.9	$	—

As of December 31, 2023, the unamortized value of options was $148,948. The unamortized amount will be expensed over a weighted average period of 1.9 years.

The aggregate intrinsic value of options exercised was $0 for the years ended December 31, 2023 and 2022.

Note 8 – Stock Based Compensation, continued

Restricted Stock Units (“RSUs”)

During the year ended December 31, 2023, the Compensation Committee granted various employees RSUs covering 3,439 shares of common stock under the 2013 Equity Incentive Plan . The awards vest over five years.

During the year ended December 31, 2023, the Compensation Committee granted various non-employees RSUs covering 6,223 shares of common stock under the 2014 Non-Employee Equity Compensation Plan. The awards granted vest over terms ranging from one to four years.

During the year ended December 31, 2023, the Compensation Committee granted employees RSUs covering 30,750 shares of common stock under the 2017 Equity Inducement Plan. The awards vest over four years.

At December 31, 2023, the unamortized value of the RSUs was $1,130,709. The unamortized amount will be expensed over a weighted average period of 1.8 years. A summary of the activity related to RSUs for the year ended December 31, 2023 is presented below:


	Total			Weighted Average Grant Date Fair Value
Unvested at January 1, 2023		108,251		$	32.67
RSUs granted		40,412		$	12.81
RSUs forfeited		(12,902	)	$	25.40
RSUs vested		(64,027	)	$	30.58
Unvested at December 31, 2023		71,734		$	24.65

Performance Share Units (“PSUs”)

Performance share units (“PSUs”) are grants that vest upon the achievement of certain performance goals. The goals are commonly related to the Company’s revenue and achievement of sales and marketing goals.

On July 20, 2022, the Board granted the Company’s Chief Executive Officer, Cesar Johnston, up to 14,350 PSUs under the Company’s 2015 Performance Share Unit Plan pursuant to the terms of Mr. Johnston’s offer letter with the Company (See Note 6 – Commitments and Contingencies). The up to 14,350 PSUs that have been approved shall vest as follows: (a) up to 9,350 PSU shares shall vest on December 31, 2022, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics previously determined by the Compensation Committee and approved by the Board, (b) up to an additional 2,500 PSU shares shall vest on December 31, 2023, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics determined and granted by the Board on May 17, 2023, and (c) up to an additional 2,500 PSU shares shall vest on December 31, 2024, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics to be recommended by the Compensation Committee and approved by the Board at a subsequent date. As of December 31, 2022, 6,779 PSUs were achieved, vested and deemed delivered on that date. As of December 31, 2023, an additional 1,125 PSUs were achieved, vested and deemed delivered on that date. As of December 31, 2023, the performance criteria for the additional 2,500 PSUs that shall vest on December 31, 2024 have not been approved by the Board.

Note 8 – Stock Based Compensation, continued

Performance Share Units (“PSUs”), continued

At December 31, 2023, the unamortized value of all PSUs was $0. A summary of the activity related to PSUs for the year ended December 31, 2023 is presented below:


	Total			Weighted Average Grant Date Fair Value
Unvested at January 1, 2023		—		$	—
PSUs granted		2,500		$	6.16
PSUs forfeited		(1,375	)	$	6.16
PSUs vested		(1,125	)	$	6.16
Unvested at December 31, 2023		—		$	—

Employee Stock Purchase Plan (“ESPP”)

During the years ended December 31, 2023 and 2022, there were two offering periods per year for the ESPP. The first offering period started on January 1 of each year and concluded on June 30 of each year. The second offering period started on July 1 of each year and concluded on December 31 of each year.

The weighted-average grant-date fair value of the purchase option for each designated share purchased under the ESPP was approximately $4.66 and $7.29 during the years ended December 31, 2023 and 2022, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recorded stock-based compensation expense for the plan of $43,831 and $124,053 for the years ended December 31, 2023 and 2022, respectively.

The Company estimated the fair value of the purchase options granted during the years ended December 31, 2023 and 2022 using the Black-Scholes option pricing model. The fair values of the purchase options granted were estimated using the following assumptions:


	For the Year Ended December 31, 2023
Stock price range	$	4.80 – 16.72
Dividend yield		0	%
Expected volatility range		59 – 67	%
Risk-free interest rate range		4.42 – 5.47	%
Expected life		6 months

	For the Year Ended December 31, 2022
Stock price range	$	19.20 - 25.00
Dividend yield		0	%
Expected volatility range		61 – 68	%
Risk-free interest rate range		0.06 – 2.52	%
Expected life		6 months

Note 8 – Stock Based Compensation, continued

Stock-Based Compensation Expense

The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2023 and 2022:


	For the Years Ended December 31,
	2023		2022
Options	$	84,741	$	74,771
RSUs		1,532,911		2,581,726
PSUs		16,467		138,287
ESPP		43,831		124,053
Total	$	1,677,950	$	2,918,837

The total amount of stock-based compensation was reflected within the statements of operations as:


	For the Years Ended December 31,
	2023		2022
Research and development	$	658,041	$	1,134,106
Sales and marketing		368,388		448,347
General and administrative		651,521		1,083,775
Severance expense		—		252,609
Total	$	1,677,950	$	2,918,837

Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation, Total	$ 1,677,950	$ 2,918,837
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	658,041	1,134,106
Selling and Marketing Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	368,388	448,347
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	$ 651,521	1,083,775
Severance Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments		$ 252,609

Statement of Changes in Stockholder's Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 46,984,278	$ 767	$ 383,383,550	$ (336,400,039)
Beginning balance (in shares) at Dec. 31, 2021		3,833,360
Stock-based compensation - stock options	74,771		74,771
Stock-based compensation - restricted stock units ("RSUs")	2,581,726		2,581,726
Stock-based compensation - employee stock purchase plan ("ESPP")	124,053		124,053
Stock-based compensation - performance share units ("PSUs")	138,287		138,287
Issuance of shares for RSUs		$ 10	(10)
Issuance of shares for RSUs (in shares)		51,162
Issance of shares for PSUs		$ 1	(1)
Issuance of shares for PSUs (in shares)		6,779
Shares purchased from contributions to the ESPP	272,833	$ 3	272,830
Shares purchased from contributions to the ESPP (in shares)		17,297
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs	744,787	$ 8	744,779
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)		38,669
Net Income (Loss)	(26,275,260)			(26,275,260)
Ending balance at Dec. 31, 2022	24,645,475	$ 789	387,319,985	(362,675,299)
Ending balance (in shares) at Dec. 31, 2022		3,947,267
Stock-based compensation - stock options	84,741		84,741
Stock-based compensation - restricted stock units ("RSUs")	1,532,911		1,532,911
Stock-based compensation - employee stock purchase plan ("ESPP")	43,831		43,831
Stock-based compensation - performance share units ("PSUs")	16,467		16,467
Issuance of shares for RSUs		$ 9	(9)
Issuance of shares for RSUs (in shares)		64,062
Issuance of shares for PSUs (in shares)		1,125
Shares purchased from contributions to the ESPP	72,930	$ 3	72,927
Shares purchased from contributions to the ESPP (in shares)		20,366
Cash in lieu of shares from reverse stock split (in shares)		(1,857)
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs	4,239,584	$ 45	4,239,539
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)		975,658
Issuance of shares in a sale of common stock, net of $3,166,139 in issuance costs and fair value of a liability warrant	133,861	$ 83	133,778
Issuance of shares in a sale of common stock, net of issuance costs and fair value of liability warrant(in shares)		412,500
Issuance of shares in a sale of common stock to Chief Executive Officer	94,640	$ 1	94,639
Issuance of shares in a sale of common stock to Chief Executive Officer (in shares)		52,000
Net Income (Loss)	(19,366,763)			(19,366,763)
Ending balance at Dec. 31, 2023	$ 11,497,677	$ 930	$ 393,538,809	$ (382,042,062)
Ending balance (in shares) at Dec. 31, 2023		5,471,121

Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Options	$ 84,741	$ 74,771
Share-Based Payment Arrangement, Noncash Expense	1,677,950	2,918,837
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	1,532,911	2,581,726
Performance Share Unit (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	16,467	138,287
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation-based payments	$ 43,831	$ 124,053

Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - Executive Officers [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Expense recognized by company	$ 698,842	$ 1,293,875
Accrued Expenses [Member]
Commitments And Contingencies [Line Items]
Bonus accrued but not yet paid	$ 530,888

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:


	Balance as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,936,050	$	–	$	–	$	13,936,050
Liabilities:
Warrant liability	$	–	$	–	$	619,575	$	619,575


	Balance as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	26,287,293	$	–	$	–	$	26,287,293
Liabilities:
Warrant liability	$	–	$	–	$	–	$	–

Schedule of Estimated Fair Value of the Warrant Liability

The key inputs into the Monte Carlo simulation model for the 2023 Warrants are as follows:


	At March 31, 2023			At June 30, 2023			At September 30, 2023			At December 31, 2023
Share price	$	10.80		$	4.80		$	1.60		$	1.83
Exercise price	$	8.00		$	8.00		$	1.66		$	1.66
Term (in years)		6.0			5.7			5.5			5.2
Volatility		65	%		65	%		75	%		85	%
Risk-free rate		3.6	%		4.1	%		4.6	%		3.8	%
Dividend yield		0	%		0	%		0	%		0	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Note 6 – Commitments and Contingencies, continued

Operating Leases, continued

Operating Lease Commitments, continued

The future minimum lease payments for leased locations are as follows:


For the Year Ended December 31,	Amount
2024		733,497
2025		562,408
Total future lease payments		1,295,905
Present value discount (3.0% weighted average)		(31,775	)
Total operating lease liabilities	$	1,264,130

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,366,763)	$ (26,275,260)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Deferred tax assets, tax credit carryforwards, research	$ 11,638,252	$ 10,526,768
Tax credit carry forward expiration period	2033
Operating loss carryforwards, limitations on use	stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 297,696,000
Deferred tax assets, tax credit carryforwards, research	$ 7,152,000
Tax credit research and development expiration period	2032
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 298,948,000
Deferred tax assets, tax credit carryforwards, research	$ 5,678,000

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Fair Values of Stock Options Granted


	Year Ended December 31, 2022
Stock price	$	25.40
Dividend yield		0	%
Expected volatility		108	%
Risk-free interest rate		1.92	%
Expected life	5.6 years

Summary of Stock Option Activity

The following is a summary of the Company’s stock option activity during the year ended December 31, 2023:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life In Years		Intrinsic Value
Outstanding at January 1, 2023		15,013		$	25.42		8.9	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(13	)		49.80		—		—
Outstanding at December 31, 2023		15,000		$	25.40		7.9	$	—
Exercisable at January 1, 2023		13		$	49.80		0.3	$	—
Vested		7,500			25.40		—		—
Exercised		—			—		—		—
Forfeited		(13	)		49.80		—		—
Exercisable at December 31, 2023		7,500		$	25.40		7.9	$	—

Schedule of Restricted Stock Units Activity

A summary of the activity related to RSUs for the year ended December 31, 2023 is presented below:


	Total			Weighted Average Grant Date Fair Value
Unvested at January 1, 2023		108,251		$	32.67
RSUs granted		40,412		$	12.81
RSUs forfeited		(12,902	)	$	25.40
RSUs vested		(64,027	)	$	30.58
Unvested at December 31, 2023		71,734		$	24.65

Summary of Activity Related to PSUs

A summary of the activity related to PSUs for the year ended December 31, 2023 is presented below:


	Total			Weighted Average Grant Date Fair Value
Unvested at January 1, 2023		—		$	—
PSUs granted		2,500		$	6.16
PSUs forfeited		(1,375	)	$	6.16
PSUs vested		(1,125	)	$	6.16
Unvested at December 31, 2023		—		$	—

Summary of Stock-based Compensation Costs Recognized

The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2023 and 2022:


	For the Years Ended December 31,
	2023		2022
Options	$	84,741	$	74,771
RSUs		1,532,911		2,581,726
PSUs		16,467		138,287
ESPP		43,831		124,053
Total	$	1,677,950	$	2,918,837

Summary of Stock-based Compensation Reflected within Statements of Operations

The total amount of stock-based compensation was reflected within the statements of operations as:


	For the Years Ended December 31,
	2023		2022
Research and development	$	658,041	$	1,134,106
Sales and marketing		368,388		448,347
General and administrative		651,521		1,083,775
Severance expense		—		252,609
Total	$	1,677,950	$	2,918,837

Employee Stock Purchase Plan [Member]

Summary of Fair Values of Stock Options Granted

The fair values of the purchase options granted were estimated using the following assumptions:


	For the Year Ended December 31, 2023
Stock price range	$	4.80 – 16.72
Dividend yield		0	%
Expected volatility range		59 – 67	%
Risk-free interest rate range		4.42 – 5.47	%
Expected life		6 months

	For the Year Ended December 31, 2022
Stock price range	$	19.20 - 25.00
Dividend yield		0	%
Expected volatility range		61 – 68	%
Risk-free interest rate range		0.06 – 2.52	%
Expected life		6 months

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 12 – Related Party Transactions

In November 2016, the Company and Dialog entered into the Alliance Agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 6 – Commitments and Contingencies, Strategic Alliance Agreement). On November 7, 2016 and June 28, 2017, the Company and Dialog entered into securities purchase agreements under which Dialog acquired a total of 86,985 shares and received warrants to purchase up to 70,878 shares. As of December 31, 2023, none of the warrants remain outstanding. Dialog presently owns approximately 1.6% of the Company’s outstanding common shares. The Company did not record any revenue under the Alliance Agreement during the years ended December 31, 2023 and 2022. The Company incurred $87,701 and $0 in chip development expense from Renesas Electronics Corporation, which acquired Dialog in August 2021 ("Renesas"), during the years ended December 31, 2023 and 2022, respectively.

On September 20, 2021, the Company was notified by Dialog, then acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement between the Company and Dialog.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11 - Fair Value Measurements


	Balance as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,936,050	$	–	$	–	$	13,936,050
Liabilities:
Warrant liability	$	–	$	–	$	619,575	$	619,575


	Balance as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	26,287,293	$	–	$	–	$	26,287,293
Liabilities:
Warrant liability	$	–	$	–	$	–	$	–

There were no transfers among Level 1, Level 2, or Level 3 categories during the periods presented.

2023 Warrants

The Company utilizes a Monte Carlo simulation model for the 2023 Warrants at each reporting period, with changes in fair value recognized in the statements of operations. The estimated fair value of the 2023 Warrant liability is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield.

The key inputs into the Monte Carlo simulation model for the 2023 Warrants are as follows:


	At March 31, 2023			At June 30, 2023			At September 30, 2023			At December 31, 2023
Share price	$	10.80		$	4.80		$	1.60		$	1.83
Exercise price	$	8.00		$	8.00		$	1.66		$	1.66
Term (in years)		6.0			5.7			5.5			5.2
Volatility		65	%		65	%		75	%		85	%
Risk-free rate		3.6	%		4.1	%		4.6	%		3.8	%
Dividend yield		0	%		0	%		0	%		0	%

The decrease in the fair value of the 2023 Warrant liability was determined to be $2,515,425 during the year ended December 31, 2023, respectively (see Note 10 – Warrant Liability).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Customer Concentration - Additional Information (Detail) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues [Member] \| One Customer [Member]
Concentration Risk [Line Items]
Concentration percentage		50.00%
Revenues [Member] \| Three Customer [Member]
Concentration Risk [Line Items]
Concentration percentage	70.00%
Accounts Receivable [Member] \| One Customer [Member]
Concentration Risk [Line Items]
Concentration percentage		87.00%
Accounts Receivable [Member] \| Two Customer [Member]
Concentration Risk [Line Items]
Concentration percentage	88.00%

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Fair value adjustment of warrants	$ 2,515,425

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	WATT
Entity Registrant Name	Energous Corp
Entity Central Index Key	0001575793
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,082,686
Entity Public Float			$ 21,787,566
Title of 12(b) Security	Common Stock, $0.00001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity File Number	001-36379
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1318953
Entity Address, Address Line One	3590 North First Street
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	963-0200
Document Annual Report	true
Document Transition Report	false
Auditor Firm ID	688
Auditor Name	Marcum llp
Auditor Location	San Jose, CA
Documents Incorporated by Reference	The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days after the end of the fiscal year ended December 31, 2023. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.

Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($)		1 Months Ended
	Oct. 01, 2021	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	May 20, 2022	Oct. 31, 2021
Commitments And Contingencies [Line Items]
Operating right-of-use lease assets			$ 1,240,042	$ 1,959,869
Operating lease liabilities, current portion			707,251	705,894
Total operating lease payments			1,295,905
Long-term portion of operating lease liabilities			556,879	$ 1,264,131
Accounting Standards Update 2016-02
Commitments And Contingencies [Line Items]
Operating right-of-use lease assets			1,240,042
Operating lease liabilities, current portion			707,251
Total operating lease payments			1,295,905
Long-term portion of operating lease liabilities			$ 556,879
Weighted average remaining lease term			1 year 9 months
San Jose, California [Member]
Commitments And Contingencies [Line Items]
Operating lease, renewal term					3 years
Operating right-of-use lease assets					$ 2,071,336
Operating lease liabilities, current portion					$ 2,071,336
Operating lease present value discount rate					3.00%
Operating lease payment		$ 58,903
San Jose, California [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Maximum monthly lease payment		$ 62,490
Costa Mesa, California [Member]
Commitments And Contingencies [Line Items]
Operating right-of-use lease assets						$ 104,563
Operating lease liabilities, current portion						$ 104,563
Operating lease payment	$ 4,369
Costa Mesa, California [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Maximum monthly lease payment	$ 4,522

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	5,471,121	3,947,267
Common stock, shares outstanding	5,471,121	3,947,267

Commitments and Contingencies - Employee Agreement - Stephen Rizzone - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Jul. 09, 2021	Jan. 01, 2015	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Initial term of agreement			3 years
Accrued severance				$ 133,598	$ 416,516
Mr. Rizzone [Member]
Commitments And Contingencies [Line Items]
Agreement effective date		Jan. 01, 2015
Initial term of agreement		4 years
Officers' compensation				$ 365,000
Employment agreement percentage of base salary				100.00%
Accrued severance				$ 0	$ 411,607
Mr. Rizzone [Member] \| Separation Agreement
Commitments And Contingencies [Line Items]
Compensation-based payments	$ 1,460,000
Additional lump sum cash payment	$ 2,000,000
Description of other commitments	a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested restricted stock units and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance.

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 474,184	$ 851,321
Expenses:
Cost of revenue	279,083	1,277,565
Research and development	10,810,570	12,497,781
Sales and marketing	3,852,393	4,884,959
General and administrative	7,272,464	8,078,950
Severance expense	359,419	798,391
Total expenses	22,573,929	27,537,646
Loss from operations	(22,099,745)	(26,686,325)
Other (expense) income:
Offering costs related to warrant liability	(591,670)
Fair value adjustment of warrants	2,515,425
Interest income	809,227	411,065
Total other income	2,732,982	411,065
Net loss	$ (19,366,763)	$ (26,275,260)
Basic loss per common share	$ (4.15)	$ (6.78)
Weighted average shares outstanding, basic	4,663,594	3,874,295
Diluted loss per common share	$ (4.15)	$ (6.78)
Weighted average shares outstanding, diluted	4,663,594	3,874,295

Stock Based Compensation - Summary of Fair Values of Stock Options Granted (Detail) - Employee Stock Option	12 Months Ended
	Dec. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 25.40
Dividend yield	0.00%
Expected volatility	108.00%
Risk-free interest rate	1.92%
Expected life	5 years 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events - Additional Information (Detail) - USD ($)		12 Months Ended
	Feb. 20, 2024	Dec. 31, 2023	Feb. 15, 2024	Mar. 28, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock, shares issued		5,471,121		412,500	3,947,267
Common stock, par value		$ 0.00001			$ 0.00001
Class of warrant or right, number of securities called by warrants or rights				412,500
Class of warrant or right, exercise price of warrants or rights				$ 8
Proceeds of securities offerings		$ 94,640
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued			570,000
Common stock, par value			$ 0.00001
Class of warrant or right, number of securities called by warrants or rights			1,020,409
Class of warrant or right, exercise price of warrants or rights			$ 1.84
Warrants term			5 years
Proceeds of securities offerings	$ 1,800,000
Subsequent Event [Member] \| Pre-Funded Warrant [Member]
Subsequent Event [Line Items]
Class of warrant or right, number of securities called by warrants or rights			450,409
Class of warrant or right, exercise price of warrants or rights			$ 0.001
Subsequent Event [Member] \| Common Stock or Pre-Funded Warrant [Member]
Subsequent Event [Line Items]
Share Price			$ 1.96

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Note 3 – Summary of Significant Accounting Policies, continued

Warrants

Fair Value

•

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities to which the Company has access at a measurement date.

•

Note 3 – Summary of Significant Accounting Policies, continued

Revenue Recognition

The Company follows Accounting Standards Codification (“ASC”) 606, "Revenue from Contracts with Customers" (“Topic 606”).

In accordance with Topic 606, the Company recognizes revenue using the following five-step approach:

Identify the contract with the customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations of the contract.

Recognize revenue when or as the performance obligations are satisfied.

Inventory

Research and Development

Note 3 – Summary of Significant Accounting Policies, continued

Stock-Based Compensation

Income Taxes

Property and Equipment

Accounting for Reverse Stock Split

Net Loss Per Common Share

Note 3 – Summary of Significant Accounting Policies, continued

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


	For the Years Ended December 31,
	2023		2022
Warrants issued to private investors		495,833		83,333
Options to purchase common stock		15,000		15,013
RSUs		71,734		108,257
Total potentially dilutive securities		582,567		206,603

The table above includes 83,333 warrants expiring March 1, 2024, with an exercise price of $200.00 and 412,500 warrants expiring on March 28,2029, which have an exercise price of $1.66.

Leases

Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value		$ 0	$ 0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options		$ 148,948
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition		1 year 10 months 24 days
Shares granted		0
Exercise price per share of shares granted		$ 0
2013 Equity Incentive Plan [Member] \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	15,000	0
2013 Equity Incentive Plan [Member] \| Employee Stock Option \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share of shares granted	$ 25.4
Share-based compensation arrangement by share-based payment award, award vesting description	half of the options vesting on the second anniversary of the vesting start date and a quarter of the options vesting on each of the next two anniversaries of the vesting start date

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Warrant liability	$ 619,575
Fair Value Measurements Recurring [Member]
Assets:
Cash and cash equivalents	13,936,050	$ 26,287,293
Liabilities:
Warrant liability	619,575
Level 1 [Member] \| Fair Value Measurements Recurring [Member]
Assets:
Cash and cash equivalents	13,936,050	$ 26,287,293
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Liabilities:
Warrant liability	$ 619,575

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Note 7 – Stockholders’ Equity

Authorized Capital

The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution.

Financing

On September 15, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on September 24, 2020 (the "Prior Shelf"), and contains two prospectuses: a base prospectus, which covers the offering, issuance and sale by the Company of up to $75,000,000 of its common stock, preferred stock, debt securities, warrants to purchase our common stock, preferred stock or debt securities, subscription rights to purchase its common stock, preferred stock or debt securities and/or units consisting of some or all of these securities; and an at-the-market sales agreement prospectus supplement covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $40,000,000 of its common stock that may be issued and sold under the At Market Issuance Sales Agreement, as amended, between the Company and B. Riley Securities, Inc. (the “ATM Program”). The $40,000,000 of common stock to be offered, issued and sold under the ATM Program is included in the $75,000,000 of securities that may be offered, issued and sold by the Company under the base prospectus. Pursuant to the Prior Shelf, the Company sold shares which raised net proceeds of $38,832,711 (net of $1,167,289 in issuance costs) during the third and fourth quarters of 2020 under the ATM Program.

On October 4, 2021, the Company filed a prospectus supplement covering the offering, issuance and sale of up to an additional $35,000,000 of shares of the Company’s common stock pursuant to the ATM Program. The Company raised net proceeds of $27,043,751 (net of $868,122 in issuance costs), during 2021 under the ATM Program. During 2022, the Company raised an additional $744,787 (net of $73,403 in issuance costs). During 2023, the Company raised an additional $3,555,563 (net of $162,799 in issuance costs). As of December 31, 2023, there is no amount remaining in the Prior Shelf due to its expiration on September 24. 2023.

On November 15, 2021, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on December 16, 2021 (the "Current Shelf"). This shelf registration statement allows the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $100,000,000. Pursuant to this registration statement, on March 28, 2023, the Company completed an underwritten offering pursuant to which it issued and sold an aggregate of (i) 412,500 shares of its common stock (the “Shares”) and (ii) warrants to purchase up to 412,500 shares of its common stock (the “2023 Warrants”), for net proceeds of $2,677,191, after deducting underwriting discounts, commission and expenses payable by the Company. The 2023 Warrants were immediately exercisable upon issuance and have a term of six years and an exercise price of $8.00. The Company allocated the proceeds received first to the 2023 Warrants based on the fair value of the 2023 Warrants as determined at initial measurement, with the remaining proceeds allocated to the Shares (see Note 7 – Warrant Liability and Note 8 – Fair Value Measurements). Pursuant to the terms of the 2023 Warrants, the exercise price was adjusted to $1.66 as of December 31, 2023.

On August 30, 2023, the Company filed a prospectus supplement to the Current Shelf covering the offering, issuance and sale of up to an additional $25,000,000 of shares of the Company’s common stock pursuant to the ATM Program. During 2023, the Company raised $684,021 (net of $34,848 in issuance costs) under the ATM Program. As of December 31, 2023, the Company has $24,281,132 remaining available under the ATM Program.

Common Stock Outstanding

Our outstanding shares of common stock typically include shares that are deemed delivered under U.S. GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under the ESPP where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//505/tableOfContent

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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value	$ 4.66	$ 7.29
Percentage of proportionate value of call option of stock	85.00%
Percentage of proportionate value of put option of stock	15.00%
Compensation-based payments	$ 43,831	$ 124,053

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Research and development tax credits	$ 11,638,252	$ 10,526,768
Net operating loss carryovers	83,393,532	76,477,629
Property and equipment	147,008	162,698
Research and development costs	8,652,830	9,829,326
Start-up and organizational costs	9,884	9,275
Stock-based compensation	118,807	283,285
Operating lease liability	353,749	551,284
Other accruals	351,214	464,948
Total gross deferred tax assets	104,665,276	98,305,213
Less: valuation allowance	(104,318,267)	(97,756,771)	$ (93,718,497)
Total deferred tax assets	347,009	548,442
Deferred tax liabilities:
Operating lease right-of-use asset	(347,009)	(548,442)
Total deferred tax liabilities	(347,009)	(548,442)
Total deferred taxes, net	$ 0	$ 0

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment are as follows:


	As of December 31,
	2023			2022
Computer software	$	900,641		$	978,147
Computer hardware		2,283,837			2,144,364
Furniture and fixtures		488,465			488,465
Leasehold improvements		782,538			782,538
		4,455,481			4,393,514
Less – accumulated depreciation		(4,026,577	)		(3,964,479	)
Total property and equipment, net	$	428,904		$	429,035

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 187,209	$ 246,156
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Disposal of property, plant and equipment	$ 125,112	$ 166,192

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 4 – Property and Equipment

Property and equipment are as follows:


	As of December 31,
	2023			2022
Computer software	$	900,641		$	978,147
Computer hardware		2,283,837			2,144,364
Furniture and fixtures		488,465			488,465
Leasehold improvements		782,538			782,538
		4,455,481			4,393,514
Less – accumulated depreciation		(4,026,577	)		(3,964,479	)
Total property and equipment, net	$	428,904		$	429,035

The Company disposed of $125,112 and $166,192 in property and equipment during the years ended December 31, 2023 and 2022, respectively. Total depreciation and amortization expense of the Company’s property and equipment was $187,209 and $246,156 for the years ended December 31, 2023 and 2022, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Note 5 – Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2023		2022
Accrued compensation	$	992,743	$	1,306,503
Accrued legal expenses		147,506		298,546
Other accrued expenses		113,688		185,365
Total	$	1,253,937	$	1,790,414

Customer Concentration

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Customer Concentration

Note 13 – Customer Concentration

Three customers accounted for approximately 70% of the Company’s revenue for the year ended December 31, 2023 and one customer accounted for approximately 50% of the Company’s revenue for the year ended December 31, 2022. Two customers accounted for approximately 88% of the Company’s accounts receivable balance as of December 31, 2023. One customer accounted for approximately 87% of the Company’s accounts receivable balance as of December 31, 2022.

Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 30, 2015	Dec. 31, 2023	Dec. 31, 2022	Jun. 14, 2023	Jul. 20, 2022	Jun. 16, 2021	May 26, 2020	Dec. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee contribution through payroll withholdings		$ 72,930	$ 272,833
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		40,412
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	30,000			25,000
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance				102,500
Common stock remain eligible to be issued		14,716
Lowest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan	1.00%
Highest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan	10.00%
Vesting period	6 months
Exercise price discount from fair value on offering date	85.00%
Exercise price discount from fair value on exercise date	85.00%	15.00%
Share-based compensation arrangement by share-based payment award, terms of award		In April 2015, the Company’s Board approved the ESPP, under which 30,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the Company’s stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 14, 2023, the Company’s stockholders approved the amendment and restatement of the ESPP to increase the number of shares reserved for issuance through equity-based instruments thereunder by 25,000 shares, bringing to 102,500 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date which is typically the last market date of the offering period.
Shares granted		20,336	17,297
2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance				50,000
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance				489,298
Common stock remain eligible to be issued		118,877
Non-Employee Equity Compensation Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance							40,000
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance							82,500
Common stock remain eligible to be issued		29,137
2015 Performance Share Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance						85,000
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance						255,505
Common stock remain eligible to be issued		108,897
2017 Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance					100,000
Common stock remain eligible to be issued		51,084
2017 Equity Inducement Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance								30,000

Warrant Liability - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Mar. 28, 2023
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights			412,500
Warrants exercisable term	6 years
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 8
Fair value of warrant liability	$ 619,575
Change in fair value of warrant liability	(2,515,425)
Warrants Two Thousand Twenty Three
Class of Warrant or Right [Line Items]
Warrant liability	3,135,000
Fair value of warrant liability	619,575
Change in fair value of warrant liability	$ (2,515,425)
Common Stock [Member] \| Warrants Two Thousand Twenty Three
Class of Warrant or Right [Line Items]
Number of warrants issued		412,500
Class of warrant or right, number of securities called by warrants or rights		412,500
Warrants exercisable term	6 years
Warrants of exercisable beginning	Mar. 28, 2023
Each warrant of exercisable		1
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.66	$ 8

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


	For the Years Ended December 31,
	2023		2022
Warrants issued to private investors		495,833		83,333
Options to purchase common stock		15,000		15,013
RSUs		71,734		108,257
Total potentially dilutive securities		582,567		206,603

Commitments and Contingencies - Hosted Design Solution Agreement - Additional Information (Detail)	1 Months Ended
	Jun. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Initial term of agreement	3 years
Quarterly payments for service agreement	$ 233,000

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive securities	582,567	206,603
Warrants Issued to Private Investors [Member]
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive securities	495,833	83,333
Options to Purchase Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive securities	15,000	15,013
Restricted Stock Units (RSUs) [Member]
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive securities	71,734	108,257

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 992,743	$ 1,306,503
Accrued legal expenses	147,506	298,546
Other accrued expenses	113,688	185,365
Total	$ 1,253,937	$ 1,790,414

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6 – Commitments and Contingencies

Operating Leases

San Jose Lease

On May 20, 2022, the Company signed a lease amendment to the existing lease of its office space at its corporate headquarters in San Jose, California, extending the term of the lease for an additional three years. Upon signing the lease amendment, the Company recorded a new ROU lease asset of $2,071,336 and operating lease liability of $2,071,336, using a present value discount rate of 3.0% which was used as an incremental borrowing rate for a hypothetical fully collateralized real estate transaction. Upon expiration of the original lease on September 30, 2022, the new monthly lease payment starting October 1, 2022 was $58,903, subject to annual escalations up to a maximum monthly lease payment of $62,490.

Costa Mesa Lease

On September 22, 2021, the Company signed a new Costa Mesa lease to lease a new, distinct office space in a different building with the same landlord. Per the lease, the stated commencement date was October 1, 2021 with the lease running through September 30, 2023, and the Company did not take control of the new office space until October 2021, at which time the Company recorded a new right-of-use asset of $104,563 and operating lease liability of $104,563. The new Costa Mesa lease had an initial monthly lease payment of $4,369 which started on October 1, 2021, subject to an annual escalation up to a maximum monthly lease payment of $4,522. The lease expired on September 30, 2023 and was not renewed.

Operating Lease Commitments

The Company follows ASC 842, Leases, (“Topic 842”) and recognizes the required ROU assets and operating lease liabilities on its balance sheet. The Company anticipates having future total lease payments of $1,295,905 during the period from the first quarter of 2024 to the third quarter of 2025. As of December 31, 2023, the Company has total operating lease right-of-use assets of $1,240,042, current portion operating lease liabilities of $707,251 and long-term portion of operating lease liabilities of $556,879. The weighted average remaining lease term is 1.75 years as of December 31, 2023.

Note 6 – Commitments and Contingencies, continued

Operating Leases, continued

Operating Lease Commitments, continued

The future minimum lease payments for leased locations are as follows:


For the Year Ended December 31,	Amount
2024		733,497
2025		562,408
Total future lease payments		1,295,905
Present value discount (3.0% weighted average)		(31,775	)
Total operating lease liabilities	$	1,264,130

Hosted Design Solution Agreement

In June 2021, the Company entered into an electronic design automation software in a hosted environment license agreement with a term of three years under which the Company is required to remit quarterly payments of approximately $233,000 through the second quarter of 2024.

Litigations, Claims, and Assessments

The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company's combined financial position, results of operations or cash flows.

MBO Bonus Plan

On March 15, 2018, the Company’s Board of Directors (“Board”), on the recommendation of the Board’s Compensation Committee (“Compensation Committee”), approved the Energous Corporation MBO Bonus Plan (“Bonus Plan”) for executive officers of the Company. To be eligible to receive a bonus under the Bonus Plan, an executive officer must be continuously employed throughout the applicable performance period, in good standing, and achieve the performance objectives selected by the Compensation Committee.

Under the Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers, the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved.

During the years ended December 31, 2023 and 2022, the Company recognized a total of $698,842 and $1,293,875, respectively, in expense under the Bonus Plan. As of December 31, 2023, $530,888 of the 2023 amount was not yet paid and is included in accrued expenses. The expense under the Bonus Plan is recorded under operating expenses on the Company’s Statement of Operations within each executive’s department.

Severance and Change in Control Agreement

On March 15, 2018, the Compensation Committee approved a form of Severance and Change in Control Agreement (“Severance Agreement”) that the Company may enter into with executive officers (each, an “Executive”).

Note 6 – Commitments and Contingencies, continued

Severance and Change in Control Agreement, continued

Under the Severance Agreement, if an Executive is terminated in a qualifying termination, the Company agrees to pay the Executive six to 12 months of that Executive’s monthly base salary. If Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company will pay the full amount of Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the six to 12 month period following the Executive’s termination.

Executive Employee Agreement – Cesar Johnston

On December 9, 2021, the Company announced that Cesar Johnston had been appointed as the Company’s Chief Executive Officer. In connection with Mr. Johnston’s appointment as Chief Executive Officer, the Company and Mr. Johnston executed an offer letter dated as of December 6, 2021.

Under the offer letter, Mr. Johnston will receive an annual base salary of $400,000 per year. Beginning in year 2022, he is eligible to receive a discretionary annual bonus of up to 100% of his base salary, at the recommendation of the Company’s Compensation Committee, with the approval of the Company’s Board of Directors. In addition, as an inducement to accept his appointment as Chief Executive Officer, Mr. Johnston received, subject to continued employment, (a) a special one-time sign-on bonus in the amount of $120,000, payable in two equal installments of $60,000 each on the first payroll date in 2022 and the first payroll date after December 6, 2022, (b) a grant of 7,500 restricted stock units to acquire shares of the Company’s common stock, one third of which vested on December 6, 2022 and the remaining two thirds of which will vest in eight equal installments of 625 each on each quarterly anniversary thereafter and (c) a grant of an option to purchase 15,000 shares of the Company’s common stock at an exercise price equal to the fair market value of the Company’s common stock on the grant date, half of which shall vest on December 31, 2023, a quarter of which shall vest on December 31, 2024 and the remainder of which shall vest on December 31, 2025.

Also pursuant to the terms of his offer letter, Mr. Johnston is eligible for (a) an additional equity award in the amount of 14,350 PSUs to acquire shares of the Company’s common stock, to vest at various amounts to be agreed upon by the Board per year over a three year period commencing January 1, 2022 and ending December 31, 2024, upon the achievement of performance criteria to be mutually established by Mr. Johnston and the Compensation Committee, and (b) an additional equity award of up to 1,250 PSUs per calendar year for each of 2022, 2023 and 2024, based on outperformance of agreed upon goals per calendar year, as determined by the Compensation Committee with approval of the Board. On July 20, 2022, the Board approved, by unanimous written consent, the grant to Mr. Johnston of up to 14,350 PSUs pursuant to the terms of Mr. Johnston’s offer letter. The 14,350 PSUs that have been approved shall vest as follows: (a) up to 9,350 PSU shares shall vest on December 31, 2022, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics previously determined by the Compensation Committee and approved by the Board, and (b) up to an additional 2,500 PSU shares shall vest on each of December 31, 2023 and December 31, 2024, subject to Mr. Johnston’s continued service as Chief Executive Officer and the achievement, to be determined in the Compensation Committee’s sole discretion, by Mr. Johnston of certain performance metrics to be recommended by the Compensation Committee and approved by the Board at a subsequent date. As of December 31, 2023, the Board had not yet approved the performance criteria applicable to the up to 2,500 PSU shares that will vest on December 31, 2024; therefore, these 2,500 PSUs have not been considered granted.

Note 6 – Commitments and Contingencies, continued

Executive Employee Agreement – Cesar Johnston, continued

In connection with Mr. Johnston’s appointment as Chief Executive Officer, the Company and Mr. Johnston additionally entered into an amended and restated severance and change in control agreement, dated as of December 6, 2021. In the event of a termination that is not a change-in-control qualifying termination, Mr. Johnston is entitled to (a) a one-time lump sum payment by the Company in an amount equal to 18 months of his monthly base salary plus an amount equal to 100% of his target bonus plus, if agreed by the Compensation Committee, a discretionary bonus for the year in which the termination occurs, (b) any outstanding unvested equity awards held by Mr. Johnston that would vest in the next 18 months of continuing employment (other than any equity awards that vest upon satisfaction of performance criteria) will accelerate and become vested and (c) if Mr. Johnston timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company or its successor will pay the full amount of Mr. Johnston’s COBRA premiums on his behalf for 18 months.

Mr. Johnston’s agreement additionally provides that, in the event of a change-in-control qualifying termination, Mr. Johnston is entitled to (a) a one-time lump sum payment by the Company in an amount equal to 18 months of his monthly base salary plus an amount equal to 150% of his target bonus plus a prorated bonus for the year in which the termination occurs, (b) any outstanding unvested equity awards held by Mr. Johnston (including any equity awards that vest upon satisfaction of performance criteria) will accelerate in full and become vested and (c) if Mr. Johnston timely elects continued coverage under COBRA, the Company or its successor will pay the full amount of Mr. Johnston’s COBRA premiums on his behalf for 18 months.

Mr. Johnston is also eligible to receive all customary and usual benefits generally available to senior executives of the Company.

Executive Transition Agreement – Stephen Rizzone

On April 3, 2015, the Company entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s President and Chief Executive Officer (“Employment Agreement”).

The Employment Agreement effective as of January 1, 2015, had an initial term of four years and automatically renewed each year after the initial term. The Employment Agreement provided for an annual base salary of $365,000, and Mr. Rizzone was eligible to receive quarterly cash bonuses from the MBO Bonus Plan with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Board.

On July 9, 2021, the Company announced that Stephen R. Rizzone had retired from his position as the Company’s President and Chief Executive Officer and as a member of the Board.

In connection with Mr. Rizzone’s retirement, the Company and Mr. Rizzone entered into an Executive Transition Agreement (“Separation Agreement”), providing for continued employment through August 31, 2021. Upon his termination of employment, the Separation Agreement provides severance payments and benefits to Mr. Rizzone consistent with the terms of his existing employment agreement with the Company, including without limitation: compensation-based payments of $1,460,000 in the aggregate, payable under a certain payment scheme as set forth therein, an additional lump sum cash payment of $2,000,000, a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested restricted stock units and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. In addition, the Company will pay-off all amounts owed under a lease agreement relating to a Company Car and Mr. Rizzone will receive the title to the vehicle. All compensation under the Separation Agreement will be subject to applicable withholding.

As of December 31, 2023 and 2022, the Company had $0 and $411,607, respectively, in unpaid severance expense pertaining to Mr. Rizzone's Separation Agreement.

Note 6 – Commitments and Contingencies, continued

Executive Transition Agreement – Neeraj Sahejpal

On April 29, 2022, the Company announced the departure of Neeraj Sahejpal, former Senior Vice President of Marketing and Business Development, effective April 30, 2022. Pursuant to the terms of Mr. Sahejpal’s severance and change of control agreement with the Company, Mr. Sahejpal received payments and benefits including compensation equal to 12 months of Mr. Sahejpal’s then-current salary of $261,250, 12 months of maximum potential bonus of $261,250, and 12 months of COBRA reimbursements. In addition, all RSUs held by Mr. Sahejpal that were due to vest in the 12 months after his departure, totaling RSUs covering 85,943 shares, were accelerated.

The Company recorded $798,391 in total severance expense pertaining to Mr. Sahejpal’s departure for the year ended December 31, 2022, including $252,609 in stock-based compensation as a result of accelerated vesting of RSUs. As of December 31, 2023, the Company had no unpaid accrued severance expense pertaining to Mr. Sahejpal's agreement.

Executive Transition Agreement – William Mannina

On July 20, 2023, the Company announced the departure of William Mannina, former Acting Chief Financial Officer, effective August 16, 2023. Pursuant to the terms of a letter agreement between Mr. Mannina and the Company, Mr. Mannina will receive payments and benefits including cash severance payments equivalent to nine months of his then-current salary of $265,825 and premium payments for continued healthcare coverage for nine months following his resignation effective date. Mr. Mannina’s restricted stock units continued to vest through August 16, 2023.

As of December 31, 2023, the Company had accrued unpaid severance expense of $127,593 pertaining to Mr. Mannina's agreement.

Strategic Alliance Agreement

In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 10—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval (the “Dialog Exclusivity Requirement”). In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property.

The Alliance Agreement has an initial term of seven years, with automatic renewal annually thereafter unless terminated by either party upon 180 days’ prior written notice. Under the terms of the Alliance Agreement, the Company could terminate the Alliance Agreement at any time after the third anniversary of the Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog could terminate the Alliance Agreement if sales of Licensed Products did not meet specified targets. The Company Exclusivity Requirement had a termination date of the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing exclusivity obligations. The Company Exclusivity Requirement renewed automatically on an annual basis unless the Company and Dialog agree to terminate the requirement.

On September 20, 2021, the Company was notified by Dialog, then recently acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement. There is a wind down period included in the Alliance Agreement which will conclude in September 2024. During the wind down period, the Alliance Agreement’s terms will continue to apply to the Company’s products that are covered by certain existing customer relationships, except that the parties’ respective exclusivity rights have terminated.