Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 001-40254

MOVANO INC.

(Exact name of registrant as specified in its charter)

Delaware		82-4233771
(State of incorporation)		(I.R.S. Employer Identification No.)

6800 Koll Center Parkway, Pleasanton, CA 9456

(Address of principal executive office) (Zip code)

(415) 651-3172

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		MOVE		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 10, 2024, there were 98,265,068 shares of our common stock, par value $0.0001 per share, outstanding.

MOVANO INC.

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2024

INDEX

		PAGE
PART I – FINANCIAL INFORMATION		1

Item 1. Financial Statements		1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		19

Item 3. Quantitative and Qualitative Disclosure About Market Risk		24

Item 4. Controls and Procedures		24

PART II – OTHER INFORMATION		25

Item 1. Legal Proceedings		25

Item 1A. Risk Factors		25

Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities		25

Item 3. Defaults Upon Senior Securities		25

Item 4. Mine Safety Disclosures		25

Item 5. Other Information		25

Item 6. Exhibits		26

SIGNATURES		27

EXHIBIT INDEX

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Movano Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

	March 31,			December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	2,145		$	6,118
Payroll tax credit, current portion		514			450
Vendor deposits		396			399
Inventory		1,064			1,114
Prepaid expenses and other current assets		326			442
Total current assets		4,445			8,523
Property and equipment, net		299			342
Payroll tax credit, noncurrent portion		64			169
Other assets		327			387
Total assets	$	5,135		$	9,421

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	3,977		$	3,118
Deferred revenue		251			1,252
Other current liabilities		2,341			1,529
Total current liabilities		6,569			5,899
Noncurrent liabilities:
Early exercised stock option liability		11			23
Other noncurrent liabilities		33			50
Total noncurrent liabilities		44			73
Total liabilities		6,613			5,972

Commitments and contingencies (Note 10)

Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value, 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023		—			—
Common stock, $0.0001 par value, 150,000,000 shares authorized at March 31, 2024 and December 31, 2023; 56,121,579 and 55,848,272 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		6			6
Additional paid-in capital		128,616			127,823
Accumulated deficit		(130,100	)		(124,380	)
Total stockholders’ equity (deficit)		(1,478	)		3,449
Total liabilities and stockholders’ equity (deficit)	$	5,135		$	9,421

See accompanying notes to condensed consolidated financial statements.

Movano Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(Unaudited)

	Three Months Ended March 31,
	2024			2023

Revenue	$	852		$	—

COSTS AND EXPENSES:
Cost of revenue		1,215			—
Research and development		2,887			3,894
Sales, general and administrative		2,504			3,309
Total costs and expenses		6,606			7,203

Loss from operations		(5,754	)		(7,203	)

Other income (expense), net:
Interest and other income, net		34			107
Other income (expense), net		34			107

Net loss and total comprehensive loss	$	(5,720	)	$	(7,096	)

Net loss per share, basic and diluted	$	(0.10	)	$	(0.19	)

Weighted average shares used in computing net loss per share, basic and diluted		56,023,273			37,541,070

See accompanying notes to condensed consolidated financial statements.

Movano Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands, except share data)

(Unaudited)

					Additional					Total
	Common Stock				Paid-In		Accumulated			Stockholders’
Three Months Ended March 31, 2023	Shares		Amount		Capital		Deficit			Equity
Balance at December 31, 2022		33,659,460	$	3	$	103,009	$	(95,097	)	$	7,915
Stock-based compensation		—		—		724		—			724
Issuance of common stock upon public offering, net of issuance costs		5,340,600		1		5,179		—			5,179
Issuance of warrants upon public offering		—		—		1,473		—			1,473
Issuance of common stock		2,131,952		—		2,805		—			2,805
Issuance of common stock upon exercise of options		245,855		—		109		—			109
Vesting of early exercised stock options		—		—		34		—			34
Net loss		—		—		—		(7,096	)		(7,096	)
Balance at March 31, 2023		41,377,867	$	4	$	113,333	$	(102,193	)	$	11,144

										Total
					Additional					Stockholders’
	Common Stock				Paid-In		Accumulated			Equity
Three Months Ended March 31, 2024	Shares		Amount		Capital		Deficit			(Deficit)
Balance at December 31, 2023		55,848,272	$	6	$	127,823	$	(124,380	)	$	3,449
Stock-based compensation		—		—		617		—			617
Issuance of common stock		273,307		—		164		—			164
Vesting of early exercised stock options		—		—		12		—			12
Net loss		—		—		—		(5,720	)		(5,720	)
Balance at March 31, 2024		56,121,579	$	6	$	128,616	$	(130,100	)	$	(1,478	)

See accompanying notes to condensed consolidated financial statements.

Movano Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(5,720	)	$	(7,096	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		52			38
Stock-based compensation		617			724
Noncash lease expense		56			(3	)
Changes in operating assets and liabilities:
Payroll tax credit		41			90
Inventory		50			—
Prepaid expenses, vendor deposits and other current assets		256			(161	)
Accounts payable		865			(53	)
Deferred revenue		(1,001	)		—
Other current and noncurrent liabilities		653			381
Net cash used in operating activities		(4,131	)		(6,080	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(6	)		(13	)
Net cash used in investing activities		(6	)		(13	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock and warrants upon February 2023 public offering, net of issuance costs		—			6,689
Issuance of common stock, net of issuance costs		164			2,805
Issuance of common stock upon exercise of stock options		—			109
Net cash provided by financing activities		164			9,603

Net (decrease)/increase in cash and cash equivalents		(3,973	)		3,510
Cash and cash equivalents at beginning of period		6,118			10,759
Cash and cash equivalents at end of period	$	2,145		$	14,269

NONCASH INVESTING AND FINANCING ACTIVITIES:
Vesting of common stock issued upon early exercise	$	12		$	34
Unpaid issuance costs recorded in accounts payable	$	—		$	36
Unpaid issuance costs recorded in other current liabilities	$	137		$	—
Warrants issued upon February 2023 public offering	$	—		$	1,473

See accompanying notes to condensed consolidated financial statements.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 1 – Business Organization, Nature of Operations

Movano Inc., dba Movano Health (the “Company”, “Movano”, “Movano Health”, “we”, “us” or “our”) was incorporated in Delaware on January 30, 2018 as Maestro Sensors Inc. and changed its name to Movano Inc. on August 3, 2018. The Company is an early-stage technology company and is developing a platform to deliver purpose-driven healthcare solutions at the intersection of medical and consumer devices. Movano is on a mission to make medical grade data more accessible and actionable for all.

The Company’s solutions provide vital health information, including heart rate, heart rate variability (HRV), sleep, respiration rate, temperature, blood oxygen saturation (SpO₂), steps, and calories as well as glucose and blood pressure data, in a variety of form factors to meet individual style needs and give users actionable feedback to improve their quality of life.

On April 28, 2021, the Company established Movano Ireland Limited, organized under the laws of Ireland, as a wholly owned subsidiary of the Company. Operations and activity at the wholly owned subsidiary were not significant for the three months ended March 31, 2024 and 2023, respectively.

Since inception, the Company has engaged in only limited research and development of product candidates and underlying technology and the commercialization of the Company’s first commercial product, the Evie Ring. During the three months ended March 31, 2024, the Company completed the development of the Evie Ring and recorded revenue for this product.

The Company has incurred losses from operations and has generated negative cash flows from operating activities since inception. The Company expects to continue to incur net losses for the foreseeable future as it continues the development of its technology. The Company’s ultimate success depends on the outcome of its research and development and commercialization activities, for which it expects to incur additional losses in the future. Through March 31, 2024, the Company has relied primarily on the proceeds from equity offerings to finance its operations. The Company expects to require additional financing to fund its future planned operations, including research and development and commercialization of its products. The Company will likely raise additional capital through the issuance of equity, borrowings, or strategic alliances with partner companies. However, if such financing is not available at adequate levels, the Company would need to reevaluate its operating plans.

Liquidity and Going Concern

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred significant losses and has an accumulated deficit of $130.1 million as of March 31, 2024. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales. The Company’s existence is dependent upon management’s ability to obtain additional funding sources. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.

Adequate additional financing may not be available to the Company on acceptable terms, or at all. If the Company is unable to raise additional capital and/or enter into strategic alliances when needed or on attractive terms, it would be forced to delay, reduce, or eliminate its product or any commercialization efforts. There can be no assurance that the Company’s efforts will result in the resolution of the Company’s liquidity needs. The accompanying condensed consolidated financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation. Intercompany transactions are eliminated in the condensed consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K filed on April 16, 2024 with the United States Securities and Exchange Commission (the “SEC”).

The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The condensed consolidated balance sheet as of December 31, 2023 has been derived from audited financial statements at that date but does not include all the information required by GAAP for complete financial statements.

Use of Estimates

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

Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to the fair value of stock options and warrants, and income taxes. Estimates are periodically reviewed considering changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment. The Company’s chief operating decision maker is the Chief Executive Officer.

Cash and Cash Equivalents

The Company invests its excess cash primarily in money market funds. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Concentrations of Credit Risk and Off-Balance Sheet Risk

Cash and cash equivalents are financial instruments that are potentially subject to concentrations of credit risk. Substantially all cash and cash equivalents are held in United States financial institutions. Cash equivalents consist of interest-bearing money market accounts. The amounts deposited in the money market accounts exceed federally insured limits. Further, the Company has amounts in excess of federally insured limits as of March 31, 2024 at one financial institution that totaled approximately $1.7 million. The Company has not experienced any losses related to this account and believes the associated credit risk to be minimal due to the financial condition of the depository institutions in which those deposits are held.

The Company is dependent on third-party manufacturers to supply products for manufacturing as well as research and development activities. These programs could be adversely affected by a significant interruption in the supply of such materials.

The Company has no financial instruments with off-balance sheet risk of loss.

Inventory

Inventory, which consists of raw materials and finished goods, is stated at the lower of cost or net realizable value. Cost comprises purchase price and incidental expenses incurred in bringing the inventory to its present location and condition. Cost is computed using the weighted-average cost method.

The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimate net realized value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, inventory write-downs may be required.

Software Development Costs

Costs associated with the planning and design phase of software development are classified as research and development costs and are expensed as incurred. Once technological feasibility has been established, a portion of the costs incurred in development, including coding, testing and quality assurance, are capitalized until available for general release to customers, and subsequently reported at the lower of unamortized cost or net realizable value. Amortization is calculated on a solution-by-solution basis based on the estimated lives of the underlying asset and is included in cost of revenue on the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2024 and 2023, no software development costs were capitalized, and no amortization was recognized.

Revenue

The Company generates revenue from the sale of Evie Rings, portable chargers and charging cables, ring sizers, and mobile applications. As part of the purchase, customers also receive customer support and future unspecified software updates. All the previously mentioned items are collectively referred to as the Evie Ring Elements. During the three months ended March 31, 2024, the Company began delivery of the Evie Ring Elements to customers. The Company recognizes revenue when control is transferred to the customer in an amount that reflects the net consideration to which the Company expects to be entitled.

In determining how revenue should be recognized, a five-step process is used which includes identifying the contract, identifying the distinct performance obligations, determining the transaction price, allocating the transaction price to each distinct performance obligation, and determining the timing of revenue recognition for each distinct performance obligation.

For each contract, the Company considers the obligation to transfer the Evie Ring Elements, each of which are distinct, to be separate performance obligations.

Transaction price for the Evie Ring Elements reflects the net consideration to which the Company expects to be entitled. Transaction price is based on the sales price. The Company includes an estimate of variable consideration in the calculation of the transaction price at the time of sale. Variable consideration primarily includes product return provisions. The Company classifies the product return provisions as other current liabilities in the condensed consolidated balance sheet. As of March 31, 2024 and December 31, 2023, the balance of product return provisions included in other current liabilities is $0.2 million and $0, respectively. As of March 31, 2023 and December 31, 2022, the balance of the product return provisions included in other current liabilities is $0 at each date.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

The adequacy of the estimates for the variable consideration is reviewed at each reporting date. If the actual amount of consideration differs from the estimates, the Company would adjust the estimates, impacting revenue in the period that such variances become known. If any of the judgments were to change, this change could cause a material increase or decrease in the amount of revenue reported in a particular period.

The Company allocates the transaction price to each performance obligation using the relative standalone selling price (“SSP”) for each distinct good or service in the contract.

The Company offers limited rights of return for a 30-day right of return, whereby customers may return the Evie Ring Elements.

The Company records revenue from the sales of the Evie Ring Elements upon transfer of control of the distinct Evie Ring Elements to the customer. The Company typically determines transfer of control for the Evie Ring Elements based on when the product is delivered, or when our customer has obtained the significant risks and reward of ownership. The future unspecified software updates and customer support that the Company offers are separate performance obligations, and revenue is recognized over time on a ratable basis.

The sales of the Evie Ring Elements include an assurance warranty.

Contract balances represent amounts presented in the condensed consolidated balance sheets when the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. Payment is made by the customer upon the purchase of the Evie Ring Elements, and the Company has no accounts receivable at March 31, 2024, December 31, 2023, March 31, 2023 or December 31, 2022, respectively. A contract asset is recorded when inventory has shipped but control has not yet transferred to the customer. There were no contract assets at March 31, 2024, December 31, 2023, March 31,2023 or December 31, 2022, respectively. The Company records a contract liability for deferred revenue when cash payments from customers are received prior to the transfer of control or satisfaction of the related performance obligations. Deferred revenue at March 31, 2024 and December 31, 2023 was $0.3 million and $1.3 million, respectively. There was no deferred revenue at December 31, 2023 or March 31, 2023.

The Company collects sales taxes at the point of sale and remits the taxes to the proper state authorities. Sales tax is excluded from the measurement of the transaction price.

Shipping and handling costs are incurred as part of fulfillment activities with customers and are included as a component of cost of revenue.

Costs of Revenue

Costs of revenue consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, royalties, customer support and other costs, which are directly attributable to the production of the Company’s product. Write-down of inventory to lower of cost or net realizable value is also recorded in cost of goods sold.

Advertising Costs

The Company expenses advertising costs as they are incurred. Advertising expenses were $0.1 million and $0.2 million for the three months ending March 31, 2024 and 2023, respectively. These costs are included in sales, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.

Stock-Based Compensation

The Company measures equity classified stock-based awards granted to employees, directors, and nonemployees based on the estimated fair value on the date of grant and recognizes compensation expense of those awards on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term, the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company accounts for forfeitures as they occur.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. As the Company maintained a full valuation allowance against its deferred tax assets, the changes resulted in no provision or benefit from income taxes during the three months ended March 31, 2024 and 2023, respectively.

The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes a liability for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. The Company records an income tax liability, if any, for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The liability is adjusted considering changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of liability provisions and changes to the liability that are considered appropriate. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

For interim periods, the Company estimates its annual effective income tax rate and applies the estimated rate to the year-to-date income or loss before income taxes. The Company computes the tax provision or benefit related to items reported separately and recognizes the items net of their related tax effect in the interim periods in which they occur. The Company recognizes the effect of changes in enacted tax laws or rates in the interim periods in which the changes occur.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements for fiscal year 2024.

Note 3 – FAIR VALUE MEASUREMENTS

Financial assets and liabilities are recorded at fair value. The Company uses a three-level hierarchy, which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in those financial instruments.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

Level 1 –

Quoted prices in active markets for identical assets or liabilities.

Level 2 –

Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly.

Level 3 –

Significant unobservable inputs that cannot be corroborated by market data.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s Level 1 financial assets are money market funds whose fair values are based on quoted market prices. The carrying amounts of prepaid expenses and other current assets, payroll tax credit, vendor deposits, inventory, accounts payable, deferred revenue, and other current liabilities approximate fair value due to the short-term nature of these instruments.

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):

Fair Value Measurements

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	1,676	$	1,676	$	—	$	—
Total cash equivalents	$	1,676	$	1,676	$	—	$	—

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	4,393	$	4,393	$	—	$	—
Total cash equivalents	$	4,393	$	4,393	$	—	$	—

Note 4 – CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of the following (in thousands):

	March 31,		December 31,
	2024		2023
Cash and cash equivalents:
Cash	$	469	$	1,725
Money market funds		1,676		4,393
Total cash and cash equivalents	$	2,145	$	6,118

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 5 – BALANCE SHEET COMPONENTS

Inventory as of March 31, 2024 and December 31, 2023, consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Raw materials	$	913	$	1,114
Finished goods		151		—
Total inventory	$	1,064	$	1,114

Property and equipment, net, as of March 31, 2024 and December 31, 2023, consisted of the following (in thousands):

	March 31,			December 31,
	2024			2023
Office equipment and furniture	$	266		$	266
Software		144			144
Test equipment		310			310
Total property and equipment		720			720
Less: accumulated depreciation		(421	)		(378	)
Total property and equipment, net	$	299		$	342

Total depreciation and amortization expense related to property and equipment for the three months ended March 31, 2024 and 2023 was approximately $43,000 and $38,000, respectively.

Note 6 – Other Current Liabilities

Other current liabilities as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Accrued compensation	$	351	$	299
Accrued research and development		691		461
Accrued inventory		182		—
Accrued vacation		263		246
Accrued severance payment		—		5
Customer return liability		237		—
Lease liabilities, current portion		175		217
Other		442		301
	$	2,341	$	1,529

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 7 – Common Stock

As of March 31, 2024 and December 31, 2023, the Company was authorized to issue 150,000,000 shares of common stock with a par value of $0.0001 per share. As of March 31, 2024 and December 31, 2023, 56,121,579 and 55,848,272 shares were outstanding, respectively.

At-the-Market Issuance of Common Stock

On August 15, 2022, the Company entered into an At-the-Market Issuance Agreement (the “Issuance Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”). Pursuant to the terms of the Issuance Agreement, the Company may sell from time to time through the Sales Agent shares of the Company’s common stock having an aggregate offering price of up to $50,000,000 (the “Shares”). Sales of Shares, if any, may be made by means of transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, including block trades, ordinary brokers’ transactions on the Nasdaq Capital Market or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices or by any other method permitted by law.

Under the terms of the Issuance Agreement, the Company may also sell Shares to the Sales Agent as principal for its own accounts at a price to be agreed upon at the time of sale. Any sale of Shares to the Sales Agent as principal would be pursuant to the terms of a separate terms agreement between the Company and the Sales Agent.

The Company has no obligation to sell any of the Shares under the Issuance Agreement and may at any time suspend solicitation and offers under the Issuance Agreement.

During the three months ended March 31, 2024 and 2023, the Company issued and sold an aggregate of 273,307 and 2,131,952 shares of common stock through the Issuance Agreement at a weighted-average public offering price of $0.65 and $1.36 per share and received net proceeds of $0.2 and $2.8 million, respectively. As of March 31, 2024, an aggregate offering price amount of approximately $44.2 million remained available to be issued and sold under the Issuance Agreement.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance at March 31, 2024 is summarized as follows:

	March 31,
	2024
Warrants to purchase common stock		4,757,256
Stock options outstanding		7,384,012
Stock options available for future grants		6,001,092
Total		18,142,360

Early Exercised Stock Option Liability

During the three months ended March 31, 2024 and 2023, no shares were issued upon the early exercise of common stock options. The Exercise Notice (Early Exercise) Agreement states that the Company has the option to repurchase all or a portion of the unvested shares in the event of the separation of the holder from service to the Company. The shares continue to vest in accordance with the original vesting schedules of the former option agreements.

As of March 31, 2024 and December 31, 2023, the Company has recorded a repurchase liability for approximately $11,000 and $23,000 for 20,834 and 43,751 shares that remain unvested, respectively. The weighted average remaining vesting period is approximately less than one year.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 8 – Common Stock Warrants

Preferred A Placement Warrants

During February 2023, September 2023 and November 2023, the Board approved the amendment of 293,042 Preferred A Placement Warrants to extend the maturity to April 2024. The Company assessed the accounting treatment of the warrant amendments and determined that the amendments are modifications for accounting purposes. The Company determined the modifications had an insignificant impact on the consolidated financial statements.

January and February 2023 Warrants

In connection with the sale of common stock during January and February 2023, the Company issued warrants to purchase shares of common stock to common stockholders and to the underwriter for 2,322,000 and 348,300 shares, respectively. The warrants are exercisable upon issuance at $1.57 per share and have a 5-year term.

Beginning with the one-year anniversary of the issuance dates, the Company may redeem the outstanding warrants in whole or in part at $0.25 per warrant at any time after the date on which (i) the closing price of the Company’s common stock has equaled or exceeded $4.87 for ten consecutive trading days and (ii) the daily trading volume of the Company’s common stock has exceeded 100,000 shares on each of ten trading days. A minimum of thirty days prior written notice of redemption is required. As of March 31, 2024, none of the outstanding warrants have been redeemed by the Company.

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2024:

Warrant Issuance	Issuance	Exercise Price		Outstanding, December 31, 2023		Granted		Exercised		Canceled/ Expired		Variable Settlement Provision Adjustment		Outstanding, March 31, 2024		Expiration
Preferred A Placement Warrants	March and April 2018 and August 2019	$	1.40		293,042		—		—		—		—		293,042	April 2024
Preferred B Placement Warrants	April 2019	$	2.10		463,798		—		—		—		—		463,798	April 2024
Convertible Notes Placement Warrants	August 2020	$	2.57		171,830		—		—		—		—		171,830	August 2025
Underwriter Warrants	March 2021	$	6.00		956,973		—		—		—		—		956,973	March 2026
January 2023 warrants	January 2023	$	1.57		2,322,000		—		—		—		—		2,322,000	January 2028
February 2023 warrants	February 2023	$	1.57		348,000		—		—		—		—		348,000	February 2028
August 2023 warrants	August 2023	$	1.24		201,613		—		—		—		—		201,613	August 2028
					4,757,256		—		—		—		—		4,757,256

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2023:

Warrant Issuance	Issuance	Exercise Price		Outstanding, December 31, 2022		Granted		Exercised		Canceled/ Expired			Variable Settlement Provision Adjustment		Outstanding, March 31, 2023		Expiration
Preferred A Placement Warrants	March and April 2018 and August 2019	$	1.40		293,042		—		—		—			—		293,042		September and October 2023
Preferred A Lead Investor Warrants	February 2021	$	0.0125		52,500		—		—		(52,500	)		—		—		March 2023
Preferred B Placement Warrants	April 2019	$	2.10		463,798		—		—		—			—		463,798		April 2024
Convertible Notes Placement Warrants	August 2020	$	2.57		171,830		—		—		—			—		171,830		August 2025
Underwriter Warrants	March 2021	$	6.00		956,973		—		—		—			—		956,973		March 2026
January 2023 warrants	January 2023	$	1.57		—		2,322,000		—		—			—		2,322,000		January 2028
February 2023 warrants	February 2023	$	1.57		—		348,000		—		—			—		348,000		February 2028
					1,938,143		2,670,000		—		(52,500	)		—		4,555,643

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 9 – Stock-based Compensation

2019 Equity Incentive Plan

As of March 31, 2024, the Company had 4,519,842 shares available for future grant pursuant to the 2019 Plan.

2021 Employment Inducement Plan

As of March 31, 2024, the Company had 1,481,250 shares available for future grant under the Inducement Plan.

Stock Options

Stock option activity for the three months ended March 31, 2024 was as follows (in thousands, except share, per share, and remaining life data):

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life	Intrinsic Value
Outstanding at December 31, 2023		7,448,412		$	2.13	7.1 years	$	726
Granted		85,000		$	0.82
Cancelled		(149,400	)	$	0.38
Outstanding at March 31, 2024		7,384,012		$	2.16	7.4 years	$	43

Exercisable as of March 31, 2024		4,971,250		$	2.12	6.9 years	$	43

Vested and expected to vest as of March 31,2024		7,384,012		$	2.16	7.4 years	$	43

The weighted-average grant date fair value of options granted during the three months ended March 31, 2024 and 2023, was $0.44 and $0.78, respectively. During the three months ended March 31, 2024 and 2023, no and 245,855 options were exercised for proceeds of $0 and $109,000, respectively. The fair value of the 323,464 and 439,245 options that vested during the three months ended March 31, 2024 and 2023 was approximately $0.6 million and $0.8 million, respectively.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of the stock options was estimated using the following weighted average assumptions for the three months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
	2024			2023

Dividend yield		—	%		—	%
Expected volatility		58.11	%		62.38	%
Risk-free interest rate		3.93	%		3.69	%
Expected life		5.25 years			5.99 years

Dividend Rate—The expected dividend rate was assumed to be zero, as the Company had not previously paid dividends on common stock and has no current plans to do so.

Expected Volatility—The expected volatility was derived from the historical stock volatilities of several public companies within the Company’s industry that the Company considers to be comparable to the business over a period equivalent to the expected term of the stock option grants.

Risk-Free Interest Rate—The risk-free interest rate is based on the interest yield in effect at the date of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term.

Expected Term—The expected term represents the period that the Company’s stock options are expected to be outstanding. The expected term of option grants that are considered to be “plain vanilla” are determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. For other option grants not considered to be “plain vanilla,” the Company determined the expected term to be the contractual life of the options.

Forfeiture Rate—The Company recognizes forfeitures when they occur.

The Company has recorded stock-based compensation expense for the three months ended March 31, 2024 and 2023 related to the issuance of stock option awards to employees and nonemployees in the condensed consolidated statement of operations and comprehensive loss as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	55	$	-
Research and development		183		217
Sales, general and administrative		379		507
	$	617	$	724

As of March 31, 2024, unamortized compensation expense related to unvested stock options was approximately $3.4 million, which is expected to be recognized over a weighted average period of 1.8 years.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 10 – Commitments and Contingencies

Operating and Finance Leases

The balances of the operating and finance lease related accounts as of March 31, 2024 and December 31, 2023 are as follows (in thousands):

	March 31,		December 31,
Operating and Finance leases	2024		2023
Right-of-use assets	$	191	$	247
Operating lease liabilities - Short-term	$	160	$	203
Operating lease liabilities - Long-term	$	2	$	15
Finance lease liabilities - Short-term	$	15	$	14
Finance lease liabilities - Long-term	$	31	$	35

The components of lease expense and supplemental cash flow information as of and for the three months ended March 31, 2024 and 2023 are as follows (in thousands):

	Three Months Ended March 31,
	2024			2023

Lease Cost:
Operating lease cost	$	63		$	64

Other Information:
Cash paid for amounts included in the measurement of lease liabilities for the year ended	$	59		$	59
Weighted average remaining lease term - operating leases (in years)		0.7			1.6
Average discount rate - operating leases		10.00	%		10.00	%
Weighted average remaining lease term - financing leases (in years)		2.7			—
Average discount rate - financing leases		15.08	%		—

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Future minimum lease payments for the operating lease are as follows as of March 31, 2024 (in thousands):

2024		159
2025		48
2026		18
Total lease payments		225
Less: Interest		(17	)
Total lease liabilities	$	208

Litigation

From time to time, the Company may become involved in various litigation and administrative proceedings relating to claims arising from its operations in the normal course of business. Management is not currently aware of any matters that may have a material adverse impact on the Company’s business, financial position, results of operations or cash flows.

Indemnification

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.

The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual.

No amounts associated with such indemnifications have been recorded as of March 31, 2024.

Non-cancelable Obligations

The Company did not have any non-cancelable contractual commitments as of March 31, 2024.

Royalty Commitments

The Company is required to make certain usage-based royalty payments to a vendor. The royalty amount is calculated based on the number of Evie Rings shipped, as adjusted for returns and refunds to customers, and the number of specified algorithms developed by the vendor that are included on the Evie Rings. The maximum amount of the royalty commitment is approximately $6.1 million, and the amount of the research and development expenses paid to the vendor will reduce the total royalty commitment amount. Through March 31, 2024, the Company has paid research and development expenses of approximately $0.4 million to the vendor. The amount of the royalty calculation for the three months ended March 31, 2024 and 2023 was not significant.

Movano Inc.

Notes to Condensed Consolidated Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited)

Note 11 – NET LOSS PER SHARE

The following table provides the computation of the basic and diluted net loss per share during the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data):

	Three Months Ended March 31,
	2024			2023
Numerator:
Net loss	$	(5,720	)	$	(7,096	)
Denominator:
Weighted average shares used in computing net loss per share, basic and diluted		56,023,273			37,541,070

Net loss per share, basic and diluted	$	(0.10	)	$	(0.19	)

The potential shares of common stock that were excluded from the computation of diluted net loss per share for the three months ended March 31, 2024 and 2023 because including them would have been antidilutive are as follows:

	Three Months Ended March 31,
	2024		2023
Shares subject to options to purchase common stock		7,384,012		6,321,937
Shares subject to warrants to purchase common stock		4,757,256		1,938,143
Total		12,141,268		8,260,080

For the three months ended March 31, 2024, there were no performance-based option awards for shares of common stock. For the three months ended March 31, 2023, performance-based option awards for 150,200 shares of common stock are not included in the table above or considered in the calculation of diluted earnings per share because the performance conditions of the option award are not considered probable by the Company.

Note 12 – Subsequent Events

Management of the Company evaluated events that have occurred after the balance sheet dates through the date these condensed consolidated financial statements were issued.

On April 2, 2024, the Company entered into a securities purchase agreement for the private placement of an aggregate of 45,252,517 units with each unit consisting of (1) one share of the Company’s common stock or at the election of the purchaser, a pre-funded warrant to purchase one share of common stock, and (2) one warrant to purchase one share of common stock. The purchase price paid for each Unit was $0.533. Certain directors and officers participated in the transaction and purchased 287,500 of the units at an offering price of $0.565 per share.

Pre-funded warrants totaling 3,149,028 shares were issued. Each pre-funded warrant has an exercise price equal to $0.001 per share or calculated pursuant to the cashless exercise provision. The pre-funded warrants were immediately exercisable on the date of issuance and do not expire.

Warrants totaling 45,252,517 shares were issued. Each warrant that was issued to holders other than the Company’s officers and directors has an exercise price equal to $0.4071 per share or calculated pursuant to the cashless exercise provision. The warrants issued to the Company’s officers and directors have an exercise price equal to $0.44 or calculated pursuant to the cashless exercise provision. The warrants were exercisable immediately and expire on the fifth anniversary of the initial exercise date of the warrant. After April 4, 2025, the warrants may be redeemed in whole or in part at the option of the Company with at least thirty days’ notice to the holder of the warrant, which notice may not be given before, but may be given at any time after the date on which (i) the closing price of the Company’s common stock has equaled or exceeded $5.00 for ten consecutive trading days and (ii) the daily trading volume of the common stock has exceeded 100,000 shares on each of such ten trading days. The redemption price is $0.025 per share.

The gross proceeds were approximately $24.1 million, before deducting offering fees and expenses of approximately $1.4 million. The offering closed on April 5, 2024. Common stock shares of 42,103,489 were issued.

In May 2024, the Company extended the maturity date of the Preferred A and Preferred B placement warrants to April 30, 2025.

On May 15, 2024, the Company approved the issuance of common stock options of 4,120,225 shares to employees at an exercise price of $0.47 per share. The common stock options are vested upon issuance.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy”, “future”, “likely” or other comparable terms and references to future periods. All statements other than statements of historical facts included in this Form 10-Q regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expectations for revenues, cash flows and financial performance, the anticipated results of our development efforts, product features and the timing for receipt of required regulatory approvals and product launches.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

	●	our limited operating history and our ability to achieve profitability;

	●	our ability to continue as a going concern and our need for and ability to obtain additional capital in the future;

●

our ability to demonstrate the feasibility of and develop products and their underlying technologies;

●

the impact of competitive or alternative products, technologies and pricing;

●

our ability to attract and retain highly qualified personnel;

●

our dependence on consultants to assist in the development of our technologies;

●

our ability to manage the growth of our Company and to realize the benefits from any acquisitions or strategic alliances we may enter in the future;

●

the impact of macroeconomic and geopolitical conditions including increases in prices caused by rising inflation;

●

our dependence on the successful commercialization of the Evie Ring;

●

our dependence on third parties to design, manufacture, market and distribute our products;

●

the adequacy of protections afforded to us by the patents that we own and the success we may have in, and the cost to us of, maintaining, enforcing and defending those patents;

●

our need to secure required FCC, FDA and other regulatory approvals from governmental authorities in the United States;

●

the impact of healthcare regulations and reform measures;

●

the accuracy of our estimates of market size for our products;

●

our ability to implement and maintain effective control over financial reporting and disclosure controls and procedures; and

●

our success at managing the risks involved in the foregoing items.

The risks included above are not exhaustive. Other important risks and uncertainties are described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Overview

Movano Inc., dba Movano Health, a Delaware corporation, is developing a platform to deliver purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices.

Our initial commercial product is the Evie Ring, a wearable designed specifically for women that was launched in November 2023. The Evie Ring combines health and wellness metrics to give a full picture of one’s health, which include resting heart rate, heart rate variability (“HRV”), blood oxygen saturation (“SpO_2”), respiration rate, skin temperature variability, period and ovulation tracking, menstrual symptom tracking, activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking. The device provides women with continuous health data distilled down to simple, yet meaningful, insights to help them make manageable lifestyle changes and take a more proactive approach that could mitigate the risks of chronic disease.

We launched the Evie Ring as a general wellness device without any FDA premarket clearances. Separately, we are planning to seek FDA clearances on our medical device, which will be sold under the brand name Evie Med. We believe Evie Med will be one of the first patient wearables with FDA clearance on the entire system, both hardware and software, differing from our competition which sometimes gets FDA clearance on an individual algorithm under “Software as a Medical Device” guidance. In July 2023, we filed our first 510(k) submission to the FDA for the Evie Med Ring’s pulse oximeter to monitor pulse and SpO₂ data, following a successful pivotal hypoxia trial during the fourth quarter of 2022. The submission was reviewed by the FDA, and the Company is working with the agency to address the review commentary. With progressive changes in the device and significant additional requirements from FDA since the initial submission, we opted to withdraw the 2023 510(k). Armed with FDA’s review of the initial 510(k) and excellent results from a second pivotal hypoxia trial using the production model ring completed in the first quarter of 2024, we re-submitted in April 2024 and expect a decision in July 2024. We believe that FDA clearance of these metrics, sold via prescription under the brand name Evie Med, would foster clinical-level confidence in Evie Med’s monitoring capabilities and could make the device attractive to clinicians and to facilities engaged in clinical trials for at-home and/or long-term patient monitoring.

In addition to the Evie Ring and Evie Med Ring, we are developing one of the smallest patented and proprietary System-on-a-Chip (“SoC”) designed specifically for blood pressure or continuous glucose monitoring systems (“GCM”). We built the integrated sensor from the ground up with multiple antennas and a variety of frequencies to achieve an unprecedented level of precision in health monitoring. We are currently conducting clinical trials with the SoC and developing algorithms that, if successful, will enable us to develop wearables that can monitor glucose non-invasively and blood pressure without a cuff. To that end, we are currently conducting a longitudinal study (n=100) to program the effects of stress on blood pressure over time, with results pending. Our end goal is to bring a Class II FDA-cleared device to the market that includes CGM and cuffless blood pressure monitoring capabilities. Over time, our technology could also enable the measurement and continuous monitoring of other health data.

On April 28, 2021, the Company established Movano Ireland Limited, organized under the laws of Ireland, as a wholly owned subsidiary of the Company.

Financial Operations Overview

We are an early-stage technology company with a limited operating history. To date, we have invested substantially all of our efforts and financial resources into (i) the research and development of the products we are developing, including conducting clinical studies and related sales, general and administrative costs, and (ii) the commercialization of our first commercial product, the Evie Ring. To date, we have funded our operations primarily from the sale of our equity securities.

We have incurred net losses in each year since inception. Our losses were $5.7 million and $7.1 million for the three months ended March 31, 2024 and 2023, respectively. Substantially all our net losses have resulted from costs incurred in connection with our research and development programs and from sales, general and administrative costs associated with our operations.

As of March 31, 2024, we had $2.1 million in available cash and cash equivalents.

Critical Accounting Policies and Estimates

The discussion and analysis of our condensed consolidated financial condition and results of operations are based on our condensed consolidated financial statements, which we have prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements as well as the reported revenue and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There have been no material changes in our critical accounting policies and estimates during the three months ended March 31, 2024, as compared to those disclosed in the 2023 Form 10-K.

Recently Issued and Adopted Accounting Pronouncements

A description of recently adopted and recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2, Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements, to our audited financial statements for the year ended December 31, 2023, and notes thereto, included in the Company’s Annual Report on Form 10-K.

See Note 2 to our condensed consolidated financial statements included in Part I, Item 1, “Notes to Condensed Consolidated Financial Statements,” of this Quarterly Report on Form 10-Q for a description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations.

Results of Operations

Three months ended March 31, 2024 and 2023

Our condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 as discussed herein are presented below.

	Three Months Ended March 31,						Change
	2024			2023			$			%
	(in thousands)

Revenue	$	852		$	—		$	852			n/a

COSTS AND EXPENSES:
Cost of revenue		1,215			—			1,215			n/a
Research and development		2,887			3,894			(1,007	)		-26	%
Sales, general and administrative		2,504			3,309			(805	)		-24	%
Total costs and expenses		6,606			7,203			(597	)		-8	%

Loss from operations		(5,754	)		(7,203	)		1,449			20	%

Other income (expense), net:
Interest and other income, net		34			107			(73	)		-68	%
Other income (expense), net		34			107			(73	)		-68	%

Net loss	$	(5,720	)	$	(7,096	)	$	1,376			19	%

Revenue

Revenue totaled $0.9 million and $0 for the three months ended March 31, 2024 and 2023, respectively. This increase of $0.9 million was due to recognition of revenue upon the transfer of control of the various Evie Ring Elements, which began in this quarter.

Cost of revenue

Cost of revenue totaled $1.2 million and $0 for the three months ended March 31, 2024 and 2023, respectively. This increase of $1.2 million was due to the direct costs of $1.0 million related to the transfer of control of the various Evie Ring elements, shipping and fulfillment costs of $0.1 million and inventory that was designated as scrap materials of $0.1 million.

Research and Development

Research and development expenses totaled $2.9 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively. This decrease of $1.0 million was due primarily to lower research and laboratory expenses and other professional fees. Research and development expenses for the three months ended March 31, 2024 included expenses related to employee compensation of $1.4 million, other professional fees of $0.7 million, research and laboratory expenses of $0.5 million, and other expenses of $0.3 million. Research and development expenses for the three months ended March 31, 2023 included expenses related to employee compensation of $1.6 million, other professional fees of $1.1 million, research and laboratory expenses of $1.0 million, and other expenses of $0.2 million.

Sales, General and Administrative

Sales, general and administrative expenses totaled $2.5 million and $3.3 million for the three months ended March 31, 2024 and 2023, respectively. This decrease of $0.8 million was due primarily to lower Company headcount with respect to sales, general and administrative employees and related costs. Sales, general and administrative expenses for the three months ended March 31, 2024 included expenses related to employee and board of director compensation of $1.2 million, professional and consulting fees of $0.7 million, and other expenses of $0.6 million. Sales, general and administrative expenses for the three months ended March 31, 2023 included expenses related to employee and board of director compensation of $1.7 million, professional and consulting fees of $0.6 million, and other expenses of $1.0 million.

Loss from Operations

Loss from operations was $5.8 million for the three months ended March 31, 2024, as compared to $7.2 million for the three months ended March 31, 2023.

Other Income (Expense), Net

Other income (expense), net for the three months ended March 31, 2024 was a net other income of $34,000 as compared to a net other income of $107,000 for the three months ended March 31, 2023.

Net Loss

As a result of the foregoing, net loss was $5.7 million for the three months ended March 31, 2024, as compared to $7.1 million for the three months ended March 31, 2023.

Liquidity and Capital Resources

At March 31, 2024, we had cash and cash equivalents totaling $2.1 million. During the three months ended March 31, 2024, we used $4.1 million of cash in our operating activities. Our cash and cash equivalents are not expected to be sufficient to fund our operations for the next twelve months after the date these condensed consolidated financial statements are issued. In August 2022, we entered into an at-the-market issuance (“ATM”) agreement with B. Riley Securities Inc., or B. Riley, to sell shares of our common stock for aggregate gross proceeds of up to $50.0 million, from time to time, through an ATM equity offering program under which B. Riley acts as sales agent. During the three months ended March 31, 2024, we sold an aggregate of 273,307 shares of common stock through the ATM program for proceeds of approximately $0.2 million, net of commissions paid. Approximately $44.2 million remained available on the ATM equity offering program at March 31, 2024.

On April 2, 2024, the Company entered into a securities purchase agreement for the private placement of an aggregate of 45,252,517 units with each unit consisting of (1) one share of the Company’s common stock or at the election of the purchaser a pre-funded warrant, and (2) one warrant to purchase one share of common stock. The purchase price paid for each unit was $0.533. Certain directors and officers participated and purchased 287,500 units at an offering price of $0.565 per share.

Each pre-funded warrant has an exercise price of $0.001 per share, was immediately exercisable on the date of issuance and does not expire. Each warrant has an exercise price equal to $0.4071 per share, was exercisable immediately and expires on the fifth anniversary of the initial exercise date of the warrant. The warrants issued to the Company’s officers and directors have an exercise price equal to $0.44.

The private placement transaction closed on April 5, 2024, resulting in gross proceeds to the Company of approximately $24.1 million, before deducting offering fees and expenses of approximately $1.4 million.

We expect to continue to incur significant expenses and increasing operating losses for at least the next several years. We anticipate that our expenses will increase substantially as we:

●

advance the engineering design and development of the Evie Ring and other potential products;

●

prepare applications required for marketing approval of the Evie Ring in the United States;

●

develop our plans for manufacturing, distributing and marketing the Evie Ring and other potential products; and

●

add operational, financial and management information systems and personnel, including personnel to support our product development, planned commercialization efforts and our operation as a public company.

Until we can generate a sufficient amount of revenue from our planned products, if ever, we expect to finance future cash needs through public or private equity offerings, debt financings or corporate collaborations and licensing arrangements. Additional funds may not be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available, we may be required to delay, reduce the scope of or eliminate one or more of our research or development programs or our commercialization efforts or it may become impossible for us to remain in operation. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience additional dilution, and debt financing, if available, may involve restrictive covenants. To the extent that we raise additional funds through collaborations and licensing arrangements, it may be necessary to relinquish some rights to our technologies or applications or grant licenses on terms that may not be favorable to us. We may seek to access the public or private capital markets whenever conditions are favorable, even if we do not have an immediate need for additional capital at that time.

These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. Our condensed consolidated financial statements do not include adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern depends on our ability to raise additional capital as described above to support our future operations.

The following table summarizes our cash flows for the periods indicated:

	Three Months Ended March 31,
	2024			2023
	(in thousands)

Net cash used in operating activities	$	(4,131	)	$	(6,080	)
Net cash used in investing activities		(6	)		(13	)
Net cash provided by financing activities		164			9,603
Net increase/(decrease) in cash and cash equivalents	$	(3,973	)	$	3,510

Operating Activities

During the three months ended March 31, 2024, the Company used cash of $4.1 million in operating activities, as compared to $6.1 million used in operating activities during the three months ended March 31, 2023.

The $4.1 million used in operating activities during the three months ended March 31, 2024 was primarily attributable to our net loss of $5.7 million during the period. The net loss was offset by changes in our operating assets and liabilities totaling $0.9 million and by non-cash items, including stock-based compensation, totaling $0.7 million.

The $6.1 million used in operating activities during the three months ended March 31, 2023 was primarily attributable to our net loss of $7.1 million during the period and changes in our operating assets and liabilities totaling $0.3 million. These items were offset by non-cash items, including stock-based compensation, totaling $0.7 million.

Investing Activities

During the three months ended March 31, 2024 the Company used cash of $6,000 in investing activities, consisting of purchases of property and equipment.

During the three months ended March 31, 2023 the Company used cash of $13,000 in investing activities, consisting of purchases of property and equipment.

Financing Activities

During the three months ended March 31, 2024, the Company was provided cash of $0.2 million which included net proceeds of $0.2 million for the issuance of common stock through the ATM activity.

During the three months ended March 31, 2023, the Company was provided cash of $9.6 million which included net proceeds of $6.7 million from the issuance of common stock, net proceeds of $2.8 million for the issuance of common stock through the ATM activity and $0.1 million from the issuance of common stock upon the exercise of common stock options.

Off-Balance Sheet Transactions

At March 31, 2024, the Company did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

Non-cancelable Obligations

The Company did not have any non-cancelable obligations at March 31, 2024.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

As a smaller reporting company, we are not required to provide the information required by this Item 3.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We are responsible for maintaining disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Disclosure controls and procedures are controls and other procedures designed to ensure that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Based on our management’s evaluation (with the participation of our principal executive officer and our principal financial officer) of our disclosure controls and procedures as required by Rule 13a-15 under the Exchange Act, our principal executive officer and our principal financial officer have concluded that, due to the previously identified material weakness in our internal controls over financial reporting that is described below, our disclosure controls and procedures were not effective as of March 31, 2024, the end of the period covered by this report.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis. As previously disclosed in our 2023 Form 10-K, we identified one material weakness in our internal control over financial reporting at December 31, 2023 related to ineffective design and operation of our financial close and reporting controls. Specifically, we did not design and maintain effective controls over certain account reviews and analyses and certain information technology general controls. Although we are making efforts to remediate these issues, these efforts may not be sufficient to avoid similar material weaknesses in the future.

Inherent Limitations on Effectiveness of Controls

Our management, including our principal executive officer and our principal financial officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of control effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently a party to any pending legal proceedings that we believe will have a material adverse effect on our business or financial condition. We may, however, be subject to various claims and legal actions arising in the ordinary course of business from time to time.

Item 1A. Risk Factors

We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. In addition to the other information set forth in this report, the risks and uncertainties that we believe are most important for you to consider are discussed in Part I, “Item 1A. Risk Factors” in the 2023 Form 10-K. We believe that there have been no material changes to the risk factors described in the 2023 Form 10-K.

Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

Exhibit Number		Description
3.1		Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on March 25, 2021)
3.2		Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on March 25, 2021)
4.1		Specimen Certificate representing shares of common stock of the Registrant (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-1 filed on March 10, 2021)
4.2		Form of Underwriter Warrant (incorporated by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-1 filed on March 10, 2021)
4.3		Form of Amended and Restated Warrant to Purchase Common Stock issued to the placement agent in the Registrant’s 2018 private placement offering (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-1 filed on February 2, 2021)
4.4		Form of Amended and Restated Warrant to Purchase Common Stock issued to the placement agent in the Registrant’s 2019 private placement offering (incorporated by reference to Exhibit 4.4 to the Registrant’s Registration Statement on Form S-1 filed on February 2, 2021)
4.6		Form of Warrant to Purchase Common Stock issued in 2020 (incorporated by reference to Exhibit 4.6 to the Registrant’s Registration Statement on Form S-1 filed on February 2, 2021)
4.7		Form of Warrant to Purchase Common Stock issued in 2023 (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on January 31, 2023)
4.8		Warrant Agent Agreement, dated January 31, 2023, by and between the Registrant and Pacific Stock Transfer Company (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on January 31, 2023)
31.1		Certification of Periodic Report by Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14a and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2		Certification of Periodic Report by Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14a and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1		Certification of Periodic Report by Chief Executive Officer and Chief Financial Officer pursuant to U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS		Inline XBRL Instance Document (filed herewith)
101.SCH		Inline XBRL Taxonomy Extension Schema Document (filed herewith)
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith)
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith)
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith)
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith)
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MOVANO INC.

Date: May 17, 2024	By:	/s/ John Mastrototaro
		John Mastrototaro
		Chief Executive Officer
		(Principal Executive Officer)

	MOVANO INC.

Date: May 17, 2024	By:	/s/ J. Cogan
		J. Cogan
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John Mastrototaro, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Movano Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	MOVANO INC.
	(Registrant)

Date: May 17, 2024	By:	/s/ John Mastrototaro
		John Mastrototaro
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, J. Cogan, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Movano Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	MOVANO INC.
	(Registrant)

Date: May 17, 2024	By:	/s/ J. Cogan
		J. Cogan
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Movano Inc. (the “Company”) for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, John Mastrototaro, Chief Executive Officer of the Company, and J. Cogan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to our knowledge that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Movano Inc. and will be retained by Movano Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ John Mastrototaro		/s/ J. Cogan
Name:	John Mastrototaro	Name:	J. Cogan
Title:	Chief Executive Officer	Title:	Chief Financial Officer
	(Principal Executive Officer)		(Principal Financial Officer and Principal Accounting Officer)

Date:	May 17, 2024	Date:	May 17, 2024

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	MOVANO INC.
Entity Central Index Key	0001734750
Entity File Number	001-40254
Entity Tax Identification Number	82-4233771
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	6800 Koll Center Parkway
Entity Address, City or Town	Pleasanton
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	9456
Entity Phone Fax Numbers [Line Items]
City Area Code	(415)
Local Phone Number	651-3172
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	MOVE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		98,265,068

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,145	$ 6,118
Payroll tax credit, current portion	514	450
Vendor deposits	396	399
Inventory	1,064	1,114
Prepaid expenses and other current assets	326	442
Total current assets	4,445	8,523
Property and equipment, net	299	342
Payroll tax credit, noncurrent portion	64	169
Other assets	327	387
Total assets	5,135	9,421
Current liabilities:
Accounts payable	3,977	3,118
Deferred revenue	251	1,252
Other current liabilities	2,341	1,529
Total current liabilities	6,569	5,899
Noncurrent liabilities:
Early exercised stock option liability	11	23
Other noncurrent liabilities	33	50
Total noncurrent liabilities	44	73
Total liabilities	6,613	5,972
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value, 5,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.0001 par value, 150,000,000 shares authorized at March 31, 2024 and December 31, 2023; 56,121,579 and 55,848,272 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	6	6
Additional paid-in capital	128,616	127,823
Accumulated deficit	(130,100)	(124,380)
Total stockholders’ equity (deficit)	(1,478)	3,449
Total liabilities and stockholders’ equity (deficit)	$ 5,135	$ 9,421

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	56,121,579	55,848,272
Common stock, shares outstanding	56,121,579	55,848,272

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 852
COSTS AND EXPENSES:
Cost of revenue	1,215
Research and development	2,887	3,894
Sales, general and administrative	2,504	3,309
Total costs and expenses	6,606	7,203
Loss from operations	(5,754)	(7,203)
Other income (expense), net:
Interest and other income, net	34	107
Other income (expense), net	34	107
Net loss and total comprehensive loss	$ (5,720)	$ (7,096)
Net loss per share, basic (in Dollars per share)	$ (0.1)	$ (0.19)
Weighted average shares used in computing net loss per share, basic (in Shares)	56,023,273	37,541,070

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net loss per share, diluted	$ (0.10)	$ (0.19)
Weighted average shares used in computing net loss per share, diluted	56,023,273	37,541,070

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2022	$ 3	$ 103,009	$ (95,097)	$ 7,915
Balance (in Shares) at Dec. 31, 2022	33,659,460
Stock-based compensation		724		724
Issuance of common stock upon public offering, net of issuance costs	$ 1	5,179		5,179
Issuance of common stock upon public offering, net of issuance costs (in Shares)	5,340,600
Issuance of warrants upon public offering		1,473		1,473
Issuance of common stock		2,805		2,805
Issuance of common stock (in Shares)	2,131,952
Issuance of common stock upon exercise of options		$ 109		$ 109
Issuance of common stock upon exercise of options (in Shares)	245,855
Vesting of early exercised stock options (in Shares)		34		34
Net loss			$ (7,096)	$ (7,096)
Balance at Mar. 31, 2023	$ 4	113,333	(102,193)	11,144
Balance (in Shares) at Mar. 31, 2023	41,377,867
Balance at Dec. 31, 2023	$ 6	127,823	(124,380)	3,449
Balance (in Shares) at Dec. 31, 2023	55,848,272
Stock-based compensation		617		617
Issuance of common stock		$ 164		$ 164
Issuance of common stock (in Shares)	273,307
Vesting of early exercised stock options (in Shares)		12		12
Net loss			$ (5,720)	$ (5,720)
Balance at Mar. 31, 2024	$ 6	$ 128,616	$ (130,100)	$ (1,478)
Balance (in Shares) at Mar. 31, 2024	56,121,579

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (5,720)	$ (7,096)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	52	38
Stock-based compensation	617	724
Noncash lease expense	56	(3)
Changes in operating assets and liabilities:
Payroll tax credit	41	90
Inventory	50
Prepaid expenses, vendor deposits and other current assets	256	(161)
Accounts payable	865	(53)
Deferred revenue	(1,001)
Other current and noncurrent liabilities	653	381
Net cash used in operating activities	(4,131)	(6,080)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(6)	(13)
Net cash used in investing activities	(6)	(13)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock and warrants upon February 2023 public offering, net of issuance costs		6,689
Issuance of common stock, net of issuance costs	164	2,805
Issuance of common stock upon exercise of stock options		109
Net cash provided by financing activities	164	9,603
Net (decrease)/increase in cash and cash equivalents	(3,973)	3,510
Cash and cash equivalents at beginning of period	6,118	10,759
Cash and cash equivalents at end of period	2,145	14,269
NONCASH INVESTING AND FINANCING ACTIVITIES:
Vesting of common stock issued upon early exercise	12	34
Unpaid issuance costs recorded in accounts payable		36
Unpaid issuance costs recorded in other current liabilities	137
Warrants issued upon February 2023 public offering		$ 1,473

Business Organization, Nature of Operations

3 Months Ended

Mar. 31, 2024

Business Organization, Nature of Operations [Abstract]

BUSINESS ORGANIZATION, NATURE OF OPERATIONS

Note 1 – Business Organization, Nature of Operations

Liquidity and Going Concern

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Segment Information

Cash and Cash Equivalents

The Company invests its excess cash primarily in money market funds. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Concentrations of Credit Risk and Off-Balance Sheet Risk

The Company has no financial instruments with off-balance sheet risk of loss.

Inventory

Software Development Costs

Revenue

For each contract, the Company considers the obligation to transfer the Evie Ring Elements, each of which are distinct, to be separate performance obligations.

The Company allocates the transaction price to each performance obligation using the relative standalone selling price (“SSP”) for each distinct good or service in the contract.

The Company offers limited rights of return for a 30-day right of return, whereby customers may return the Evie Ring Elements.

The sales of the Evie Ring Elements include an assurance warranty.

The Company collects sales taxes at the point of sale and remits the taxes to the proper state authorities. Sales tax is excluded from the measurement of the transaction price.

Shipping and handling costs are incurred as part of fulfillment activities with customers and are included as a component of cost of revenue.

Costs of Revenue

Advertising Costs

Stock-Based Compensation

Income Taxes

Net Loss per Share

Recently Issued Accounting Pronouncements

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

Note 3 – FAIR VALUE MEASUREMENTS

A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

Level 1 –

Quoted prices in active markets for identical assets or liabilities.

Level 2 –

Level 3 –

Significant unobservable inputs that cannot be corroborated by market data.

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):

Fair Value Measurements

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	1,676	$	1,676	$	—	$	—
Total cash equivalents	$	1,676	$	1,676	$	—	$	—

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	4,393	$	4,393	$	—	$	—
Total cash equivalents	$	4,393	$	4,393	$	—	$	—

Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS

Note 4 – CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of the following (in thousands):

	March 31,		December 31,
	2024		2023
Cash and cash equivalents:
Cash	$	469	$	1,725
Money market funds		1,676		4,393
Total cash and cash equivalents	$	2,145	$	6,118

Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS

Note 5 – BALANCE SHEET COMPONENTS

Inventory as of March 31, 2024 and December 31, 2023, consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Raw materials	$	913	$	1,114
Finished goods		151		—
Total inventory	$	1,064	$	1,114

Property and equipment, net, as of March 31, 2024 and December 31, 2023, consisted of the following (in thousands):

	March 31,			December 31,
	2024			2023
Office equipment and furniture	$	266		$	266
Software		144			144
Test equipment		310			310
Total property and equipment		720			720
Less: accumulated depreciation		(421	)		(378	)
Total property and equipment, net	$	299		$	342

Total depreciation and amortization expense related to property and equipment for the three months ended March 31, 2024 and 2023 was approximately $43,000 and $38,000, respectively.

Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Other Current Liabilities [Abstract]

OTHER CURRENT LIABILITIES

Note 6 – Other Current Liabilities

Other current liabilities as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Accrued compensation	$	351	$	299
Accrued research and development		691		461
Accrued inventory		182		—
Accrued vacation		263		246
Accrued severance payment		—		5
Customer return liability		237		—
Lease liabilities, current portion		175		217
Other		442		301
	$	2,341	$	1,529

Common Stock

3 Months Ended

Mar. 31, 2024

Common Stock [Abstract]

COMMON STOCK

Note 7 – Common Stock

At-the-Market Issuance of Common Stock

The Company has no obligation to sell any of the Shares under the Issuance Agreement and may at any time suspend solicitation and offers under the Issuance Agreement.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance at March 31, 2024 is summarized as follows:

	March 31,
	2024
Warrants to purchase common stock		4,757,256
Stock options outstanding		7,384,012
Stock options available for future grants		6,001,092
Total		18,142,360

Early Exercised Stock Option Liability

Common Stock Warrants

3 Months Ended

Mar. 31, 2024

Common Stock Warrants [Abstract]

COMMON STOCK WARRANTS

Note 8 – Common Stock Warrants

Preferred A Placement Warrants

January and February 2023 Warrants

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2024:

Warrant Issuance	Issuance	Exercise Price		Outstanding, December 31, 2023		Granted		Exercised		Canceled/ Expired		Variable Settlement Provision Adjustment		Outstanding, March 31, 2024		Expiration
Preferred A Placement Warrants	March and April 2018 and August 2019	$	1.40		293,042		—		—		—		—		293,042	April 2024
Preferred B Placement Warrants	April 2019	$	2.10		463,798		—		—		—		—		463,798	April 2024
Convertible Notes Placement Warrants	August 2020	$	2.57		171,830		—		—		—		—		171,830	August 2025
Underwriter Warrants	March 2021	$	6.00		956,973		—		—		—		—		956,973	March 2026
January 2023 warrants	January 2023	$	1.57		2,322,000		—		—		—		—		2,322,000	January 2028
February 2023 warrants	February 2023	$	1.57		348,000		—		—		—		—		348,000	February 2028
August 2023 warrants	August 2023	$	1.24		201,613		—		—		—		—		201,613	August 2028
					4,757,256		—		—		—		—		4,757,256

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2023:

Warrant Issuance	Issuance	Exercise Price		Outstanding, December 31, 2022		Granted		Exercised		Canceled/ Expired			Variable Settlement Provision Adjustment		Outstanding, March 31, 2023		Expiration
Preferred A Placement Warrants	March and April 2018 and August 2019	$	1.40		293,042		—		—		—			—		293,042		September and October 2023
Preferred A Lead Investor Warrants	February 2021	$	0.0125		52,500		—		—		(52,500	)		—		—		March 2023
Preferred B Placement Warrants	April 2019	$	2.10		463,798		—		—		—			—		463,798		April 2024
Convertible Notes Placement Warrants	August 2020	$	2.57		171,830		—		—		—			—		171,830		August 2025
Underwriter Warrants	March 2021	$	6.00		956,973		—		—		—			—		956,973		March 2026
January 2023 warrants	January 2023	$	1.57		—		2,322,000		—		—			—		2,322,000		January 2028
February 2023 warrants	February 2023	$	1.57		—		348,000		—		—			—		348,000		February 2028
					1,938,143		2,670,000		—		(52,500	)		—		4,555,643

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

Note 9 – Stock-based Compensation

2019 Equity Incentive Plan

As of March 31, 2024, the Company had 4,519,842 shares available for future grant pursuant to the 2019 Plan.

2021 Employment Inducement Plan

As of March 31, 2024, the Company had 1,481,250 shares available for future grant under the Inducement Plan.

Stock Options

Stock option activity for the three months ended March 31, 2024 was as follows (in thousands, except share, per share, and remaining life data):

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life	Intrinsic Value
Outstanding at December 31, 2023		7,448,412		$	2.13	7.1 years	$	726
Granted		85,000		$	0.82
Cancelled		(149,400	)	$	0.38
Outstanding at March 31, 2024		7,384,012		$	2.16	7.4 years	$	43

Exercisable as of March 31, 2024		4,971,250		$	2.12	6.9 years	$	43

Vested and expected to vest as of March 31,2024		7,384,012		$	2.16	7.4 years	$	43

	Three Months Ended March 31,
	2024			2023

Dividend yield		—	%		—	%
Expected volatility		58.11	%		62.38	%
Risk-free interest rate		3.93	%		3.69	%
Expected life		5.25 years			5.99 years

Dividend Rate—The expected dividend rate was assumed to be zero, as the Company had not previously paid dividends on common stock and has no current plans to do so.

Forfeiture Rate—The Company recognizes forfeitures when they occur.

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	55	$	-
Research and development		183		217
Sales, general and administrative		379		507
	$	617	$	724

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

Note 10 – Commitments and Contingencies

Operating and Finance Leases

The balances of the operating and finance lease related accounts as of March 31, 2024 and December 31, 2023 are as follows (in thousands):

	March 31,		December 31,
Operating and Finance leases	2024		2023
Right-of-use assets	$	191	$	247
Operating lease liabilities - Short-term	$	160	$	203
Operating lease liabilities - Long-term	$	2	$	15
Finance lease liabilities - Short-term	$	15	$	14
Finance lease liabilities - Long-term	$	31	$	35

The components of lease expense and supplemental cash flow information as of and for the three months ended March 31, 2024 and 2023 are as follows (in thousands):

	Three Months Ended March 31,
	2024			2023

Lease Cost:
Operating lease cost	$	63		$	64

Other Information:
Cash paid for amounts included in the measurement of lease liabilities for the year ended	$	59		$	59
Weighted average remaining lease term - operating leases (in years)		0.7			1.6
Average discount rate - operating leases		10.00	%		10.00	%
Weighted average remaining lease term - financing leases (in years)		2.7			—
Average discount rate - financing leases		15.08	%		—

Future minimum lease payments for the operating lease are as follows as of March 31, 2024 (in thousands):

2024		159
2025		48
2026		18
Total lease payments		225
Less: Interest		(17	)
Total lease liabilities	$	208

Litigation

Indemnification

No amounts associated with such indemnifications have been recorded as of March 31, 2024.

Non-cancelable Obligations

The Company did not have any non-cancelable contractual commitments as of March 31, 2024.

Royalty Commitments

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Net Loss Per Share [Abstract]

NET LOSS PER SHARE

Note 11 – NET LOSS PER SHARE

The following table provides the computation of the basic and diluted net loss per share during the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data):

	Three Months Ended March 31,
	2024			2023
Numerator:
Net loss	$	(5,720	)	$	(7,096	)
Denominator:
Weighted average shares used in computing net loss per share, basic and diluted		56,023,273			37,541,070

Net loss per share, basic and diluted	$	(0.10	)	$	(0.19	)

	Three Months Ended March 31,
	2024		2023
Shares subject to options to purchase common stock		7,384,012		6,321,937
Shares subject to warrants to purchase common stock		4,757,256		1,938,143
Total		12,141,268		8,260,080

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Note 12 – Subsequent Events

Management of the Company evaluated events that have occurred after the balance sheet dates through the date these condensed consolidated financial statements were issued.

In May 2024, the Company extended the maturity date of the Preferred A and Preferred B placement warrants to April 30, 2025.

On May 15, 2024, the Company approved the issuance of common stock options of 4,120,225 shares to employees at an exercise price of $0.47 per share. The common stock options are vested upon issuance.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,720)	$ (7,096)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2024
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation. Intercompany transactions are eliminated in the condensed consolidated financial statements. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K filed on April 16, 2024 with the United States Securities and Exchange Commission (the “SEC”). The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The condensed consolidated balance sheet as of December 31, 2023 has been derived from audited financial statements at that date but does not include all the information required by GAAP for complete financial statements.
Use of Estimates	*Use of Estimates* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to the fair value of stock options and warrants, and income taxes. Estimates are periodically reviewed considering changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.
Segment Information	*Segment Information* Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment. The Company’s chief operating decision maker is the Chief Executive Officer.
Cash and Cash Equivalents	*Cash and Cash Equivalents* The Company invests its excess cash primarily in money market funds. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Concentrations of Credit Risk and Off-Balance Sheet Risk	*Concentrations of Credit Risk and Off-Balance Sheet Risk* Cash and cash equivalents are financial instruments that are potentially subject to concentrations of credit risk. Substantially all cash and cash equivalents are held in United States financial institutions. Cash equivalents consist of interest-bearing money market accounts. The amounts deposited in the money market accounts exceed federally insured limits. Further, the Company has amounts in excess of federally insured limits as of March 31, 2024 at one financial institution that totaled approximately $1.7 million. The Company has not experienced any losses related to this account and believes the associated credit risk to be minimal due to the financial condition of the depository institutions in which those deposits are held. The Company is dependent on third-party manufacturers to supply products for manufacturing as well as research and development activities. These programs could be adversely affected by a significant interruption in the supply of such materials. The Company has no financial instruments with off-balance sheet risk of loss.
Inventory	*Inventory* Inventory, which consists of raw materials and finished goods, is stated at the lower of cost or net realizable value. Cost comprises purchase price and incidental expenses incurred in bringing the inventory to its present location and condition. Cost is computed using the weighted-average cost method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimate net realized value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, inventory write-downs may be required.
Software Development Costs	*Software Development Costs* Costs associated with the planning and design phase of software development are classified as research and development costs and are expensed as incurred. Once technological feasibility has been established, a portion of the costs incurred in development, including coding, testing and quality assurance, are capitalized until available for general release to customers, and subsequently reported at the lower of unamortized cost or net realizable value. Amortization is calculated on a solution-by-solution basis based on the estimated lives of the underlying asset and is included in cost of revenue on the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2024 and 2023, no software development costs were capitalized, and no amortization was recognized.
Revenue	*Revenue* The Company generates revenue from the sale of Evie Rings, portable chargers and charging cables, ring sizers, and mobile applications. As part of the purchase, customers also receive customer support and future unspecified software updates. All the previously mentioned items are collectively referred to as the Evie Ring Elements. During the three months ended March 31, 2024, the Company began delivery of the Evie Ring Elements to customers. The Company recognizes revenue when control is transferred to the customer in an amount that reflects the net consideration to which the Company expects to be entitled. In determining how revenue should be recognized, a five-step process is used which includes identifying the contract, identifying the distinct performance obligations, determining the transaction price, allocating the transaction price to each distinct performance obligation, and determining the timing of revenue recognition for each distinct performance obligation. For each contract, the Company considers the obligation to transfer the Evie Ring Elements, each of which are distinct, to be separate performance obligations. Transaction price for the Evie Ring Elements reflects the net consideration to which the Company expects to be entitled. Transaction price is based on the sales price. The Company includes an estimate of variable consideration in the calculation of the transaction price at the time of sale. Variable consideration primarily includes product return provisions. The Company classifies the product return provisions as other current liabilities in the condensed consolidated balance sheet. As of March 31, 2024 and December 31, 2023, the balance of product return provisions included in other current liabilities is $0.2 million and $0, respectively. As of March 31, 2023 and December 31, 2022, the balance of the product return provisions included in other current liabilities is $0 at each date. The adequacy of the estimates for the variable consideration is reviewed at each reporting date. If the actual amount of consideration differs from the estimates, the Company would adjust the estimates, impacting revenue in the period that such variances become known. If any of the judgments were to change, this change could cause a material increase or decrease in the amount of revenue reported in a particular period. The Company allocates the transaction price to each performance obligation using the relative standalone selling price (“SSP”) for each distinct good or service in the contract. The Company offers limited rights of return for a 30-day right of return, whereby customers may return the Evie Ring Elements. The Company records revenue from the sales of the Evie Ring Elements upon transfer of control of the distinct Evie Ring Elements to the customer. The Company typically determines transfer of control for the Evie Ring Elements based on when the product is delivered, or when our customer has obtained the significant risks and reward of ownership. The future unspecified software updates and customer support that the Company offers are separate performance obligations, and revenue is recognized over time on a ratable basis. The sales of the Evie Ring Elements include an assurance warranty. Contract balances represent amounts presented in the condensed consolidated balance sheets when the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. Payment is made by the customer upon the purchase of the Evie Ring Elements, and the Company has no accounts receivable at March 31, 2024, December 31, 2023, March 31, 2023 or December 31, 2022, respectively. A contract asset is recorded when inventory has shipped but control has not yet transferred to the customer. There were no contract assets at March 31, 2024, December 31, 2023, March 31,2023 or December 31, 2022, respectively. The Company records a contract liability for deferred revenue when cash payments from customers are received prior to the transfer of control or satisfaction of the related performance obligations. Deferred revenue at March 31, 2024 and December 31, 2023 was $0.3 million and $1.3 million, respectively. There was no deferred revenue at December 31, 2023 or March 31, 2023. The Company collects sales taxes at the point of sale and remits the taxes to the proper state authorities. Sales tax is excluded from the measurement of the transaction price. Shipping and handling costs are incurred as part of fulfillment activities with customers and are included as a component of cost of revenue.
Costs of Revenue	*Costs of Revenue* Costs of revenue consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, royalties, customer support and other costs, which are directly attributable to the production of the Company’s product. Write-down of inventory to lower of cost or net realizable value is also recorded in cost of goods sold.
Advertising Costs	*Advertising Costs* The Company expenses advertising costs as they are incurred. Advertising expenses were $0.1 million and $0.2 million for the three months ending March 31, 2024 and 2023, respectively. These costs are included in sales, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.
Stock-Based Compensation	*Stock-Based Compensation* The Company measures equity classified stock-based awards granted to employees, directors, and nonemployees based on the estimated fair value on the date of grant and recognizes compensation expense of those awards on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term, the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company accounts for forfeitures as they occur.
Income Taxes	*Income Taxes* The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. As the Company maintained a full valuation allowance against its deferred tax assets, the changes resulted in no provision or benefit from income taxes during the three months ended March 31, 2024 and 2023, respectively. The Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company establishes a liability for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. The Company records an income tax liability, if any, for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The liability is adjusted considering changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of liability provisions and changes to the liability that are considered appropriate. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. For interim periods, the Company estimates its annual effective income tax rate and applies the estimated rate to the year-to-date income or loss before income taxes. The Company computes the tax provision or benefit related to items reported separately and recognizes the items net of their related tax effect in the interim periods in which they occur. The Company recognizes the effect of changes in enacted tax laws or rates in the interim periods in which the changes occur.
Net Loss Per Share	*Net Loss per Share* Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive.
Recently Issued Accounting Pronouncements	*Recently Issued Accounting Pronouncements* In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements for fiscal year 2024.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Schedule of Assets and Liabilities that are Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	1,676	$	1,676	$	—	$	—
Total cash equivalents	$	1,676	$	1,676	$	—	$	—

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3

Cash equivalents:
Money market funds	$	4,393	$	4,393	$	—	$	—
Total cash equivalents	$	4,393	$	4,393	$	—	$	—

Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents consist of the following (in thousands):

	March 31,		December 31,
	2024		2023
Cash and cash equivalents:
Cash	$	469	$	1,725
Money market funds		1,676		4,393
Total cash and cash equivalents	$	2,145	$	6,118

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Components [Abstract]

Schedule of Inventory

Inventory as of March 31, 2024 and December 31, 2023, consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Raw materials	$	913	$	1,114
Finished goods		151		—
Total inventory	$	1,064	$	1,114

Schedule of Property and Equipment

Property and equipment, net, as of March 31, 2024 and December 31, 2023, consisted of the following (in thousands):

	March 31,			December 31,
	2024			2023
Office equipment and furniture	$	266		$	266
Software		144			144
Test equipment		310			310
Total property and equipment		720			720
Less: accumulated depreciation		(421	)		(378	)
Total property and equipment, net	$	299		$	342

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

Other current liabilities as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31,		December 31,
	2024		2023
Accrued compensation	$	351	$	299
Accrued research and development		691		461
Accrued inventory		182		—
Accrued vacation		263		246
Accrued severance payment		—		5
Customer return liability		237		—
Lease liabilities, current portion		175		217
Other		442		301
	$	2,341	$	1,529

Common Stock (Tables)

3 Months Ended

Mar. 31, 2024

Common Stock [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance at March 31, 2024 is summarized as follows:

	March 31,
	2024
Warrants to purchase common stock		4,757,256
Stock options outstanding		7,384,012
Stock options available for future grants		6,001,092
Total		18,142,360

Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Common Stock Warrants [Abstract]

Schedule of Company's Warrant Activity

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2024:

Warrant Issuance	Issuance	Exercise Price		Outstanding, December 31, 2023		Granted		Exercised		Canceled/ Expired		Variable Settlement Provision Adjustment		Outstanding, March 31, 2024		Expiration
Preferred A Placement Warrants	March and April 2018 and August 2019	$	1.40		293,042		—		—		—		—		293,042	April 2024
Preferred B Placement Warrants	April 2019	$	2.10		463,798		—		—		—		—		463,798	April 2024
Convertible Notes Placement Warrants	August 2020	$	2.57		171,830		—		—		—		—		171,830	August 2025
Underwriter Warrants	March 2021	$	6.00		956,973		—		—		—		—		956,973	March 2026
January 2023 warrants	January 2023	$	1.57		2,322,000		—		—		—		—		2,322,000	January 2028
February 2023 warrants	February 2023	$	1.57		348,000		—		—		—		—		348,000	February 2028
August 2023 warrants	August 2023	$	1.24		201,613		—		—		—		—		201,613	August 2028
					4,757,256		—		—		—		—		4,757,256

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2023:

Warrant Issuance	Issuance	Exercise Price		Outstanding, December 31, 2022		Granted		Exercised		Canceled/ Expired			Variable Settlement Provision Adjustment		Outstanding, March 31, 2023		Expiration
Preferred A Placement Warrants	March and April 2018 and August 2019	$	1.40		293,042		—		—		—			—		293,042		September and October 2023
Preferred A Lead Investor Warrants	February 2021	$	0.0125		52,500		—		—		(52,500	)		—		—		March 2023
Preferred B Placement Warrants	April 2019	$	2.10		463,798		—		—		—			—		463,798		April 2024
Convertible Notes Placement Warrants	August 2020	$	2.57		171,830		—		—		—			—		171,830		August 2025
Underwriter Warrants	March 2021	$	6.00		956,973		—		—		—			—		956,973		March 2026
January 2023 warrants	January 2023	$	1.57		—		2,322,000		—		—			—		2,322,000		January 2028
February 2023 warrants	February 2023	$	1.57		—		348,000		—		—			—		348,000		February 2028
					1,938,143		2,670,000		—		(52,500	)		—		4,555,643

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 2024 was as follows (in thousands, except share, per share, and remaining life data):

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life	Intrinsic Value
Outstanding at December 31, 2023		7,448,412		$	2.13	7.1 years	$	726
Granted		85,000		$	0.82
Cancelled		(149,400	)	$	0.38
Outstanding at March 31, 2024		7,384,012		$	2.16	7.4 years	$	43

Exercisable as of March 31, 2024		4,971,250		$	2.12	6.9 years	$	43

Vested and expected to vest as of March 31,2024		7,384,012		$	2.16	7.4 years	$	43

Schedule of Weighted Average Assumptions for Fair Value of Options Estimated

	Three Months Ended March 31,
	2024			2023

Dividend yield		—	%		—	%
Expected volatility		58.11	%		62.38	%
Risk-free interest rate		3.93	%		3.69	%
Expected life		5.25 years			5.99 years

Schedule of Stock-Based Compensation Expense to Employees and Non-Employees

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	55	$	-
Research and development		183		217
Sales, general and administrative		379		507
	$	617	$	724

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

Schedule of Operating Lease Related Accounts

The balances of the operating and finance lease related accounts as of March 31, 2024 and December 31, 2023 are as follows (in thousands):

	March 31,		December 31,
Operating and Finance leases	2024		2023
Right-of-use assets	$	191	$	247
Operating lease liabilities - Short-term	$	160	$	203
Operating lease liabilities - Long-term	$	2	$	15
Finance lease liabilities - Short-term	$	15	$	14
Finance lease liabilities - Long-term	$	31	$	35

Schedule of Lease Expense and Supplemental Cash Flow

The components of lease expense and supplemental cash flow information as of and for the three months ended March 31, 2024 and 2023 are as follows (in thousands):

	Three Months Ended March 31,
	2024			2023

Lease Cost:
Operating lease cost	$	63		$	64

Other Information:
Cash paid for amounts included in the measurement of lease liabilities for the year ended	$	59		$	59
Weighted average remaining lease term - operating leases (in years)		0.7			1.6
Average discount rate - operating leases		10.00	%		10.00	%
Weighted average remaining lease term - financing leases (in years)		2.7			—
Average discount rate - financing leases		15.08	%		—

Schedule of Future Minimum Lease Payments

Future minimum lease payments for the operating lease are as follows as of March 31, 2024 (in thousands):

2024		159
2025		48
2026		18
Total lease payments		225
Less: Interest		(17	)
Total lease liabilities	$	208

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Net Loss Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table provides the computation of the basic and diluted net loss per share during the three months ended March 31, 2024 and 2023 (in thousands, except share and per share data):

	Three Months Ended March 31,
	2024			2023
Numerator:
Net loss	$	(5,720	)	$	(7,096	)
Denominator:
Weighted average shares used in computing net loss per share, basic and diluted		56,023,273			37,541,070

Net loss per share, basic and diluted	$	(0.10	)	$	(0.19	)

Schedule of Common Stock Diluted Net Loss Per Share

	Three Months Ended March 31,
	2024		2023
Shares subject to options to purchase common stock		7,384,012		6,321,937
Shares subject to warrants to purchase common stock		4,757,256		1,938,143
Total		12,141,268		8,260,080

Business Organization, Nature of Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Organization, Nature of Operations [Line Items]
Accumulated deficit	$ (130,100)	$ (124,380)

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies (Details) [Line Items]
Number of segments	1
Amounts excess	$ 1,700,000
Other current liabilities	2,341,000		$ 1,529,000
Deferred revenue	300,000		1,300,000
Advertising expenses	100,000	$ 200,000
Other Current Liabilities [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Other current liabilities	$ 200,000	$ 0	$ 0	$ 0

Fair Value Measurements (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash equivalents:
Money market funds	$ 1,676	$ 4,393
Total cash equivalents	1,676	4,393
Level 1 [Member]
Cash equivalents:
Money market funds	1,676	4,393
Total cash equivalents	1,676	4,393
Level 2 [Member]
Cash equivalents:
Money market funds
Total cash equivalents
Level 3 [Member]
Cash equivalents:
Money market funds
Total cash equivalents

Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents:
Cash	$ 469	$ 1,725
Money market funds	1,676	4,393
Total cash and cash equivalents	$ 2,145	$ 6,118

Balance Sheet Components (Details) - USD ($)	3 Months Ended
Balance Sheet Components (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property and Equipment [Abstract]
Total depreciation and amortization expense	$ 43,000	$ 38,000

Balance Sheet Components (Details) - Schedule of Inventory - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Inventory Abstract
Raw materials	$ 913	$ 1,114
Finished goods	151
Total inventory	$ 1,064	$ 1,114

Balance Sheet Components (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 720	$ 720
Less: accumulated depreciation	(421)	(378)
Total property and equipment, net	299	342
Office Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	266	266
Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	144	144
Test Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 310	$ 310

Other Current Liabilities (Details) - Schedule of Other Current Liabilities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Other Current Liabilities [Abstract]
Accrued compensation	$ 351	$ 299
Accrued research and development	691	461
Accrued inventory	182
Accrued vacation	263	246
Accrued severance payment		5
Customer return liability	237
Lease liabilities, current portion	175	217
Other	442	301
Total	$ 2,341	$ 1,529

Common Stock (Details) - USD ($)	3 Months Ended
Common Stock (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Aug. 15, 2022
Common Stock [Line Items]
Common stock, shares authorized	150,000,000		150,000,000
Common stock, par value (in Dollars per share)	$ 0.0001		$ 0.0001
Common stock, shares outstanding	56,121,579		55,848,272
Aggregate offering price (in Dollars)	$ 44,200,000			$ 50,000,000
Aggregate shares of common stock	273,307	2,131,952
Weighted-average public offering price (in Dollars per share)	$ 0.65	$ 1.36
Net proceeds (in Dollars)	$ 200,000	$ 2,800,000
Repurchase liability (in Dollars)	$ 11,000		$ 23,000
Remain unvested shares	20,834		43,751
Weighted average vesting period	1 year

Common Stock (Details) - Schedule of Common Stock Reserved for Future Issuance - shares	Mar. 31, 2024	Dec. 31, 2023
Schedule of Common Stock Reserved for Future Issuance [Abstract]
Warrants to purchase common stock	4,757,256
Stock options outstanding	7,384,012	7,448,412
Stock options available for future grants	6,001,092
Total	18,142,360

Common Stock Warrants (Details) - $ / shares	3 Months Ended
Common Stock Warrants (Details) - $ / shares	Mar. 31, 2024	Apr. 02, 2024	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022
Common Stock Warrants [Line Items]
Warrants to extend		1
Warrants issued	4,757,256		4,757,256			4,555,643			1,938,143
Warrants exercisable (in Dollars per share)	$ 0.001
Warrants cancelled	100,000
Preferred A Placement Warrants [Member]
Common Stock Warrants [Line Items]
Warrants issued	293,042		293,042			293,042	348,300	2,322,000	293,042
Warrants exercisable (in Dollars per share)	$ 1.57
Exercise price (in Dollars per share)	1.4					$ 1.4
Preferred A Placement Warrants [Member]
Common Stock Warrants [Line Items]
Warrants to extend				293,042	293,042		293,042
Exercise price (in Dollars per share)	0.25
Common stock exceeded (in Dollars per share)	$ 4.87
Preferred B Placement Warrants [Member]
Common Stock Warrants [Line Items]
Warrants term	5 years

Common Stock Warrants (Details) - Schedule of Company's Warrant Activity - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Company
Warrant Issuance, Outstanding beginning	4,757,256	1,938,143
Warrant Issuance, Granted		2,670,000
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired		(52,500)
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	4,757,256	4,555,643
Preferred A Placement Warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	March and April 2018 and August 2019	March and April 2018 and August 2019
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 1.4	$ 1.4
Warrant Issuance, Outstanding beginning	293,042	293,042
Warrant Issuance, Granted
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	293,042	293,042
Warrant Issuance, Expiration	April 2024	September and October 2023
Preferred B Placement Warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	April 2019	April 2019
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 2.1	$ 2.1
Warrant Issuance, Outstanding beginning	463,798	463,798
Warrant Issuance, Granted
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	463,798	463,798
Warrant Issuance, Expiration	April 2024	April 2024
Convertible Notes Placement Warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	August 2020	August 2020
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 2.57	$ 2.57
Warrant Issuance, Outstanding beginning	171,830	171,830
Warrant Issuance, Granted
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	171,830	171,830
Warrant Issuance, Expiration	August 2025	August 2025
Underwriter Warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	March 2021	March 2021
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 6	$ 6
Warrant Issuance, Outstanding beginning	956,973	956,973
Warrant Issuance, Granted
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	956,973	956,973
Warrant Issuance, Expiration	March 2026	March 2026
January 2023 warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	January 2023	January 2023
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 1.57	$ 1.57
Warrant Issuance, Outstanding beginning	2,322,000
Warrant Issuance, Granted		2,322,000
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	2,322,000	2,322,000
Warrant Issuance, Expiration	January 2028	January 2028
February 2023 warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	February 2023	February 2023
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 1.57	$ 1.57
Warrant Issuance, Outstanding beginning	348,000
Warrant Issuance, Granted		348,000
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	348,000	348,000
Warrant Issuance, Expiration	February 2028	February 2028
August 2023 warrants [Member]
Schedule of Company
Warrant Issuance, Issuance	August 2023
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)	$ 1.24
Warrant Issuance, Outstanding beginning	201,613
Warrant Issuance, Granted
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending	201,613
Warrant Issuance, Expiration	August 2028
Preferred A Lead Investor Warrants [Member]
Schedule of Company
Warrant Issuance, Issuance		February 2021
Warrant Issuance, Exercise Price (in Dollars per share) (in Dollars per share)		$ 0.0125
Warrant Issuance, Outstanding beginning		52,500
Warrant Issuance, Granted
Warrant Issuance, Exercised
Warrant Issuance, Canceled/ Expired		(52,500)
Warrant Issuance, Variable Settlement Provision Adjustment
Warrant Issuance, Outstanding ending
Warrant Issuance, Expiration		March 2023

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
Stock-Based Compensation (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation [Line Items]
Future grant shares	18,142,360
Fair value per share (in Dollars per share)		$ 0.78
Stock options exercised		245,855
Exercised for proceeds (in Dollars)	$ 109,000	$ 0
Shares of option vested	150,200	150,200
Fair value option vested (in Dollars)	$ 600,000	$ 800,000
Unamortized compensation expense (in Dollars)	$ 3,400,000
Recognized over a weighted average period	1 year 292 days
Equity Incentive Plan [Member]
Stock-Based Compensation [Line Items]
Future grant shares	4,519,842
Employment Inducement Plan [Member]
Stock-Based Compensation [Line Items]
Future grant shares	1,481,250
Stock Option [Member]
Stock-Based Compensation [Line Items]
Fair value per share (in Dollars per share)	$ 0.44
Shares of option vested	323,464	439,245

Stock-Based Compensation (Details) - Schedule of Stock Option Activity - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Schedule of Stock Option Activity [Abstract]
Number of Options, Outstanding Ending	7,448,412	7,384,012
Weighted Average Exercise Price, Outstanding Ending	$ 2.13	$ 2.16
Weighted Average Remaining Life, Outstanding Ending	7 years 1 month 6 days	7 years 4 months 24 days
Intrinsic Value, Outstanding Ending	$ 726	$ 43
Number of Options, Outstanding Exercisable		4,971,250
Weighted Average Exercise Price, Outstanding Exercisable		$ 2.12
Weighted Average Remaining Life, Outstanding Exercisable		6 years 10 months 24 days
Intrinsic Value, Outstanding Exercisable		$ 43
Number of Options, Outstanding Vested and expected to vest		7,384,012
Weighted Average Exercise Price, Outstanding Vested and expected to vest		$ 2.16
Weighted Average Remaining Life, Outstanding Vested and expected to vest		7 years 4 months 24 days
Intrinsic Value, Outstanding Vested and expected to vest		$ 43
Number of Options, Outstanding Granted		85,000
Weighted Average Exercise Price Granted		$ 0.82
Number of Options, Outstanding Cancelled		(149,400)
Weighted Average Exercise Price Cancelled		$ 0.38

Stock-Based Compensation (Details) - Schedule of Weighted Average Assumptions for Fair Value of Options Estimated	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Weighted Average Assumptions for Fair Value of Options Estimated [Abstract]
Dividend yield
Expected volatility	58.11%	62.38%
Risk-free interest rate	3.93%	3.69%
Expected life	5 years 3 months	5 years 11 months 26 days

Stock-Based Compensation (Details) - Schedule of Stock-Based Compensation Expense to Employees and Non-Employees - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 617	$ 724
Cost of revenue [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	55
Research and development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	183	217
Sales, general and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 379	$ 507

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies [Line Items]
Royalty commitment	$ 6.1
Research and development expenses	$ 0.4

Commitments and Contingencies (Details) - Schedule of Operating Lease Related Accounts - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Operating Lease Related Accounts [Abstract]
Right-of-use assets	$ 191	$ 247
Operating lease liabilities - Short-term	160	203
Operating lease liabilities - Long-term	2	15
Finance lease liabilities - Short-term	15	14
Finance lease liabilities - Long-term	$ 31	$ 35

Commitments and Contingencies (Details) - Schedule of Lease Expense and Supplemental Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease Cost:
Operating lease cost	$ 63	$ 64
Other Information:
Cash paid for amounts included in the measurement of lease liabilities for the year ended	$ 59	$ 59
Weighted average remaining lease term - operating leases (in years)	8 months 12 days	1 year 7 months 6 days
Average discount rate - operating leases	10.00%	10.00%
Weighted average remaining lease term - financing leases (in years)	2 years 8 months 12 days
Average discount rate - financing leases	15.08%

Commitments and Contingencies (Details) - Schedule of Future Minimum Lease Payments $ in Thousands	Mar. 31, 2024 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
2024	$ 159
2025	48
2026	18
Total lease payments	225
Less: Interest	(17)
Total lease liabilities	$ 208

Net Loss Per Share (Details) - shares	3 Months Ended
Net Loss Per Share (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Net Loss Per Share [Abstract]
Aggregate shares issued	150,200	150,200

Net Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (5,720)	$ (7,096)
Denominator:
Weighted average shares used in computing net loss per share, basic	56,023,273	37,541,070
Net loss per share, Basic	$ (0.1)	$ (0.19)

Net Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Basic and Diluted Net Loss Per Share [Abstract]
Weighted average shares used in computing net loss per share, Diluted	56,023,273	37,541,070
Net loss per share, Diluted	$ (0.10)	$ (0.19)

Net Loss Per Share (Details) - Schedule of Common Stock Diluted Net Loss Per Share - shares	Mar. 31, 2024	Mar. 31, 2023
Schedule of Common Stock Diluted Net Loss Per Share [Abstract]
Shares subject to options to purchase common stock	7,384,012	6,321,937
Shares subject to warrants to purchase common stock	4,757,256	1,938,143
Total	12,141,268	8,260,080

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended
	May 15, 2024	Apr. 05, 2024	Apr. 02, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Events [Line Items]
Shares issued				45,252,517
Shares of common stock				100,000
Warrant shares			1
Warrant exercise price per share (in Dollars per share)				$ 0.001
Common stock exceeded (in Dollars per share)				5
Redemption price per share (in Dollars per share)				$ 0.025
Common stock, shares issued				56,121,579	55,848,272
Warrant [Member]
Subsequent Events [Line Items]
Exercise price per share (in Dollars per share)				$ 0.4071
Subsequent Event [Member]
Subsequent Events [Line Items]
Issuance of common stock options	4,120,225
Officers and employees per share (in Dollars per share)	$ 0.47
Officers and Directors [Member]
Subsequent Events [Line Items]
Exercise price per share (in Dollars per share)				$ 0.44
Common Stock [Member]
Subsequent Events [Line Items]
Shares issued				3,149,028
Common Stock [Member] \| Subsequent Event [Member]
Subsequent Events [Line Items]
Shares of common stock			1
Common stock, shares issued		42,103,489
Private Placement [Member] \| Subsequent Event [Member]
Subsequent Events [Line Items]
Shares issued			45,252,517
Purchase price per share (in Dollars per share)			$ 0.533
Purchase of private placement units			287,500
Offering price per share (in Dollars per share)			$ 0.565
Gross proceeds (in Dollars)		$ 24.1
Offering fees and expenses (in Dollars)		$ 1.4
Warrant [Member] \| Subsequent Event [Member]
Subsequent Events [Line Items]
Shares of common stock			1
Warrant shares			1

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