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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following table summarizes the activity for all stock options outstanding for the three months ended March 31:

 Schedule of Stock Options Activity

		2024								2023
		Shares				Weighted Average Exercise Price				Shares				Weighted Average Exercise Price
Options outstanding at beginning of year			2,815,392			$	7.95				1,976,586			$	6.34
Granted			285,795				15.29				119,985				11.36
Exercised			(36,550	)			6.55				(24,122	)			5.30
Forfeited			(15,250	)			9.05				(3,991	)			6.55
Balance at March 31			3,049,387			$	8.65				2,068,458			$	6.65
Options exercisable at March 31:			1,569,614			$	6.55				1,114,767			$	5.91
Weighted Average Grant Date Fair Value for options granted during the period:						$	10.53							$	7.81

Schedule of Stock Options Outstanding and Exercisable

The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2024:

 Schedule of Stock Options Outstanding and Exercisable

Options Outstanding														Options Exercisable
Options Outstanding		Weighted Average Remaining Contractual Life				Weighted Average Exercise Price				Aggregate Intrinsic Value				Options Exercisable		Weighted Average Exercise Price				Aggregate Intrinsic Value
3,049,387			7.95			$	8.65			$	39,506,833			1,569,614		$	6.55			$	23,646,843

Schedule of Assumptions for Fair Value of Equity-based Awards

The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions for the three months ended March 31:

 Schedule of Assumptions for Fair Value of Equity-based Awards

		2024				2023
Risk-free interest rate			3.94% - 4.33	%			3.64% - 4.14	%
Expected volatility			76.1	%			79.8	%
Expected life (years)			5.25 to 6.08				5.25 to 6.08
Expected dividend yield			0	%			0	%

Schedule of Unrecognized Compensation Cost

Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized at March 31, 2024:

 Schedule of Unrecognized Compensation Cost

2024		$	3,661,229
2025			3,483,405
2026			2,496,276
2027			1,501,013
2028			48,146
Total estimated compensation cost to be recognized		$	11,190,069

Schedule of Stock-based Compensation Expense

The Company recognized total stock-based compensation expense as follows for the three months ended March 31:

 Schedule of Stock-based Compensation Expense

		2024				2023
		Three Months Ended
		March 31,
		2024				2023
Stock-based compensation expense in operating expenses:
Research and development		$	832,180			$	654,471
General and administrative			499,166				618,811
Total		$	1,331,346			$	1,273,282

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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