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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 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 years ended December 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			1,716,729				16.14				1,003,298				10.69
Exercised			(103,245	)			7.45				(98,695	)			3.94
Forfeited			(121,899	)			11.57				(65,797	)			7.45
Balance at December 31:			4,306,977			$	11.13				2,815,392			$	7.95
Options exercisable at December 31:			2,011,474			$	7.35				1,524,731			$	6.44
Weighted Average Grant Date Fair Value for options granted during the year:						$	11.22							$	7.48

Schedule of Stock Options Outstanding and Exercisable

The following table summarizes additional information about stock options outstanding and exercisable at December 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
	4,306,977				7.96			$	11.13			$	13,914,458				2,011,474			$	7.35			$	11,781,660

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 and the Monte Carlo simulation model was used to estimate the fair value of the performance-based awards, with the following weighted-average assumptions for the years ended December 31:

 Schedule of Assumptions for Fair Value of Equity-based Awards

		2024				2023
Risk-free interest rate			3.48% - 4.71%				3.41% - 4.86%
Expected volatility			71.2% - 76.20%				77.1% - 79.8%
Expected life (years)			5.25 to 10.00				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 December 31:

 Schedule of Unrecognized Compensation Cost

2025		$	7,776,307
2026			6,307,024
2027			5,165,880
2028			1,964,136
Total estimated compensation cost to be recognized		$	21,213,347

Schedule of Stock-based Compensation Expenses

The Company recognized total stock-based compensation expense as follows for the years ended December 31:

 Schedule of Stock-based Compensation Expenses

		Years Ended
		December 31:
		2024				2023
Stock-based compensation expense in operating expenses:
Research and development		$	4,404,518			$	2,700,318
General and administrative			2,583,823				2,201,116
Total		$	6,988,341			$	4,901,434
Stock-based compensation expense		$	6,988,341			$	4,901,434

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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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