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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Research and development expenses		$	177,819			$	1,034,174			$	1,498,906			$	1,898,358
General and administrative expenses			18,745				901,355				921,672			$	1,586,008
Total stock-based compensation expense		$	196,564			$	1,935,529			$	2,420,578			$	3,484,366

Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the six months ended June 30, 2025:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Contractual Term (Years)				Aggregate Intrinsic Value(a)
Outstanding at December 31, 2024			7,621,580			$	5.64				6.34			$	4,885,683
Granted			1,588,606				5.05								—
Exercised			(240,209	)			4.09								360,727
Expired			(248,822	)			8.99								—
Forfeited			(115,785	)			4.87								—
Outstanding at June 30, 2025			8,605,370				5.49				6.71			$	1,191,836
Exercisable at June 30, 2025			5,626,521			$	5.98				5.47			$	330,910

(a)The aggregate intrinsic value in the above table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2025 of $3.83 and the per share exercise price of the underlying options.

Summary of Activity Relating to Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the six months ended June 30, 2025:

		Number of Shares				Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2024			540,965			$	5.49
Forfeited			(26,456	)			4.72
Vested			(149,942	)			5.97
Outstanding at June 30, 2025			364,567			$	5.34

Summary of Employee Stock Purchase Plan Activity

A summary of the weighted-average grant-date fair value and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:

	Six Months Ended June 30,
	2025				2024
Weighted-average grant-date fair value per share	$	—			$	1.44
Total stock-based compensation expense	$	—			$	9,505

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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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-SubTopic 10
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Tabular disclosure of employee stock purchase plan activity.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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