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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Stock-Based Compensation [Abstract] |
Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2025 and 2024:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | (unaudited) |
Research and development |  | $ | 520,527 |  |  | $ | 551,918 |
General and administrative |  |  | 733,355 |  |  |  | 1,078,093 |
Total |  | $ | 1,253,882 |  |  | $ | 1,630,011 |
Assumptions Used to Value Stock Options Granted | The fair value of options granted during the three months ended March 31, 2024 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | Weighted Average |  |  | Weighted Average |
|  | (unaudited) |
Volatility |  |  | n/a |  |  |  | 145.41 | %
Risk-Free Interest Rate |  |  | n/a |  |  |  | 3.98 | %
Expected Term in Years |  |  | n/a |  |  |  | 6.08 |
Dividend Rate |  |  | n/a |  |  |  | – |
Fair Value of Option on Grant Date |  |  | n/a |  |  | $ | 5.22 |
Stock Option Activity | The following table summarizes the number of options outstanding and the weighted average exercise price:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Options outstanding at December 31, 2024 |  |  | 5,373,063 |  |  | $ | 6.08 |  |  |  | 7.11 |  |  | $ | 50,439 |
Granted |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Forfeited and expired |  |  | (25,159 | ) |  |  | 7.65 |  |  |  | – |  |  |  | – |
Options outstanding at March 31, 2025 |  |  | 5,347,904 |  |  | $ | 6.07 |  |  |  | 6.90 |  |  | $ | 2,115 |
Vested and expected to vest at March 31, 2025 |  |  | 5,347,904 |  |  | $ | 6.07 |  |  |  | 6.90 |  |  | $ | 2,115 |
Exercisable at March 31, 2025 |  |  | 3,656,731 |  |  | $ | 5.91 |  |  |  | 6.20 |  |  | $ | 2,115 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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