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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Stock-Based Compensation  
Stock-Based Compensation

(8) Stock-Based Compensation

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective on January 31, 2020, succeeding the Company’s previous equity incentive plan. No new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1,000,000 to 2,000,000. As of March 31, 2024, 35,545 shares were available for future grants.

Stock-based compensation expense was as follows:

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Three Months Ended

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March 31, 

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2024

    

2023

General and administrative

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$

235,740

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$

769,102

Research and development

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129,025

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773,236

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$

364,765

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$

1,542,338

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During the three months ended March 31, 2024, the Company did not grant any options to purchase shares of common stock to its executives, its employees, or its Board of Directors.

Stock options exercised during the three months ended March 31, 2024 and 2023 were zero and 52,755, respectively. As of March 31, 2024, there were 1,954,774 options outstanding, of which 1,663,045 were vested and exercisable. As of December 31, 2023, there were 1,954,774 options outstanding, of which 1,600,577 were vested and exercisable.