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Stock-Based Compensation
 6 Months Ended
Jun. 30, 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. Effective June 12, 2024, the 2019 Plan was amended to increase the number of shares authorized from 2,000,000 to 3,000,000. As of June 30, 2024, 735,572 shares were available for future grants.

Stock-based compensation expense was as follows:

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Three Months Ended

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Six Months Ended

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June 30, 

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June 30, 

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2024

    

2023

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2024

    

2023

General and administrative

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$

997,779

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$

644,353

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$

1,233,519

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$

1,413,455

Research and development

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598,733

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927,140

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727,758

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1,700,376

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$

1,596,512

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$

1,571,493

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$

1,961,277

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$

3,113,831

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During the three and six months ended June 30, 2024, the Company granted 361,600 stock options to various executives, employees and Board Members.

There were no stock options exercised during the three and six months ended June 30, 2024. Stock options exercised during the three and six months ended June 30, 2023 were 7,142. As of June 30, 2024, there were 2,254,747 options outstanding, of which 1,940,066 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.