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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025, 329,299 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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2025

    

2024

General and administrative

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$

266,937

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$

235,740

Research and development

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232,950

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129,025

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$

499,887

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$

364,765

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During the three months ended March 31, 2025, the Company did not grant any new stock option awards.

During the three months ended March 31, 2025, the Company granted 25,000 shares of restricted stock to a consultant. The weighted-average grant date fair value of the restricted stock issued by the Company during the three months ended March 31, 2025 was $4.89 per share.

There were no stock options exercised during the three months ended March 31, 2025.

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There were no stock options that expired during the three months ended March 31, 2025.

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As of March 31, 2025, there were 2,361,020 equity awards outstanding, of which 1,915,358 were vested and exercisable. As of December 31, 2024, there were 2,336,020 options outstanding, of which 1,824,122 were vested and exercisable.