XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.25.2

Stockholders’ Equity (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Stockholders’ Equity [Abstract] |
Schedule of Estimated Using the Black-Scholes Option-Pricing Model | The fair value of the January 2023 Existing Warrants on the modification date was estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | March 27, 2024 to April 1, 2024 |
Exercise price |  | $ | 1.50 to $5.00 |
Term (years) |  |  | 4.25 |
Expected stock price volatility |  |  | 109.8 | %
Risk-free rate of interest |  |  | 4.18% to 4.34% |
The fair value of option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
|  | June 4, 2025 |
Exercise price |  | $ | 1.00 |
Term (years) |  |  | 2.0 |
Expected stock price volatility |  |  | 129.68 | %
Risk-free rate of interest |  |  | 3.87 | %
Schedule of Warrant Activity | A summary of warrant activity for the six months ended June 30, 2025 is as follows:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Total Intrinsic Value |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2024 |  |  | 5,203,243 |  |  | $ | 2.62 |  |  |  | — |  |  |  | 3.52 |
Granted |  |  | 300,000 |  |  |  | 1.00 |  |  |  | — |  |  |  | — |
Expired |  |  | (12,491 | ) |  |  | 55.96 |  |  |  | — |  |  |  | — |
Exercised |  |  | (3,750,000 | ) |  |  | 1.50 |  |  |  | — |  |  |  | — |
Outstanding as of June 30, 2025 |  |  | 1,740,752 |  |  |  | 4.38 |  |  |  | 51,000 |  |  |  | 2.88 |
Warrants exercisable as of June 30, 2025 |  |  | 1,740,752 |  |  | $ | 4.38 |  |  | $ | 51,000 |  |  |  | 2.88 |
Schedule of Restricted Stock Awards Granted | A summary of the Company’s restricted stock awards granted under the equity incentive plans during the three months ended June 30, 2025 and 2024 is as follows:
|  | For the Six Months Ended June 30, 2025 |  |  | For the Six Months Ended June 30, 2024 |
|  | Number of Restricted Stock Awards |  |  | Weighted Average Grant Date Fair Value |  |  | Number of Restricted Stock Awards |  |  | Weighted Average Grant Date Fair Value |
Nonvested at beginning of period |  |  | — |  |  |  | — |  |  |  | 1,693 |  |  |  | 3.16 |
Vested |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonvested at end of period |  |  | — |  |  |  | — |  |  |  | 1,693 |  |  |  | 3.16 |
Schedule of Black-Scholes Option-pricing Model Assumptions | The fair value of option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Exercise price |  | $ | 1.55 |  |  | $ | 1.36 |
Term (years) |  |  | 5.0 |  |  |  | 5.0 |
Expected stock price volatility |  |  | 118.32 | % |  |  | 120.00 | %
Risk-free rate of interest |  |  | 4.59 | % |  |  | 4.02 | %
Schedule of Option Activity | A summary of option activity under the Company’s equity incentive plans for the six months ended June 30, 2025 is presented below.
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Total Intrinsic Value |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2024 |  |  | 1,090,362 |  |  | $ | 4.78 |  |  | $ | — |  |  |  | 9.1 |
Employee options issued |  |  | 170,000 |  |  |  | 1.55 |  |  |  | — |  |  |  | — |
Outstanding as of June 30, 2025 |  |  | 1,260,362 |  |  | $ | 4.34 |  |  | $ | 196,390 |  |  |  | 8.7 |
Options vested and exercisable as of June 30, 2025 |  |  | 1,260,362 |  |  | $ | 4.34 |  |  | $ | 196,390 |  |  |  | 8.7 |
Schedule of Stock Options Outstanding | A summary of stock options outstanding at June 30, 2025 by price range is as follows:
|  | Options outstanding and exercisable |
Range of Exercise Prices |  | Number of Shares |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Weighted Average Exercise Price |
Up to $2.59 |  |  | 1,183,000 |  |  |  | 8.8 |  |  | $ | 1.24 |
$14.75 to $76.25 |  |  | 62,562 |  |  |  | 6.2 |  |  | $ | 32.95 |
Above $76.25 |  |  | 14,800 |  |  |  | 4.5 |  |  | $ | 131.50 |
Options outstanding and exercisable as of June 30, 2025 |  |  | 1,260,362 |  |  |  | 8.7 |  |  | $ | 4.34 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 was as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Employee stock option awards |  | $ | — |  |  | $ | — |  |  | $ | 219,929 |  |  | $ | 512,685 |
Non-employee restricted stock awards |  |  | — |  |  |  | 665 |  |  |  | — |  |  |  | 1,330 |
Non-employee stock warrant awards |  |  | 55,525 |  |  |  | 6,389 |  |  |  | 55,525 |  |  |  | 6,389 |
|  | $ | 55,525 |  |  | $ | 7,054 |  |  | $ | 275,454 |  |  | $ | 520,404 |
Schedule of Stock-Based Compensation Expense Included Within Research and Development, Professional Fees and General and Administrative Expenses | For the three and six months ended June 30, 2025 and 2024, the amount of stock-based compensation expense included within research and development, professional fees and general and administrative expenses was as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | — |  |  | $ | 6,389 |  |  | $ | — |  |  | $ | 6,389 |
Professional fees |  |  | 55,525 |  |  |  | — |  |  |  | 55,525 |  |  |  | — |
General and administrative |  |  | — |  |  |  | 665 |  |  |  | 219,929 |  |  |  | 514,015 |
|  | $ | 55,525 |  |  | $ | 7,054 |  |  | $ | 275,454 |  |  | $ | 520,404 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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)(2) -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
Name: | us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + 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 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration