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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Awards and Restricted Stock Grants

A summary of stock option awards and restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the three-months ended March 31, 2025 is presented below:

 

   Stock Options   Restricted Stock Awards  

Weighted

Average

 
  

Options

Outstanding

  

Weighted

Average

Exercise

Price

  

Non-vested

Restricted

Stock

Outstanding

  

Weighted

Average

Grant

Date

Fair Value

  

Contractual

Terms of

Equity

Awards

(in years)

 
Equity awards outstanding at January 1, 2025   1,645,873   $1.95    39,700   $0.99      
                          
Equity awards granted   321,750   $0.86    -   $-      
                          
Equity awards terminated   (25,272)  $1.49    -   $-      
                          
Equity awards outstanding at March 31, 2025   1,942,351   $1.78    39,700   $0.99    8.7 
                          
Equity awards exercisable at March 31, 2025   1,095,121   $2.30              8.3 
                          
Aggregate intrinsic value of equity awards exercisable at March 31, 2025  $19,431                     
Schedule of Assumptions Used to Determine Fair Value of Options Granted

The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from the Company’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model:

 

  

For the Three Months Ended

March 31,

 
   2025   2024 
Risk-free interest rate   4.31 to 4.55%   4.31%
Expected volatility   

110.74 to 115.63

%   111.82%
Expected life (in years)   9.0 to 10.0     9.0 to 10.0  
Expected dividend yield   0.0%   0.0%