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Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Total Stock-Based Compensation

The Company recorded total stock-based compensation for its outstanding stock options and warrants in its Statements of Operations as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Research and development			$	217					$	230					$	783					$	465
General and administrative			374						82						963						159
Total stock-based compensation expense			$	591					$	312					$	1,746					$	624

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the range of assumptions used to estimate the fair value of stock options issued using the Black-Scholes-Merton option pricing model:

			Six Months Ended June 30,
			2024						2023
Stock price			$3.76 to $5.19						n/a
Exercise price			$3.76 to $5.19						n/a
Expected volatility			97.06% to 101.55%						n/a
Risk free interest rates			4.12% to 4.46%						n/a
Expected term (years)			5 to 7						n/a

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the activity for stock options for the six months ended June 30, 2024:

			Options						Weighted- Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023			1,239,750						$	8.00					6.4						$	1,865
Issued			798,379						$	5.06
Exercised			(1,000)						$	4.00
Forfeited and cancelled			—						$	—
Outstanding at June 30, 2024			2,037,129						$	6.85					7.4						$	538
Exercisable at June 30, 2024			1,049,025						$	7.58					5.7						$	302

Schedule Of Share-Based Payment Award, Warrants, Valuation Assumptions

The following table summarizes the range of assumptions used to estimate the fair value of warrants issued using the Black-Scholes-Merton option pricing model:

			Six Months Ended June 30,
			2024						2023
Stock price			$4.50 to $5.19						$4.50 to $5.00
Exercise price			$4.50 to $5.19						$6.00 to $6.25
Expected volatility			97.06% to 100.64%						101.46% to 103.85%
Risk free interest rates			4.12% to 4.39%						3.59% to 3.97%
Expected term (years)			5 to 6.25						3 to 5

Schedule of Warrants, Activity

The following table summarizes the activity for warrants for the six months ended June 30, 2024:

			Warrants						Weighted- Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023			801,950						$	6.30					3.9						$	2,096
Issued			50,000						$	4.85
Exercised			(2,500)						$	3.00
Forfeited and cancelled			(20,000)						$	3.00
Outstanding at June 30, 2024			829,450						$	6.31					4.0						$	186
Exercisable at June 30, 2024			730,700						$	6.35					3.6						$	176

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Schedule Of Share-Based Payment Award, Warrants, Valuation Assumptions

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-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

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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.

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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.

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-Subparagraph (f)(2)
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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.

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