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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity and Related Information | A summary of stock option activity and related information for the years ended December 31, 2024 and 2023 is as follows:
|  | Number of Option Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2022 |  |  | 7,985,250 |  |  | $ | 5.55 |
Granted |  |  | 788,683 |  |  | $ | 2.39 |
Exercised |  |  | — |  |  | $ | - |
Cancelled |  |  | (992,184 | ) |  | $ | 3.27 |
Outstanding at December 31, 2023 |  |  | 7,781,749 |  |  | $ | 5.52 |
Granted |  |  | 1,100,000 |  |  | $ | 1.51 |
Exercised |  |  | — |  |  | $ | - |
Cancelled |  |  | (1,840,855 | ) |  | $ | 4.64 |
Outstanding at December 31, 2024 |  |  | 7,040,894 |  |  | $ | 5.12 |
Exercisable at December 31, 2024 |  |  | 6,180,894 |  |  | $ | 5.62 |
|  | Number of Option Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at December 31, 2023 |  |  | 773,517 |  |  | $ | 1.61 |
Granted |  |  | 1,100,000 |  |  | $ | 0.99 |
Vested |  |  | (583,412 | ) |  | $ | 1.56 |
Forfeitures |  |  | (430,105 | ) |  | $ | 1.32 |
Non-vested at December 31, 2024 |  |  | 860,000 |  |  | $ | 1.00 |
Weighted-Average Assumptions for Stock Option | The estimated fair value of each stock option award was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for stock option grants:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Stock Options |  |  |  |  |  |
Risk-free interest rate |  |  | 4.38 | % |  |  | 3.83 | %
Expected volatility of common stock |  |  | 72.25 | % |  |  | 75.28 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected option term (in years) |  |  | 4.62 |  |  |  | 4.68 |
Summary of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2024 and 2023:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Research, development and patents |  | $ | 443,564 |  |  | $ | 240,268 |
General and administrative |  |  | 748,176 |  |  |  | 470,442 |
Total stock-based compensation expense |  | $ | 1,191,740 |  |  | $ | 710,710 |

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- 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
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- 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
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