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Stock-based Compensation (Tables)

12 Months Ended

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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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.

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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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