v3.25.1
Stockholders’ Equity (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

 

   2025   2024 
   Three Months Ended March 31, 
   2025   2024 
         
Research and development  $35,029   $55,080 
General and administrative   35,973    44,226 
           
Total  $71,002   $99,306 
Schedule of Key Assumption of Fair Value of Stock Options Granted

For options granted during the three months ended March 31, 2025 and 2024, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions:

 

   2025   2024 
Expected term   5.85 years    5.85 years 
Risk-free interest rate   4.42%   4.32%
Expected dividend yield        
Expected volatility   99.49%   97.41%
Schedule of Stock Option Activity

A summary of stock option activity is as follows:

 

   Outstanding stock options 
   Number of shares   Weighted average exercise price 
Balance at December 31, 2023   262,247   $34.21 
Options granted   84,715    4.79 
Options exercised   -    - 
Options forfeited   (10,209)   142.99 
Options cancelled   (1,495)   5.23 
Balance at December 31, 2024   335,258    23.59 
Options granted   16,371    4.86 
Options exercised   -    - 
Options forfeited   (2,013)   17.03 
Options cancelled   -    - 
Balance at March 31, 2025   349,616    22.75 
           
Options exercisable at March 31, 2025   244,926    30.26 
Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable:

 

As of March 31, 2025
Options outstanding  Options exercisable
Number outstanding  Weighted average remaining contractual life (Years)   Weighted average exercise price   Aggregate intrinsic value   Number exerciseable  Weighted average remaining contractual life (Years)   Weighted average exercise price   Aggregate intrinsic value 
                                  
349,616   6.70   $22.75   $-   244,926   5.58   $30.26   $- 

 

As of March 31, 2024 
Options outstanding   Options exercisable 
Number outstanding   Weighted average remaining contractual life  (Years)   Weighted average exercise price   Aggregate intrinsic value   Number exerciseable   Weighted average remaining contractual life  (Years)   Weighted average exercise price   Aggregate intrinsic value 
                              
 286,697    6.69   $31.07   $37,261    207,486    5.82   $39.96   $- 
Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity is as follows:

 

   Number of Unvested Restricted Stock Units 
     
Balance at December 31, 2024   21,762 
Granted   - 
Vested   (2,416)
Cancelled   - 
Balance at March 31, 2025   19,346 

 

   Number of Unvested Restricted Stock Units 
     
Balance at December 31, 2023   - 
Granted   21,762 
Vested   - 
Cancelled   - 
Balance at March 31, 2024   21,762