v3.25.1
Equity Incentive Plans and Warrants (Tables)
3 Months Ended
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Valuation Assumptions
Options granted under the 2021 Stock Option Plan for the three months ended March 31, 2025 to employees were 1,466,515, and the weighted average exercise prices were $1.09. The weighted-average fair values of the options granted to employees was $0.84 and were estimated using the following Black-Scholes assumptions:
 
     
   
Employees
 
Expected term (in years)
   
6.05
 
Risk‑free interest rate
   
4.38%
 
Dividend yield
   
 
Expected volatility
   
91.20%
 
Share-based Compensation Expense
The following table shows the share-based compensation expense related to vested stock option grants to employees and nonemployees by financial statement line item on the accompanying condensed statement of comprehensive loss:
 
   
Three Months Ended March 31,
 
   
2025
   
2024
 
Research and development
 
$
136,924
     
30,327
 
Sales and marketing
   
(10,431
)
   
6,199
 
General and administrative
   
240,744
     
41,059
 
Total share-based compensation expense
 
$
367,237
     
77,585
 
2021 Stock Option Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Option Plans Activity
Activity under the Company’s stock option plans for the three months ended March 31, 2025 was as follows:
 
             
   
Number of
options
   
Weighted
average
exercise
price
   
Aggregate
Intrinsic Value
 
Outstanding at December 31, 2024
   
2,974,219
   
$
1.60
       
Granted
   
1,466,515
     
1.09
       
Forfeited
   
(52,675
)
   
1.04
       
Outstanding at March 31, 2025
   
4,388,059
   
$
1.44
     
1,372,802
 
                         
Vested and exercisable at March 31, 2025
   
1,737,825
   
$
2.03
     
669,709
 
Inducement Grants [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Option Plans Activity
The inducement grants are summarized as follows:
 
         
Weighted
   
Weighted
 
         
average
   
average
 
   
Number of
   
exercise
   
remaining
 
   
options
   
price
   
life years
 
Outstanding at December 31, 2024
   
250,000
   
$
1.89
     
8.07
 
Forfeited
   
(100,000
)
   
1.10
     
 
Outstanding at March 31, 2025
   
150,000
   
$
2.42
     
7.12
 
                         
Vested and exercisable at March 31, 2025
   
100,000
   
$
2.56
     
7.07