STOCK AWARDS, WARRANTS AND OPTIONS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
Summary of the activity of restricted stock awards |
| | | | | | | | | | | Weighted Average | | | Number of | | | Grant Date | | | RSAs | | | Fair Value | Outstanding at December 31, 2024 | | — | | $ | — | Granted | | 17,210 | | | 14.96 | Vested | | (17,210) | | | 14.96 | Expired/Cancelled | | — | | | — | Outstanding at June 30, 2025 | | — | | $ | — |
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Warrant |
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Schedule of warrant activity |
| | | | | | | | | | Weighted Average | | | Warrants | | Exercise Price | Outstanding at December 31, 2024 | | 4,935,621 | | $ | 5.70 | Granted | | — | | | — | Exercised | | (699) | | | 5.70 | Outstanding at June 30, 2025 | | 4,934,922 | | $ | 5.70 |
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Schedule of outstanding warrants |
| | | | | | | | | | | | | | | | Warrants Outstanding | | | | | | | | | | June 30, | | December 31, | | Exercise Price | | Expiration | Type | | Grant Date | | 2025 | | 2024 | | per Share | | Date | Common Warrants | | 10/3/2023 | | 4,934,922 | | 4,935,621 | | $ | 5.70 | | 10/3/2030 | | | | | 4,934,922 | | 4,935,621 | | | | | |
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Employee Stock Option |
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Schedule of fair value of option using Black-Scholes option |
| | | | | | | | Six months ended June 30, | | | | 2025 | | 2024 | | Expected volatility | | 112 - 115 | % | 109 - 119 | % | Expected term | | 5 - 6 years | | 5 - 7 years | | Dividend yield | | 0 | % | 0 | % | Risk-free interest rates | | 3.9 - 4.5 | % | 3.9 - 4.3 | % |
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Schedule of employee and non-employee stock based compensation expense |
| | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | General and administrative | | $ | 1,716,687 | | $ | 1,300,321 | | $ | 4,717,501 | | $ | 3,578,006 | Research and development | | | 1,930,466 | | | 852,472 | | | 4,669,051 | | | 1,840,199 | Total | | $ | 3,647,153 | | $ | 2,152,793 | | $ | 9,386,552 | | $ | 5,418,205 |
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Schedule of employee and non-employee stock option |
| | | | | | | | | | | Number of | | Weighted Average | | Aggregate | | | Options | | Exercise Price | | Intrinsic Value | Outstanding at December 31, 2024 | | 10,731,183 | | $ | 4.38 | | | | Granted | | 2,415,527 | | | 14.49 | | | | Exercised | | (149,206) | | | 3.27 | | $ | 1,330,081 | Expired/Cancelled | | (228,419) | | | 9.96 | | | | Outstanding at June 30, 2025 | | 12,769,085 | | $ | 6.20 | | $ | 60,573,390 | Exercisable at June 30, 2025 | | 7,660,232 | | $ | 4.09 | | $ | 46,507,669 |
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