In January 2024, the Company granted 4,590 shares of restricted stock units to employees and directors. One third of these shares vested on March 31, 2024. The remaining unvested shares vest pro rata on January 1, 2025 and January 1, 2026. The Company also granted members of our advisory board an aggregate of 200 shares of restricted stock units. The advisory shares originally vested pro rata on January 1, 2025 and January 1, 2026; however, were amended to vest pro rata on June 30, 2024 and January 1, 2025.

The Company had a total of 1,532 unvested units as of June 30, 2025 that are expected to vest in the future. Total unrecognized share-based compensation expense from the remaining unvested restricted stock as of June 30, 2025 was

approximately $336,000 and is expected to be recognized over six months. The following table summarizes non-vested restricted stock and the related activity as of June 30, 2025:


	Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2025		3,188		$	250.32
Granted		-			-
Vested		(1,646	)		244.51
Forfeited		(10	)		-
Non-vested at June 30, 2025		1,532		$	231.59

The fair values of the respective vesting dates of RSUs were approximately $5,096 and $61,563 for the six months ended June 30, 2025 and 2024, respectively.

In August 2024, the Company granted 124,850 stock options expiring 10 years from the date of grant to employees, directors, and advisory board members. One third of these options vested on September 15, 2024. The remaining unvested options vest pro rata on August 21, 2025 and August 21, 2026.

The weighted average remaining contractual term for these options at June 30, 2025, was approximately 9.2 years. Based on the Black-Scholes option pricing model, the options estimated weighted average fair values at the date of grant of $4.15 per share. The fair values were estimated using the following weighted average assumptions:


	Inputs
Expected stock price volatility		188.87	%
Dividend yield		0	%
Risk-free interest rate		3.64	%
Expected life of the options (in years)		5.5

In June 2025, the Company granted 506,000 stock options terminating 10 years from the date of grant to employees, directors, and advisory board members. One third of these options vested on June 20, 2025. The remaining unvested options vest pro rata on May 28, 2026 and May 29, 2027.

The weighted average remaining contractual term for these options at June 30, 2025, was approximately 9.9 years. Based on the Black-Scholes option pricing model, the options estimated weighted average fair values at the date of grant of $1.63 per share. The fair values were estimated using the following weighted average assumptions:


	Inputs
Expected stock price volatility		83.75	%
Dividend yield		0	%
Risk-free interest rate		4.01	%
Expected life of the options (in years)		5.5

The Company had a total of 420,550 unvested options as of June 30, 2025 that are expected to vest in the future. Total unrecognized share based compensation expense from the remaining unvested options as of June 30, 2025 was approximately $602,500 and is expected to be recognized over approximately 1.9 years. The Company had approximately 210,300 exercisable options as of June 30, 2025. The following table summarizes options activity as of June 30, 2025:


	Shares			Weighted Average Exercise Price
Stock Options Outstanding at January 1, 2025		124,850		$	4.15
Granted		506,000			1.63
Exercised		-			-
Forfeited / Expired		(1,170	)		4.15
Stock Options Outstanding at June 30, 2025		629,680		$	2.13

The Company utilized the simplified method for estimating the stock options granted as the Company has experienced significant changes in its business and the historical data may not provide a reasonable basis upon which to estimate expected term.