| Schedule of Stock Option, Activity |
The following is a summary of stock option activity during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
options
outstanding | | Weighted
average
exercise
price | | Average
remaining
contractual life
(in years) | | Aggregate
intrinsic value
(in thousands) | | | | | | | | | Outstanding – December 31, 2024 | 7,386,369 | | | $ | 2.26 | | | 8.36 | | $ | 2,627 | | Options granted | 2,008,400 | | | 1.69 | | | | | | Options exercised | (60,259) | | | 0.88 | | | | | | | Options cancelled | (369,376) | | | 1.54 | | | | | | | | | | | | | | Outstanding – June 30, 2025 | 8,965,134 | | | $ | 2.17 | | | 8.28 | | $ | 357 | | Exercisable – June 30, 2025 | 2,884,652 | | | $ | 2.10 | | | 7.07 | | $ | 357 | |
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| Schedule of Assumptions Used to Estimate Grant Date Fair Value Per Option |
For the six months ended June 30, 2025 and 2024, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows: | | | | | | | | | | | | | Six months ended June 30, | | 2025 | | 2024 | | Weighted-average Black-Scholes option pricing model assumptions: | | | | | Volatility | 111.06% - 121.54% | | 125.89% - 128.74% | | Expected term (in years) | 5.00 - 6.08 | | 6.02 - 7.00 | | Risk-free rate | 3.90% - 4.41% | | 4.50% - 4.60% | | Expected dividend yield | $ | 0.00 | | | $ | 0.00 | | | Weighted average grant date fair value per share | $1.38 - $1.99 | | $1.81 - $2.48 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | | | Numbers of Shares | | Weighted Average Grant Date Fair value | | | | | | Non-Vested at beginning of period | | 283,411 | | | $ | 2.38 | | | | | | | Shares granted | | — | | | — | | | | | | | Shares vested | | — | | | — | | | | | | | Non-vested at the end of period | | 283,411 | | | $ | 2.38 | | | | | |
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| Schedule of Stock-Based Compensation |
The following is a summary of stock-based compensation expense (rounded): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | General and administrative | | | | | | | | | Stock option expense | 384,000 | | | 602,000 | | | $ | 591,000 | | | $ | 1,338,000 | | | RSU expense | 120,000 | | | 142,000 | | | 266,000 | | | 283,000 | | | Total general and administrative expense | 504,000 | | | 744,000 | | | 857,000 | | | 1,621,000 | | | Research and development | | | | | | | | | Stock option expense | 666,000 | | | 287,000 | | | 1,413,000 | | | 607,000 | | | RSU expense | 7,000 | | | 9,000 | | | 16,000 | | | 19,000 | | | Total research and development expense | 673,000 | | | 296,000 | | | 1,429,000 | | | 626,000 | | | Total Stock Based Compensation Expense | 1,177,000 | | | 1,040,000 | | | $ | 2,286,000 | | | $ | 2,247,000 | |
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