Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2025 |
Stockholders’ Equity [Abstract] |
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Schedule of Stock Option Activity |
The
following table provides the stock option activity for the three and six months ended June 30, 2025:
| | Total Options Outstanding | | | Weighted Average Remaining Term (Years) | | | Weighted Average Exercise Price | | Outstanding January 1, 2025 | | | 733,971 | | | | 9.01 | | | $ | 9.76 | | Forfeited | | | (23,972 | ) | | | | | | | 2.22 | | Granted | | | 30,000 | | | | | | | | 0.78 | | Outstanding March 31, 2025 | | | 739,999 | | | | 8.80 | | | $ | 9.64 | | Forfeited | | | (3,817 | ) | | | | | | | 26.22 | | Granted | | | 448,000 | | | | | | | | 0.69 | | Outstanding June 30, 2025 | | | 1,184,182 | | | | 9.07 | | | | 6.20 | | Outstanding June 30, 2025, vested and exercisable | | | 316,610 | | | | 7.69 | | | $ | 20.60 | |
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Schedule of Black Scholes Valuation Model to Determine the Fair Value of the Options Issued |
The
Company used the Black Scholes valuation model to determine the fair value of the options issued, using the following key assumptions
for the six months ended June 30, 2025 and 2024:
| | June 30, 2025 | | | June 30, 2024 | | Fair Value per Share | | $ | 0.69 | | | $ | 1.35 | | Expected Term | | | 5.75 years | | | | 5.75 years | | Expected Dividend | | $ | — | | | $ | — | | Expected Volatility | | | 114.2 | % | | | 111.9 | % | Risk free rate | | | 4.05 | % | | | 4.23 | % |
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Schedule of Stock-Based Compensation Expense |
The components of stock-based compensation expense included in the
Company’s Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
are as follows:
| |
Three months ended June 30, | | |
Six months ended June 30, | |
| |
2025 | | |
2024 | | |
2025 | | |
2024 | |
Research and development options expense | |
| 2,400 | | |
| 14,141 | | |
| 6,900 | | |
| 30,875 | |
Total research and development expenses | |
| 2,400 | | |
| 14,141 | | |
| 6,900 | | |
| 30,875 | |
General and administrative options expense | |
| 72,699 | | |
| 139,250 | | |
| 161,500 | | |
| 299,519 | |
Stock and warrants issued to a vendor and vesting to employee | |
| 49,000 | | |
| 48,987 | | |
| 192,430 | | |
| 97,974 | |
Total general and administrative expenses | |
| 121,699 | | |
| 188,237 | | |
| 353,930 | | |
| 397,493 | |
Total stock-based compensation expense | |
$ | 124,099 | | |
$ | 202,378 | | |
$ | 360,830 | | |
$ | 428,368 | |
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Schedule of Activity in Warrants |
The
following table provides the activity in warrants for the three and six months ended June 30, 2025.
| | Total Warrants | | | Weighted Average Remaining Term (Years) | | | Weighted Average Exercise Price | | | Average Intrinsic Value | | Outstanding January 1, 2025 | | | 4,201,568 | | | | 2.07 | | | $ | 8.45 | | | $ | 0.01 | | Issued | | | — | | | | — | | | | — | | | | — | | Exercised | | | — | | | | — | | | | — | | | | — | | Outstanding March 31, 2025 | | | 4,201,568 | | | | 1.8 | | | $ | 8.45 | | | $ | 0.01 | | Issued | | | 32,020,286 | | | | — | | | | 0.29 | | | | — | | Exercised | | | (9,477,240 | ) | | | — | | | | 0.29 | | | | — | | Forfeited | | | (136,118 | ) | | | — | | | | 81.97 | | | | — | | Outstanding June 30, 2025 | | | 26,608,496 | | | | 3.4 | | | | 0.87 | | | | — | |
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