v3.25.2
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2025
Stockholders’ Equity [Abstract]  
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 
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%
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 
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