v3.25.2
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

 

For the three and six months ended June 30, 2025, we sold 1,123,876 and 4,933,395 shares, respectively, of our common stock for proceeds of $965,198 (net of $35,052 of offering costs) and $2,684,754 (net of $97,517 of offering costs), respectively, under our registration statement on Form S-3 dated June 14, 2022.

 

For the three and six months ended June 30, 2024, we sold 85,434 and 126,688 shares, respectively, of our common stock for proceeds of $106,860 (net of $3,987 of offering costs) and $154,947 (net of $5,777 of offering costs), respectively, under our registration statement on Form S-3 dated June 14, 2022.

 

Stock Options

 

We granted stock options vesting solely upon the continued service of the recipient. We recognize the accounting grant date fair value of equity-based awards as compensation expense over the required service period of each award.

 

The following table summarizes stock option activity for the six months ended June 30, 2025:

 

   Shares  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contractual

Life

(in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at December 31, 2024   1,523,691   $37.34    4.43   $254,206 
Granted   3,192,166    0.92           
Exercised   (3,500)   0.62           
Expired or cancelled   (369,864)   35.28           
Outstanding at June 30, 2025   4,342,493   $10.80    8.27   $837,403 
Exercisable at June 30, 2025   1,400,433   $30.53    4.97   $157,315 

 

Total stock-based compensation expense related to the stock options was $1,076,251 and $2,452,867 for the three months ended June 30, 2025 and 2024, respectively, and $1,927,243 and $4,657,139 for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there was future compensation expense of $3,380,382 with a weighted average recognition period of 1.93 years related to the stock options.

 

The weighted-average grant-date fair value of options granted during the six months ended June 30, 2025 and 2024 was $0.86 and $1.34, respectively.

 

Restricted Stock Units

 

We granted restricted stock units (“RSUs”) that only contain a service-based vesting condition that is typically satisfied over four years. We recognize the accounting grant date fair value of equity-based awards as compensation expense over the requisite service period. The fair value of RSUs is determined by the closing price of the Company’s common stock on the grant date. On June 13, 2025, we granted 1,550,000 RSUs with a weighted-average grant date fair value of $0.96. Total stock-based compensation expense related to the RSUs was not material for all periods presented in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2025, there was future compensation expense of $1,488,000 with a weighted average recognition period of 3.95 years related to the RSUs.

 

Warrant Activity Summary

 

The following table summarizes warrant activity for the six months ended June 30, 2025:

 

   Shares  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contractual

Life

(in years)

  

Aggregate

Intrinsic

Value

 
Outstanding at December 31, 2024   6,774,559   $1.14    4.93   $- 
Granted   275,055    1.15           
Exercised   (655,000)   1.00           
Expired or cancelled   -    -           
Outstanding at June 30, 2025   6,394,614   $1.14    4.43   $876,750 
Exercisable at June 30, 2025   6,394,614   $1.14    4.43   $876,750