Schedule of Stock Option Activity |
The
following table summarizes stock-based activities under the 2017 Plan, 2019 Plan, and 2023 Stock Incentive Plans:
Schedule of Stock Option Activity
| |
| | |
Weighted | | |
Weighted | |
| |
Shares | | |
Average | | |
Average | |
| |
Underlying | | |
Exercise | | |
Contractual | |
| |
Options | | |
Price | | |
Terms | |
| |
| | |
| | |
| |
Outstanding at December 31, 2024 | |
| 108,955 | | |
$ | 70.46 | | |
| 9.5 years | |
Granted | |
| 133,833 | | |
$ | 1.93 | | |
| 9.6 years | |
Forfeited | |
| (582 | ) | |
$ | 2.93 | | |
| 9.1 years | |
Outstanding at June 30, 2025 | |
| 242,206 | | |
$ | 32.75 | | |
| 9.3 years | |
| |
| | | |
| | | |
| | |
Exercisable options at June 30, 2025 | |
| 239,033 | | |
$ | 33.15 | | |
| 9.3 years | |
| |
| | | |
| | | |
| | |
Vested and expected to vest at June 30, 2025 | |
| 242,206 | | |
$ | 32.75 | | |
| 9.3 years | |
|
Schedule of Options Weighted Average Assumptions |
Stock
options granted during the six months ended June 30, 2025 were valued using the Black-Scholes option-pricing model with the following
weighted-average assumptions.
Schedule of Options Weighted Average Assumptions
| |
For the six months ended June 30, | |
| |
2025 | | |
2024 | |
Expected volatility | |
| 102.3 | % | |
| N/A | |
Risk-free interest rate | |
| 4.61 | % | |
| N/A | |
Expected dividend yield | |
| 0 | % | |
| N/A | |
Expected life of options in years | |
| 5.0 | | |
| N/A | |
Estimated fair value of options granted | |
$ | 1.50 | | |
| N/A | |
|
Schedule of Stock-Based Compensation Expense |
Total
stock-based compensation expense included in the accompanying condensed consolidated statements of operations was as follows:
Schedule of Stock-Based Compensation Expense
| |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| |
For the three months ended
June 30, | | |
For the six months ended
June 30, | |
| |
2025 | | |
2024 | | |
2025 | | |
2024 | |
Research and development | |
$ | 262,033 | | |
$ | 77,809 | | |
$ | 355,898 | | |
$ | 155,577 | |
General and administrative | |
| 305,603 | | |
| 75,838 | | |
| 430,917 | | |
| 151,689 | |
Total stock-based compensation | |
$ | 567,636 | | |
$ | 153,647 | | |
$ | 786,815 | | |
$ | 307,266 | |
|
Schedule of Warrants |
Terms
of the warrants outstanding at June 30, 2025 are as follows:
Schedule of Warrants
| |
Initial | |
Expiration | |
Exercise | | |
Warrants | | |
Warrants | | |
Warrants | |
Issuance Date | |
Exercise Date | |
Date | |
Price | | |
Issued | | |
Exercised | | |
Outstanding | |
| |
| |
| |
| | |
| | |
| | |
| |
January 14, 2022 | |
July 10, 2022 | |
January 11, 2027 | |
$ | 1,875.00 | | |
| 500 | | |
| - | | |
| 500 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
May 2, 2023 | |
November 2, 2023 | |
May 2, 2028 | |
$ | 234.375 | | |
| 424 | | |
| - | | |
| 424 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
November 30, 2023 | |
May 27, 2024 | |
May 2, 2028 | |
$ | 18.75 | | |
| 20,000 | | |
| - | | |
| 20,000 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
June 21, 2024 | |
June 21, 2024 | |
N/A | |
$ | 0.001 | | |
| 452,253 | | |
| 369,190 | | |
| 83,063 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
June 21, 2024 | |
June 21, 2024 | |
December 21, 2029 | |
$ | 3.09 | | |
| 329,771 | | |
| - | | |
| 329,771 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
June 21, 2024 | |
June 21, 2024 | |
December 21, 2029 | |
$ | 3.09 | | |
| 19,786 | | |
| - | | |
| 19,786 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
December 9, 2024 | |
June 9, 2025 | |
December 9, 2030 | |
$ | 2.031 | | |
| 480,721 | | |
| - | | |
| 480,721 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
December 9, 2024 | |
December 9, 2024 | |
N/A | |
$ | 0.001 | | |
| 491,157 | | |
| 491,157 | | |
| - | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
June 13, 2025 | |
June 13, 2025 | |
N/A | |
$ | 0.001 | | |
| 137,838 | | |
| - | | |
| 137,838 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
June 13, 2025 | |
December 13, 2025 | |
June 13, 2031 | |
$ | 1.48 | | |
| 1,689,189 | | |
| - | | |
| 1,689,189 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
June 13, 2025 | |
December 13, 2025 | |
June 13, 2031 | |
$ | 3.00 | | |
| 844,570 | | |
| - | | |
| 844,570 | |
|