Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Summary of the Company's Warrants Outstanding |
The following table is a summary of the Company’s warrants outstanding as of June 30, 2025:
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Number of |
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Warrants Outstanding |
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Exercise Price |
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Initial Exercise Date |
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Expiration Date |
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Pre-Funded Warrants |
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528,609 |
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$ |
0.0012 |
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February 13, 2024 |
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Until Exercised in Full |
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Series A Warrants |
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354,022 |
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$ |
8.16 |
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February 13, 2024 |
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February 13, 2029 |
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Modified Series A Warrants(1) |
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281,080 |
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$ |
0.01 |
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February 13, 2024 |
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February 13, 2029 |
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Series C Warrants |
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392,754 |
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$ |
8.16 |
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February 13, 2024 |
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February 13, 2029 |
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Modified Series C Warrants(1) |
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250,627 |
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$ |
0.01 |
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February 13, 2024 |
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February 13, 2029 |
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Representativesʼ Warrants |
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45,955 |
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$ |
13.47 |
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August 13, 2024 |
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February 13, 2029 |
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Total warrants |
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1,853,047 |
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__________________ (1)The Modified Series A Warrants and Modified Series C Warrants represent Series A Warrants and Series C Warrants, respectively, modified under the September 2024 Exercise Price Warrant Amendment.
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| Summary of Estimated Fair Value of Stock Option Award |
The following assumptions were used in estimating the grant date fair value of options issued during the three and six months ended June 30, 2025 and 2024:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
Risk free interest rate |
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4.18% |
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4.46% |
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4.18%-4.39% |
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4.46% |
Expected option term (in years) |
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5.5 |
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5.5 |
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5.5-6.0 |
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5.5 |
Volatility of common stock |
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99.98% |
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107.11% |
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99.0%- 107.3% |
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107.11% |
Expected dividend yield |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
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| Summary of Recognized Stock-Based Compensation Expense |
The Company recognized stock-based compensation expense as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Research and development |
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$ |
— |
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$ |
— |
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$ |
4,373 |
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$ |
1,215 |
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Selling, general and administrative |
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104,253 |
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126,578 |
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184,264 |
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379,392 |
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Total stock-based compensation expense |
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$ |
104,253 |
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$ |
126,578 |
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$ |
188,637 |
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$ |
380,607 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Stock options |
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$ |
93,335 |
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$ |
126,578 |
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$ |
170,973 |
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$ |
380,607 |
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ESPP |
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10,918 |
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— |
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17,664 |
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— |
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Total stock-based compensation expense |
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$ |
104,253 |
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$ |
126,578 |
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$ |
188,637 |
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$ |
380,607 |
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| ESPP [Member] |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Summary of Estimated Fair Value of Stock Option Award |
The estimated fair value of each ESPP award granted was determined on the date of purchase using the Black-Scholes option-pricing valuation model with the following assumptions for the six months ended June 30, 2025:
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Risk free interest rate |
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4.3% |
Expected option term (in years) |
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0.5 |
Volatility of common stock |
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91.5% |
Expected dividend yield |
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0.0% |
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