Quarterly report [Sections 13 or 15(d)]

STOCK-BASED COMPENSATION (Tables)

v3.25.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option, Activity
The following is a summary of stock option activity during the three months ended March 31, 2025:
Number of
options
outstanding		 Weighted
average
exercise
price		 Average
remaining
contractual life
(in years)		 Aggregate
intrinsic value
(in thousands)
Outstanding – December 31, 2024
 7,386,369  $ 2.26  8.36 $ 2,627 
Options granted
 152,400  2.29 
Options exercised
 (58,805) 0.91 
Options cancelled (308,126) 1.61 
Outstanding – March 31, 2025
 7,171,838  $ 2.30  8.06 $ 1,563 
Exercisable – March 31, 2025
 2,646,051  $ 2.06  7.05 $ 1,197 
Schedule of Assumptions Used to Estimate Grant Date Fair Value Per Option For the three months ended March 31, 2025, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
Three months ended March 31,
2025
Weighted-average Black-Scholes option pricing model assumptions:
Volatility
111.06% - 116.28%
Expected term (in years)
5.00 - 6.08
Risk-free rate
4.34% - 4.41%
Expected dividend yield $ — 
Weighted average grant date fair value per share
$1.85 - $1.99
Schedule of Nonvested Restricted Stock Units Activity
The following is a summary of RSU’s awards activity during the three months ended March 31, 2025:
Three months ended March 31, 2025
Numbers of Shares Weighted Average Grant Date Fair value
Non-Vested at beginning of period 283,411  $ 2.38 
Shares granted —  — 
Shares vested —  — 
Non-vested at the end of period 283,411  $ 2.38 
Schedule of Stock-Based Compensation
The following is a summary of stock-based compensation expense (rounded):
Three months ended March 31,
2025 2024
General and administrative
Stock option expense $ 207,000  $ 736,000 
RSU expense 146,000  141,000 
Total general and administrative expense 353,000  877,000 
Research and development
Stock option expense 747,000  320,000 
RSU expense 9,000  10,000 
Total research and development expense 756,000  330,000 
Total Stock Based Compensation Expense $ 1,109,000  $ 1,207,000