| Schedule of Stock Option, Activity |
The following is a summary of stock option activity during the nine months ended September 30, 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 |
|
|
2,274,490 |
|
|
|
1.68 |
|
|
|
|
|
|
|
Options exercised |
|
|
(82,076 |
) |
|
|
0.66 |
|
|
|
|
|
|
|
Options cancelled |
|
|
(551,013 |
) |
|
|
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding – September 30, 2025 |
|
|
9,027,770 |
|
|
$ |
2.16 |
|
|
|
8.03 |
|
|
$ |
893 |
|
Exercisable – September 30, 2025 |
|
|
3,567,180 |
|
|
$ |
2.12 |
|
|
|
7.13 |
|
|
$ |
762 |
|
|
| Schedule of Assumptions Used to Estimate Grant Date Fair Value Per Option |
For the nine months ended September 30, 2025 and 2024, 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:
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|
|
|
Nine months ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
Weighted-average Black-Scholes option pricing model assumptions: |
|
|
|
|
|
|
Volatility |
|
111.06% - 121.54% |
|
|
125.33% - 128.85% |
|
Expected term (in years) |
|
5.00 - 6.08 |
|
|
6.00 - 7.00 |
|
Risk-free rate |
|
3.74% - 4.41% |
|
|
3.59% - 4.60% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Weighted average grant date fair value per share |
|
$0.98 - $1.99 |
|
|
$1.81 - $2.48 |
|
|
| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity during the nine months ended September 30, 2025:
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|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2025 |
|
|
|
Numbers of Shares |
|
|
Weighted Average Grant Date Fair value |
|
Non-Vested at beginning of period |
|
|
283,411 |
|
|
$ |
2.38 |
|
Shares granted |
|
|
568,389 |
|
|
$ |
1.33 |
|
Shares vested |
|
|
(331,853 |
) |
|
$ |
2.21 |
|
Non-vested at the end of period |
|
|
519,947 |
|
|
$ |
1.34 |
|
|
| Schedule of Stock-Based Compensation |
The following is a summary of stock-based compensation expense (rounded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
Stock option expense |
|
$ |
501,900 |
|
|
$ |
560,000 |
|
|
$ |
1,092,900 |
|
|
$ |
1,898,000 |
|
RSU expense |
|
|
237,100 |
|
|
|
149,000 |
|
|
|
503,600 |
|
|
|
433,000 |
|
Total general and administrative expense |
|
|
739,000 |
|
|
|
709,000 |
|
|
|
1,596,500 |
|
|
|
2,331,000 |
|
Research and development |
|
|
|
|
|
|
|
|
|
|
|
|
Stock option expense |
|
|
694,300 |
|
|
|
334,000 |
|
|
|
2,106,800 |
|
|
|
941,000 |
|
RSU expense |
|
|
— |
|
|
|
10,000 |
|
|
|
16,500 |
|
|
|
28,000 |
|
Total research and development expense |
|
|
694,300 |
|
|
|
344,000 |
|
|
|
2,123,300 |
|
|
|
969,000 |
|
Total Stock Based Compensation Expense |
|
$ |
1,433,300 |
|
|
$ |
1,053,000 |
|
|
$ |
3,719,800 |
|
|
$ |
3,300,000 |
|
|