| Schedule of Stock Option, Activity |
The following is a summary of stock option activity during the six months ended June 30, 2025:
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Number of
options
outstanding |
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Weighted
average
exercise
price |
|
Average
remaining
contractual life
(in years) |
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Aggregate
intrinsic value
(in thousands) |
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Outstanding – December 31, 2024 |
7,386,369 |
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$ |
2.26 |
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|
8.36 |
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$ |
2,627 |
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Options granted |
2,008,400 |
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|
1.69 |
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Options exercised |
(60,259) |
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0.88 |
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| Options cancelled |
(369,376) |
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1.54 |
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Outstanding – June 30, 2025 |
8,965,134 |
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$ |
2.17 |
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8.28 |
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$ |
357 |
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Exercisable – June 30, 2025 |
2,884,652 |
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$ |
2.10 |
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7.07 |
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$ |
357 |
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| Schedule of Assumptions Used to Estimate Grant Date Fair Value Per Option |
For the six months ended June 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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Six months ended June 30, |
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2025 |
|
2024 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
111.06% - 121.54% |
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125.89% - 128.74% |
| Expected term (in years) |
5.00 - 6.08 |
|
6.02 - 7.00 |
| Risk-free rate |
3.90% - 4.41% |
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4.50% - 4.60% |
| Expected dividend yield |
$ |
0.00 |
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$ |
0.00 |
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| Weighted average grant date fair value per share |
$1.38 - $1.99 |
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$1.81 - $2.48 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity during the six months ended June 30, 2025:
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Six months ended June 30, 2025 |
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Numbers of Shares |
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Weighted Average Grant Date Fair value |
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| Non-Vested at beginning of period |
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283,411 |
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$ |
2.38 |
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| Shares granted |
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— |
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— |
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| Shares vested |
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— |
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— |
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| Non-vested at the end of period |
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283,411 |
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$ |
2.38 |
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| Schedule of Stock-Based Compensation |
The following is a summary of stock-based compensation expense (rounded):
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Three months ended June 30, |
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Six months ended June 30, |
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2025 |
|
2024 |
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2025 |
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2024 |
| General and administrative |
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| Stock option expense |
384,000 |
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602,000 |
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$ |
591,000 |
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$ |
1,338,000 |
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| RSU expense |
120,000 |
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142,000 |
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266,000 |
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|
283,000 |
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| Total general and administrative expense |
504,000 |
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|
744,000 |
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857,000 |
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|
1,621,000 |
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| Research and development |
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| Stock option expense |
666,000 |
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|
287,000 |
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1,413,000 |
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|
607,000 |
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| RSU expense |
7,000 |
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|
9,000 |
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16,000 |
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19,000 |
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| Total research and development expense |
673,000 |
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296,000 |
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1,429,000 |
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|
626,000 |
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| Total Stock Based Compensation Expense |
1,177,000 |
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1,040,000 |
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$ |
2,286,000 |
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$ |
2,247,000 |
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