Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.24.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense is presented in the same expense line items as cash compensation paid and for the three and nine months ended September 30, 2024 and 2023 is as follows:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Research and Development $ 98,292  $ 118,439  $ 286,955  $ 249,352 
General and Administrative 72,884  146,426  209,458  323,248 
Total Stock-Based Compensation Expense $ 171,176  $ 264,865  $ 496,413  $ 572,600 
Schedule of Weighted Average Assumptions A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the nine months ended September 30, 2024 and 2023 is shown in the following table:
Nine months ended September 30,
2024 2023
Risk-Free Interest Rate 4.44  % 4.54  %
Expected Life (years) 6 5.52
Expected Stock Price Volatility 140  % 141  %
Expected Dividend Yield —  % —  %
Schedule of Stock Option Activity
Following is a summary of stock option activity for the nine months ended September 30, 2024:
Number of
Options
Weighted- Average
Exercise Price
Weighted- Average
Remaining
Term in Years
Outstanding at December 31, 2023 90,382 $ 41.43  9.29
Granted 74,137 $ 4.35 
Expired (426) $ 1,202.15 
Forfeited (1,773) $ 7.04 
Outstanding at September 30, 2024 162,320 $ 21.83  9.24
Exercisable and vested at September 30, 2024 48,671 $ 56.79  8.75
Schedule of Restricted Stock Activity The following is a summary of restricted stock activity for the nine months ended September 30, 2024:
Number of
Units
Weighted- Average
Grant Date Fair Value
Weighted- Average
Remaining
Term in Years
Non-vested Outstanding at December 31, 2023 25,493 $ 14.75  2.57
Awarded 30,604 $ 4.35 
Released (7,717) $ 11.50 
Forfeited (779) $ 15.59 
Non-vested Outstanding at September 30, 2024 47,601 $ 8.58  2.41