Quarterly report [Sections 13 or 15(d)]

Equity Incentive Plan (Tables)

v3.25.2
Equity Incentive Plan (Tables)
6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Weighted Average Assumptions used for Stock Options

The Company granted stock options in January 2025 and 2024. There were no stock option grants during the second quarter of 2025 or 2024. The following table presents the weighted-average assumptions used for stock options granted during the following periods:

 

         
    Six Months Ended June 30,  
    2025     2024  
Grant date fair value   $ 11.59     $ 91.50  
Risk-free interest rate     4.65 %     4.0 %
Dividend yield     0.00 %     0.00 %
Expected life in years     5.9       5.9  
Expected volatility     110 %     110 %
Schedule of Stock Based Compensation Expense

The following table summarizes the total stock-based compensation expense related to stock options included in the Company’s statements of operations:

 

                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
Research and development   $ 8,100     $ 4,623     $ 15,720     $ 241,960  
General and administrative     31,134       14,985       60,702       364,882  
Total   $ 39,234     $ 19,608     $ 76,422     $ 606,842  
Schedule of Stock Option Activity

A summary of the Company’s 2021 Plan stock option activity is as follows:

 

   

Number of

Options

Outstanding

   

Weighted-

Average

Exercise

Price

   

Weighted-

Average

Remaining

Contractual

Term (in

Years)

 
Balance at December 31, 2024     5,227     $ 58.72       9.3  
Options granted     15,250       13.80       -  
Options exercised     -       -       -  
Options cancelled     -       -       -  
Balance at June 30, 2025     20,477     $ 25.27       9.4  
                         
Options exercisable at June 30, 2025     4,592     $ 39.64       9.1