Quarterly report [Sections 13 or 15(d)]

Equity Incentive Plan (Tables)

v3.25.1
Equity Incentive Plan (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Weighted Average Assumptions used for Stock Options

The following table presents the weighted-average assumptions used for stock options granted during the following periods:

 

    2025     2024  
   

Three Months Ended

March 31,

 
    2025     2024  
Grant date fair value   $ 1.16     $ 7.68  
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:

 

    2025     2024  
   

Three Months Ended

March 31,

 
    2025     2024  
Research and development   $ 7,620     $ 237,337  
General and administrative     29,569       349,897  
Total   $ 37,189     $ 587,234  
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     52,341     $ 6.03       9.3  
Options granted     152,500       1.38       -  
Options exercised     -       -       -  
Options cancelled     -       -       -  
Balance at March 31, 2025     204,841     $ 2.57       9.6  
                         
Options exercisable at March 31, 2025     29,629     $ 5.24       9.3