Quarterly report [Sections 13 or 15(d)]

Equity Incentive Plan (Tables)

v3.25.3
Equity Incentive Plan (Tables)
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
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 September 30, 2025     20,477     $ 25.27       9.1  
                         
Options exercisable at September 30, 2025     6,235     $ 34.97       8.9  
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     2025     2024  
   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2025     2024     2025     2024  
Research and development   $ 7,951     $ 4,677     $ 23,672     $ 246,637  
Selling, general and administrative     29,889       16,315       90,591       381,197  
Total   $ 37,840     $ 20,992     $ 114,263     $ 627,834  
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 or third quarters of 2025 or 2024. The following table presents the weighted-average assumptions used for stock options granted during the following periods:

 

    2025     2024  
   

Nine Months Ended

September 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 %