| SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS |
The
Company has recorded stock-based compensation expense related to the issuance of restricted stock awards in the following line items
in the accompanying condensed consolidated statements of operations:
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
2025 |
|
|
2024 |
|
| |
|
Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Research and development |
|
$ |
21,250 |
|
|
$ |
21,882 |
|
| General and administrative |
|
|
305,366 |
|
|
|
260,731 |
|
| Total stock-based compensation expense |
|
$ |
326,616 |
|
|
$ |
282,613 |
|
|
The
Company has recorded stock-based compensation expense related to the issuance of restricted stock awards in the following line items
in the accompanying condensed consolidated statements of operations:
SUMMARY
OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Research and development |
|
$ |
99,174 |
|
|
$ |
37,131 |
|
| Selling, general
and administrative |
|
|
890,507 |
|
|
|
711,692 |
|
| Total
stock-based compensation expense |
|
$ |
989,681 |
|
|
$ |
748,823 |
|
|
| SUMMARY OF OPTION ACTIVITY |
The
following table summarizes stock option activity under the 2014 Plan and 2024 Plan:
SUMMARY OF OPTION ACTIVITY
| |
|
Number of
options |
|
|
Weighted-average
exercise price |
|
|
Weighted-average
remaining contractual
term
(in years) |
|
|
Aggregate
intrinsic value |
|
| Outstanding at December 31, 2024 |
|
|
304,125 |
|
|
$ |
6.95 |
|
|
|
4.45 |
|
|
|
— |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding at March 31, 2025 |
|
|
304,125 |
|
|
$ |
6.95 |
|
|
|
4.20 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested and exercisable at March 31, 2025 |
|
|
304,125 |
|
|
$ |
6.95 |
|
|
|
4.20 |
|
|
|
— |
|
|
The
following table summarizes stock option activity under the 2014 and 2024 Plans:
SUMMARY
OF OPTION ACTIVITY
| |
|
Number
of options
|
|
|
Weighted- average exercise
price
|
|
|
Weighted- average remaining contractual term
(in years)
|
|
|
Aggregate intrinsic
value
|
|
| Outstanding at December 31,
2023 |
|
|
683,695 |
|
|
$ |
3.99 |
|
|
|
2.9 |
|
|
$ |
158,332 |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
(208,031 |
) |
|
|
1.16 |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
(171,539 |
) |
|
|
2.16 |
|
|
|
— |
|
|
|
— |
|
| Outstanding at
December 31, 2024 |
|
|
304,125 |
|
|
$ |
6.95 |
|
|
|
4.20 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested and exercisable
at December 31, 2024 |
|
|
304,125 |
|
|
$ |
6.95 |
|
|
|
4.20 |
|
|
$ |
— |
|
|
| SUMMARY OF RESTRICTED STOCK AWARD |
The
following table summarizes restricted stock award activity under the 2014 Plan and 2024 Plan:
SUMMARY OF RESTRICTED STOCK AWARD
| |
|
|
Number of |
|
|
|
|
|
|
|
|
As of March 31, 2025 |
|
| |
|
|
restricted
stock awards
(RSA) |
|
|
Weighted-
average
grant price |
|
|
FMV on
grant date |
|
|
Vested
number
of RSA |
|
|
Unvested
number
of RSA |
|
| Balance at December 31, 2024 |
|
|
|
1,326,861 |
|
|
$ |
1.99 |
|
|
$ |
2,636,259 |
|
|
|
1,072,838 |
|
|
|
254,023 |
|
| Granted |
|
|
|
253,398 |
|
|
|
0.84 |
|
|
|
212,875 |
|
|
|
66,658 |
|
|
|
186,740 |
|
| Forfeited |
|
|
|
(10,289 |
) |
|
|
0.81 |
|
|
|
(8,334 |
) |
|
|
— |
|
|
|
(10,289 |
) |
| Balance at March 31, 2025 |
|
|
|
1,569,970 |
|
|
$ |
2.24 |
|
|
$ |
2,840,800 |
|
|
|
1,139,496 |
|
|
|
430,474 |
|
|
The
following table summarizes restricted stock award activity under the 2014 and 2024 Plan:
SUMMARY
OF RESTRICTED STOCK AWARD
| |
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
| |
|
Number
of
restricted
stock awards
(RSA) |
|
|
Weighted-
average
grant price |
|
|
FMV
on
grant date |
|
|
Vested
number
of RSA |
|
|
Unvested
number
of RSA |
|
| Balance at December 31, 2023 |
|
|
540,969 |
|
|
$ |
2.24 |
|
|
$ |
1,209,400 |
|
|
|
462,298 |
|
|
|
78,671 |
|
| Granted |
|
|
865,423 |
|
|
|
1.81 |
|
|
|
1,570,834 |
|
|
|
517,941 |
|
|
|
347,482 |
|
| Forfeited |
|
|
(77,096 |
) |
|
|
1.80 |
|
|
|
(139,173 |
) |
|
|
— |
|
|
|
(77,096 |
) |
| Balance at December 31, 2024 |
|
|
1,329,296 |
|
|
$ |
2.24 |
|
|
$ |
2,641,061 |
|
|
|
980,239 |
|
|
|
349,057 |
|
|