Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
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:

 

    2024     2023     2024     2023  
   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
    2024     2023     2024     2023  
                         
Research and development   $ 35,345     $ 10,620     $ 57,227     $ 21,889  
General and administrative     251,949       159,634       512,680       305,979  
Total stock-based compensation expense   $ 287,294     $ 170,254     $ 569,907     $ 327,868  
SUMMARY OF OPTION ACTIVITY

The following table summarizes stock option activity under the 2014 and 2024 Plan:

 

   

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     (137,854 )     1.16                  
Outstanding at June 30, 2024     337,810     $ 6.88       5.08          
                                 
Vested and exercisable at June 30, 2024     337,612     $ 6.88       5.08          
SUMMARY OF RESTRICTED STOCK AWARD

The following table summarizes restricted stock award activity under the 2014 and 2024 Plan:

 

   

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     540,967     $ 2.24     $ 1,209,391       447,905       93,062  
Granted     419,756       1.66       698,655       266,774       152,982  
Forfeited                              
Balance at June 30, 2024     960,723     $ 1.99     $ 1,908,046       714,679       246,044