STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| 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:
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
Three
Months Ended
September 30, |
|
|
Nine
Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Research
and development |
|
$ |
30,605 |
|
|
$ |
10,304 |
|
|
$ |
87,832 |
|
|
$ |
32,193 |
|
| General
and administrative |
|
|
155,082 |
|
|
|
74,941 |
|
|
|
667,762 |
|
|
|
482,120 |
|
| Total
stock-based compensation expense |
|
$ |
185,687 |
|
|
$ |
85,245 |
|
|
$ |
755,594 |
|
|
$ |
514,313 |
|
|
The
Company has recorded stock-based compensation expense related to the issuance of restricted stock awards in the following line items
in the accompanying consolidated statement of operations:
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Research and development |
|
$ |
37,131 |
|
|
$ |
7,832 |
|
| Selling, general
and administrative |
|
|
711,692 |
|
|
|
240,760 |
|
| Total
stock-based compensation expense |
|
$ |
748,823 |
|
|
$ |
248,592 |
|
|
| SUMMARY OF OPTION ACTIVITY |
The
following table summarizes stock option activity under the 2014 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, 2023 |
|
|
683,695 |
|
|
$ |
3.99 |
|
|
|
2.9 |
|
|
|
158,332 |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(208,031 |
) |
|
|
1.16 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(137,854 |
) |
|
|
1.16 |
|
|
|
|
|
|
|
|
|
| Outstanding
at September 30, 2024 |
|
|
337,810 |
|
|
$ |
6.88 |
|
|
|
5.08 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested
and exercisable at September 30, 2024 |
|
|
337,810 |
|
|
$ |
6.88 |
|
|
|
5.08 |
|
|
|
— |
|
|
The
following table summarizes stock option activity under the 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,
2022 |
|
|
806,392 |
|
|
$ |
4.33 |
|
|
|
4.0 |
|
|
|
164,255 |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
(122,697 |
) |
|
|
5.86 |
|
|
|
— |
|
|
|
— |
|
| Outstanding at December
31, 2023 |
|
|
683,695 |
|
|
$ |
3.99 |
|
|
|
2.9 |
|
|
$ |
158,332 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested and exercisable
at December 31, 2023 |
|
|
682,306 |
|
|
$ |
3.98 |
|
|
|
2.9 |
|
|
$ |
158,010 |
|
|
| SUMMARY OF RESTRICTED STOCK AWARD |
The
following table summarizes restricted stock award activity under the 2014 and 2024 Plan:
SUMMARY OF RESTRICTED STOCK AWARD
| |
|
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 |
|
|
488,611 |
|
|
$ |
2.27 |
|
|
$ |
1,109,391 |
|
|
|
448,011 |
|
|
|
40,600 |
|
| Granted |
|
|
750,224 |
|
|
|
1.88 |
|
|
|
1,407,613 |
|
|
|
362,273 |
|
|
|
374,682 |
|
| Forfeited |
|
|
(13,269 |
) |
|
|
1.57 |
|
|
|
(20,832 |
) |
|
|
— |
|
|
|
— |
|
| Balance
at September 30, 2024 |
|
|
1,225,566 |
|
|
$ |
2.04 |
|
|
$ |
2,496,172 |
|
|
|
810,284 |
|
|
|
415,282 |
|
|
The
following table summarizes restricted stock award activity under the Plan:
SUMMARY
OF RESTRICTED STOCK AWARD
| |
|
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, 2022 |
|
|
114,920 |
|
|
$ |
3.56 |
|
|
$ |
409,437 |
|
|
|
96,041 |
|
|
|
18,879 |
|
| Granted |
|
|
431,028 |
|
|
|
1.89 |
|
|
|
813,717 |
|
|
|
339,263 |
|
|
|
91,765 |
|
| Forfeited |
|
|
(4,979 |
) |
|
|
2.76 |
|
|
|
(13,754 |
) |
|
|
(4,979 |
) |
|
|
— |
|
| Balance at December 31, 2023 |
|
|
540,969 |
|
|
$ |
2.24 |
|
|
$ |
1,209,400 |
|
|
|
430,325 |
|
|
|
110,644 |
|
|
| SCHEDULE OF FAIR VALUE ASSUMPTIONS |
|
The
following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued
during the years ended December 31, 2023, and 2022, respectively:
SCHEDULE OF FAIR VALUE ASSUMPTIONS
| |
|
2023 |
|
|
2022 |
|
| Fair value of Common Stock |
|
$ |
— |
|
|
$ |
4.62 |
|
| Volatility |
|
|
— |
% |
|
|
63.9 |
% |
| Expected term (years) |
|
|
— |
|
|
|
6.0 |
|
| Risk-free interest rate |
|
|
— |
% |
|
|
2.20 |
% |
| Dividend yield |
|
|
— |
% |
|
|
0 |
% |
|