Annual report [Section 13 and 15(d), not S-K Item 405]

STOCK-BASED COMPENSATION (Tables)

v3.25.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 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  
             
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 and 2024 Plans:

 

   

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 and 2024 Plan:

 

                      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