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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of the Company's Warrants Outstanding The following table is a summary of the Company’s warrants outstanding as of September 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

Warrants Outstanding

 

 

Exercise Price

 

 

Initial Exercise Date

 

Expiration Date

 

Pre-Funded Warrants

 

 

433,962

 

 

$

0.0012

 

 

February 13, 2024

 

Until Exercised in Full

 

Series A Warrants

 

 

354,022

 

 

$

8.16

 

 

February 13, 2024

 

February 13, 2029

 

Modified Series A Warrants(1)

 

 

158,531

 

 

$

0.01

 

 

February 13, 2024

 

February 13, 2029

 

Series C Warrants

 

 

392,754

 

 

$

8.16

 

 

February 13, 2024

 

February 13, 2029

 

Modified Series C Warrants(1)

 

 

250,627

 

 

$

0.01

 

 

February 13, 2024

 

February 13, 2029

 

Representativesʼ Warrants

 

 

45,955

 

 

$

13.47

 

 

August 13, 2024

 

February 13, 2029

 

Total warrants

 

 

1,635,851

 

 

 

 

 

 

 

 

 

__________________

(1)
The Modified Series A Warrants and Modified Series C Warrants represent Series A Warrants and Series C Warrants, respectively, modified under the September 2024 Exercise Price Warrant Amendment.
Summary of Estimated Fair Value of Stock Option Award

The following assumptions were used in estimating the grant date fair value of options issued during the three and nine months ended September 30, 2025 and 2024:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2025

 

2024

 

2025

 

2024

Risk free interest rate

 

 

3.8-3.9%

 

4.18-4.39%

 

3.8-4.5%

Expected option term (in years)

 

 

5.8-6.0

 

5.5-6.0

 

5.5-6.0

Volatility of common stock

 

 

105.8-106.6%

 

99.0- 107.3%

 

105.8-107.1%

Expected dividend yield

 

 

0.0%

 

0.0%

 

0.0%

Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

727

 

 

$

3,016

 

 

$

5,101

 

 

$

4,231

 

Selling, general and administrative

 

 

104,329

 

 

 

128,571

 

 

 

288,592

 

 

 

507,963

 

Total stock-based compensation expense

 

$

105,056

 

 

$

131,587

 

 

$

293,693

 

 

$

512,194

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock options

 

$

93,301

 

 

$

130,054

 

 

$

264,273

 

 

$

510,661

 

ESPP

 

 

11,755

 

 

 

1,533

 

 

 

29,420

 

 

 

1,533

 

Total stock-based compensation expense

 

$

105,056

 

 

$

131,587

 

 

$

293,693

 

 

$

512,194

 

ESPP [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Estimated Fair Value of Stock Option Award

The estimated fair value of each ESPP award granted was determined on the date of purchase using the Black-Scholes option-pricing valuation model with the following assumptions for the periods presented:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2025

 

2024

 

2025

 

2024

Risk free interest rate

 

4.0%

 

4.9%

 

4.0-4.3%

 

4.9%

Expected option term (in years)

 

0.5

 

0.5%

 

0.5

 

0.5

Volatility of common stock

 

169.1%

 

91.5%

 

91.5-169.1%

 

91.5%

Expected dividend yield

 

0.0%

 

0.0%

 

0.0%

 

0.0%