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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Stock-Based Compensation [Abstract]  
Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023:

   
Year Ended December 31,
  
   
2024
    
2023
  
Research and development
  
$
2,358,795
    
$
3,013,326
  
General and administrative
    
4,489,397
      
4,600,995
  
Total
  
$
6,848,193
    
$
7,614,321
  
Stock Option Activity

The following table summarizes the stock option activity for the Company’s stock option plans for the year ended December 31, 2024:

   
Number
of Shares
    
Weighted
Average
Exercise Price
    
Weighted
Average
Remaining
Contractual
Life in Years
    
Aggregate
Intrinsic Value
  
Balance at January 1, 2024
    
5,029,345
    
$
6.43
      
7.42
       4,395,227  
Granted
    
1,199,648
    
$
5.11
       9.20       –  
Exercised
    
(256,073
)
  
$
3.02
       –       –  
Forfeited
    
(599,857
)
  
$
8.40
       –       –  
Expired
     –     –       –       –  
Options outstanding at December 31, 2024
    
5,373,063
    
$
6.08
      
7.11
    
$
50,439
  
Vested and expected to vest at December 31, 2024
    
5,373,063
    
$
6.08
      
7.11
    
$
50,439
  
Exercisable at December 31, 2024
    
3,296,498
    
$
5.88
      
6.14
    
$
50,439
  
Assumptions Used to Value Options and Warrants Granted

The fair value of options granted during the year ended December 31, 2024 and 2023 were estimated using the Black-Scholes option valuation model utilizing the following assumptions:

   
Year Ended December 31,
  
   
2024
    
2023
  
   
Weighted Average
  
Volatility
    
136.89
%
    
142.84
%
Risk-Free Interest Rate
    
4.04
%
    
4.14
%
Expected Term in Years
    
6.06
      
6.06
  
Dividend Rate
    
–
      
–
  
                 
Fair Value of Option on Grant Date
  
$
4.70
    
$
9.59