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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Stock-Based Compensation [Abstract]  
Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2025 and 2024:


    Three Months Ended March 31,
  
   
2025
    
2024
  
    (unaudited)
  

           
Research and development
   $
520,527
     $
551,918
  
General and administrative
    
733,355
      
1,078,093
  
Total
   $
1,253,882
     $
1,630,011
  
Assumptions Used to Value Stock Options Granted The fair value of options granted during the three months ended March 31, 2024 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

   
Three Months Ended March 31,
  
   
2025
    
2024
  
   
Weighted Average
    
Weighted Average
  
   
(unaudited)
  
Volatility
     n/a
    
145.41
%
Risk-Free Interest Rate
    
n/a
    
3.98
%
Expected Term in Years
    
n/a
      
6.08
  
Dividend Rate     n/a       –  
Fair Value of Option on Grant Date
  

n/a
    
$
5.22
  
Stock Option Activity

The following table summarizes the number of options outstanding and the weighted average exercise price:

   
Number
of Shares
    
Weighted
Average
Exercise Price
    
Weighted Average
Remaining
Contractual
Life in Years
    
Aggregate
Intrinsic Value
  
Options outstanding at December 31, 2024
    
5,373,063
    
$
6.08
      
7.11
    
$
50,439
  
Granted
    
–
      
–
       –       –  
Exercised
    
–
   
–
       –       –  
Forfeited and expired
    
(25,159
)
    
7.65
       –       –  
Options outstanding at March 31, 2025
    
5,347,904
    
$
6.07
      
6.90
    
$
2,115
  
Vested and expected to vest at March 31, 2025
    
5,347,904
    
$
6.07
      
6.90
    
$
2,115
  
Exercisable at March 31, 2025
    
3,656,731
    
$
5.91
      
6.20
    
$
2,115