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Stock Option Plans
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock option plans

Note 13—Stock option plans

Stock options

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant. The assumptions employed in the calculation of the fair value of share-based compensation expense were calculated as follows for all periods presented:

 

 

 

 

2024

 

 

2023

 

Common stock fair value

 

 

$

4.76

 

 

$

3.69

 

Risk free interest rate

 

 

4.10% - 4.35%

 

 

4.05% - 4.89%

 

Expected dividend yield

 

 

0%

 

 

0%

 

Expected term

 

 

6.0 years

 

 

4.9 years

 

Expected stock volatility

 

 

100.1% - 103.0%

 

 

91.9% - 99.7%

 

 

Below is a summary of stock option activity for the year ending December 31, 2024:

 

 

 

 

 

Weighted

 

 

Weighted

 

Number

 

 

Average

 

 

Average

 

of options

 

 

Exercise Price

 

 

Contractual Life

Outstanding at December 31, 2023

 

2,781,064

 

 

$

2.97

 

 

4.43 years

Options assumed from Kintara upon merger closing

 

6,345

 

 

$

1,074.40

 

 

6.91 years

Forfeited and cancelled

 

(249,961

)

 

$

3.53

 

 

 

Exercised

 

(180,689

)

 

$

2.66

 

 

 

Granted

 

4,047,059

 

 

$

4.76

 

 

 

Outstanding at December 31, 2024

 

6,403,818

 

 

$

5.11

 

 

7.44 years

Exercisable at December 31, 2024

 

2,270,626

 

 

$

5.83

 

 

3.30 years

 

Options outstanding had an intrinsic value of $5,494,000 and $1,964,000 as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024, there was $14,300,000 of unrecognized stock compensation, which will be recognized over the next three years.

Restricted Stock units

Restricted stock units “RSU” were assumed from the merger issued to the former Chief Executive Officer and currently is a board of director for the Company and 57 RSU will vest in June 2025 and June 2026. The table below summarizes activity related to RSUs.

 

 

 

 

Number of RSU

 

Restricted stock units assumed from Kintara upon merger closing

 

 

 

114

 

Vesting of restricted stock units

 

 

 

-

 

Balance as of December 31, 2024

 

 

 

114

 

 

The remaining RSUs assumed from the Kintara merger will vest on August 1, 2025 and August 1, 2026 and such shares are not accounted for until they vest.

 

Stock compensation expense

Total stock-based compensation expense was allocated as follows:

 

 

 

 

2024

 

 

2023

 

General and administrative

 

 

$

843,111

 

 

$

300,986

 

Research and development

 

 

 

1,115,552

 

 

 

177,904

 

Total stock-based compensation expense

 

 

$

1,958,663

 

 

$

478,890