Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Total Stock-Based Compensation

The Company recorded total stock-based compensation in its Statements of Operations as follows (in thousands):

	Years Ended December 31,
	2023		2022
Research and development	$	714	$	804
General and administrative	684		365
Total stock-based compensation expense	$	1,398	$	1,169

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the range of assumptions used to estimate the fair value of stock options issued in 2023 and 2022:

	2023	2022
Stock price	$2.82 to 6.88	$4.50
Exercise price	$2.82 to 6.88	$4.50
Expected volatility	97.06 to 99.74%	103.85%
Risk free interest rates	3.87 to 4.97%	3.59%
Expected term (years)	5.75 to 6.25	3 to 4

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the activity for stock options for the year ended December 31, 2023:

	Options	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	1,044,250	$	8.48	6.6	$	235
Issued	208,000	$	5.25
Exercised	(12,500)	$	2.00
Forfeited and cancelled	-	$	—
Outstanding at December 31, 2023	1,239,750	$	8.00	6.4	$	1,865
Exercisable at December 31, 2023	850,250	$	8.15	5.2	$	1,201

Schedule Of Share-Based Payment Award, Warrants, Valuation Assumptions

The following table summarizes the range of assumptions used to estimate the fair value of warrants issued in 2023 and 2022:

	2023	2022
Stock price	$3.10 to $5.00	$4.50
Exercise price	$6.00 to $6.25	$4.50
Expected volatility	97.06% to 103.85%	103.85%
Risk free interest rates	3.59% to 4.85%	3.59%
Expected term (years)	3 to 5	10

Schedule of Warrants, Activity

The following table summarizes the activity for warrants for the year ended December 31, 2023:

	Warrants	Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	357,750	$	6.00	4.8	$	183
Issued	459,950	$	6.46
Exercised	(12,500)	$	2.00
Forfeited and cancelled	(3,250)	$	11.50
Outstanding at December 31, 2023	801,950	$	6.30	3.9	$	2,096
Exercisable at December 31, 2023	699,200	$	6.26	3.8	$	1,876