Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of stock option activity
The following is a summary of option activities under the Company’s 2014 Amended and Restated Plan for the three months ended March 31, 2024:
Number of
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value*
Outstanding, December 31, 2023 498,298  $ 8.96  7.24 $ 20,441 
Granted 703,100  14.56 
Outstanding, March 31, 2024 1,201,398  $ 12.23  9.37 $ 5,678,677 
Exercisable, March 31, 2024 218,793  $ 16.09  7.82 $ 1,442,967 
*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at March 31, 2024 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted
The fair value of the Company's stock option grants were estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
Three Months Ended
March 31, 2024
Dividend yield 0.00%
Volatility factor
99.58% - 99.96%
Risk-free interest rate 4.26%
Expected term (years)
5.27 - 6.08
The fair value of the Company's market-based RSUs were estimated on the date of grant under the following assumptions:
Three Months Ended
March 31, 2024
Dividend yield 0.00%
Volatility factor 93.71%
Risk-free interest rate 4.16%
Derived service periods (years)
1.27 - 2.48
Schedule of Nonvested Share Activity The following is a summary of restricted stock unit activity during the year ended March 31, 2024:
Number of
Shares
Weighted Average Grant Date Fair Value
Unvested, December 31, 2023 847,777  $ 3.66 
Granted 275,000  14.10 
Unvested, March 31, 2024 1,122,777  $ 6.21 
Schedule of stock-based compensation expense The Company recognized stock-based compensation expense for the stock options and the RSUs discussed above, in its Unaudited Condensed Consolidated Statements of Operations as follows:
Three Months Ended
March 31,
2024 2023
Research and development $ 391,611  $ 44,468 
General and administrative 2,086,568  87,111 
$ 2,478,179  $ 131,579