Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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 six months ended June 30, 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 768,100  14.40 
Cancelled (2,926) 400.00 
Forfeited (72,873) 8.32 
Outstanding, June 30, 2024 1,190,599  $ 11.54  9.14 $ 1,532,218 
Exercisable, June 30, 2024 345,887  $ 11.08  8.23 $ 591,698 
*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 June 30, 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:
Six Months Ended
June 30, 2024
Dividend yield 0.00%
Volatility factor
99.58% - 99.96%
Risk-free interest rate
4.26% - 4.48%
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:
Six Months Ended
June 30, 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 RSU activity during the period ended June 30, 2024:
Number of
Shares
Weighted Average Grant Date Fair Value
Unvested, December 31, 2023 847,777  $ 3.66 
Granted 275,000  14.21 
Unvested, June 30, 2024 1,122,777  $ 6.24 
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
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Research and development $ 303,081  $ 12,533  $ 695,719  $ 57,001 
General and administrative 1,525,388  90,338  3,610,934  177,449 
$ 1,828,469  $ 102,871  $ 4,306,653  $ 234,450