Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Summary of Estimated Fair Value of Stock Option Award

The estimated fair value of each stock option award granted was determined on the date of grant using the Black-Scholes option-pricing valuation model with the following assumptions for option grants during the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
	2023	2022
Common Stock Options
Risk free interest rate	1.34%	1.67%
Expected option term	5.5 - 6.02 Years	6.0 Years
Expected volatility of common stock	99.34% - 102.20%	105.86%
Expected dividend yield	0.0%	0.0%

Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense to employees and directors in its research and development and its selling, general and administrative functions during the three months ended March 31, 2023 and 2022 as follows:

	Three Months Ended March 31,
	2023		2022
Research and development	$	2,840	$	1,856
Selling, general and administrative		281,732		379,205
Total stock-based compensation expense	$	284,572	$	381,061