Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
	(unaudited)
Research and development	$	551,918	$	800,764
General and administrative		1,078,093		1,279,555
Total	$	1,630,011	$	2,080,319

Assumptions Used to Value Stock Options Granted

The fair value of options granted during the three months ended March 31, 2024 and 2023 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Three Months Ended March 31,
	2024			2023
	Weighted Average			Weighted Average
	(unaudited)
Volatility		145.41	%		142.02	%
Risk-Free Interest Rate		3.98	%		4.06	%
Expected Term in Years		6.08			6.08
Dividend Rate		–			–
Fair Value of Option on Grant Date	$	5.22		$	10.79

Stock Option Activity

The following table summarizes the number of options outstanding and the weighted average exercise price:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Options outstanding at December 31, 2023		5,029,345		$	6.43		7.42	$	4,395,227
Granted		938,648			5.58		9.90		–
Exercised		(156,073	)		3.40
Forfeited and expired		(497,259	)		8.64
Options outstanding at March 31, 2024		5,314,661		$	6.16		7.60	$	2,327,199
Vested and expected to vest at March 31, 2024		5,314,661		$	6.16		7.60	$	2,327,199
Exercisable at March 31, 2024		2,858,485		$	5.80		6.42	$	1,971,346