STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Recognized Stock-Based Compensation Expense

The Company’s stock-based compensation expense was recognized in operating expenses as follows:

	For the Year Ended December 31,
	2023		2022
Research and development	$	1,936,746	$	1,770,599
General and administrative	5,348,446		4,786,087
Total	$	7,285,192	$	6,556,686

Schedule of Allocation of Stock-based Compensation Expense by Plan

	For the Year Ended December 31,
	2023		2022
Stock options	$	7,228,044	$	6,471,367
Employee stock purchase plan	57,148		85,319
Total	$	7,285,192	$	6,556,686

Schedule of Assumptions Used to Compute Fair Value of Employee Option Granted

The fair value of employee options granted during the years ended December 31, 2023 and 2022, respectively, was estimated by utilizing the following assumptions:

	For the Year Ended December 31,
	2023			2022
	Weighted Average			Weighted Average
Volatility	84.52		%	87.16		%
Expected term in years	6.07			6.07
Dividend rate	0.00		%	0.00		%
Risk-free interest rate	3.97		%	2.21		%
Fair value of option on grant date	$	1.92		$	2.12

The fair value of nonemployee options granted and remeasured during the years ended December 31, 2023 and 2022, respectively, was estimated by utilizing the following assumptions:

	For the Year Ended December 31,
	2023			2022
	Weighted Average			Weighted Average
Volatility	83.73		%	—		%
Expected term in years	5.32			0.00
Dividend rate	0.00		%	0.00		%
Risk-free interest rate	3.86		%	—		%
Fair value of option on grant date	$	2.21		$	—

Schedule of Options Outstanding and Weighted Average Exercise Price

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, 2021	10,776,758	$	4.97	6.07	$	2,389,890
Vested and exercisable at December 31, 2021	6,188,200	$	5.98	4.63	$	1,531,907
Granted	4,575,641	2.89		9.26
Exercised	(25,518)	1.91
Forfeited or expired	(2,365,643)	5.56
Options outstanding December 31, 2022	12,961,238	$	4.13	7.42	$	62,158
Vested and exercisable at December 31, 2022	6,742,890	$	5.05	6.20	$	61,214
Granted	3,038,000	2.63		9.20
Exercised	(146,346)	2.76
Forfeited or expired	(728,346)	3.44
Options outstanding December 31, 2023	15,124,546	$	3.87	6.90	$	5,212,586
Vested and exercisable at December 31, 2023	9,649,094	$	4.47	5.97	$	2,464,620