Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Stock-Based Compensation

Summary of fair value of the original NeuroRx options and Substitute Options determined using the Black-Scholes option-pricing model

	Original Options			Substitute Options
Strike price	$	1.00-$72.30		$	0.20-$14.58
Volatility rate		80.0	%		80.0	%
Risk-free rate		0.07%-0.79	%		0.07%-0.79	%
Expected term		0.18-5.99			0.18-5.99
Dividend yield		—			—

	June 30, 2021			December 31, 2020
Exercise price	$	11.69-$23.41		$	2.22-$3.07
Risk-free rate of interest		0.79%-1.24	%		0.79%-0.79	%
Expected term (years)		5.5-6.5			4.7-5.9
Expected stock price volatility		80	%		80	%
Dividend yield		—			—

	December 31,
	2020			2019
Exercise price	$	11.00‑$15.25		$	11.00
Risk-free rate of interest		0.30%‑0.49	%		1.54%‑1.73	%
Expected term (years)		5.5‑6.5			6.0‑6.5
Expected stock price volatility		80	%		80	%
Dividend yield		—			—

Schedule of share-based compensation arrangements by share-based payment award

				Weighted
		Weighted		average	Aggregate
	Number of	average		remaining	intrinsic
	shares	exercise price		term (years)	value
Outstanding as of December 31, 2020 (as previously reported)	486,755	$	10.79	8.8	$	19,571,655
Retroactive application of reverse recapitalization	1,927,548		(8.62)
Outstanding as of December 31, 2020, effect of Merger	2,414,303	$	2.17	8.2	$	53,659,966
Options granted	210,800		11.69	9.8		3,825,276
Forfeited	(198,400)		(2.22)	—		(6,587,328)
Outstanding as of March 31, 2021	2,426,703	$	14.58	8.7	$	30,388,510
Options granted	587,030		14.94	9.9		—
Forfeited	(89,280)		(7.86)	—		(339,082)
Exercised	(4,960)		(3.07)	—		(42,385)
Outstanding as of June 30, 2021	2,919,493	$	5.25	9.0	$	20,558,299
Options vested and exercisable as of June 30, 2021	1,095,294	$	1.50	6.1	$	11,106,829

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Stock-based compensation expense
General and administrative	$	4,094,549	$	50,881	$	4,438,583	$	117,469
Regulatory and process development		188,781		42,585		216,445		64,800
Total stock-based compensation expense	$	4,283,330	$	93,466	$	4,655,028	$	182,269

				Weighted
				average
		Weighted		remaining	Aggregate
	Number of	average		contractual	intrinsic
	shares	exercise price		life (in years)	value
Outstanding as of December 31, 2018	355,408	$	5.74	8.2	$	1,782,729
Granted	28,180		11.00	9.6
Forfeited/Cancelled	(50,000)		—	—		—
Outstanding as of December 31, 2019	333,588	$	5.74	7.2	$	1,782,729
Granted	266,500		14.37	9.7		9,761,125
Forfeited /Cancelled	(113,333)		—	—		—
Outstanding as of December 31, 2020	486,755	$	10.79	8.8	$	19,571,655
Options vested and exercisable as of December 31, 2020	329,489	$	6.31	4.0	$	14,723,342