Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2022			2021
Deferred tax assets:
Net operating loss carry forwards	$	17,548,951		$	12,059,019
Capitalized research and development costs		22,913,646			18,865,707
Accrued liabilities		691,212			156,415
Tax credit carryforwards		9,457,090			8,730,816
Stock-based compensation		2,086,266			1,745,654
Deferred collaboration funding		2,151,339			3,312,415
Operating lease		63,824			94,946
Debt issuance costs		229,073			—
Unrealized foreign exchange gain		13,756			(3,616	)
Total deferred tax assets		55,155,157			44,961,356
Valuation allowance		(55,033,001	)		(44,866,411	)
Net deferred tax assets		122,156			94,945
Deferred tax liabilities:
Operating lease right of use asset		(59,470	)		(94,945	)
Fair value debt		(62,686	)		—
Total deferred tax liabilities		(122,156	)		(94,945	)
	$	—		$	—

Schedule of Reconciliation of Effective Income Tax Rate

A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows:

	December 31,
	2022			2021
Federal statutory rate		21.0	%		21.0	%
R&D and Orphan Drug credits		2.7	%		6.4	%
State income tax, net of federal tax benefit		15.9	%		5.4	%
Valuation allowance		(38.9	%)		(33.2	%)
Share-based compensation		(0.7	%)		(0.3	%)
Other, net		0.0	%		0.7	%
Effective tax rate		0.0	%		0.0	%