Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense for Options Granted Reflected in the Consolidated Statement of Operations and Comprehensive Loss

Stock-based compensation expense for options granted are reflected in the consolidated statements of operations and comprehensive loss as follows:

	Year ended December 31,
	2020		2019
General and administrative	$	348,810	$	362,833
Research and development	311,507		521,256
Total	$	660,317	$	884,089

Schedule of Weighted Average Assumptions Utilized in Fair Value Calculation

The assumptions utilized in the fair value calculation for options to purchase common stock as of December 31, 2020 and 2019 are as follows:

	Year ended December 31,
	2020	2019
Weighted average expected option term (years)	6.0	6.0
Range of expected stock price volatility	110% - 117%	89% - 110%
Weighted average expected stock price volatility	112%	109%
Range of risk-free interest rate	0.3% – 1.7%	1.5% – 2.4%
Expected dividend rate	0%	0%

Schedule of Stock Option Activity

The following table summarizes the stock option activity under the Plans:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Options outstanding at December 31, 2019	731,189	$	4.59	8.0	$	24,028
Granted	4,082,950	$	0.41
Forfeited	(589,706)	$	2.55
Options outstanding at December 31, 2020	4,224,433	$	0.84	8.9	$	5,496,219
Options exercisable at December 31, 2020	512,288	$	3.48	6.8	$	286,223