Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Estimated Fair Value of Stock Option Award

The estimated fair value of each stock option award granted was determined on the date of grant using the Black-Scholes option-pricing valuation model with the following assumptions for option grants during the nine months ended September 30, 2023 and 2022:

	Nine Months Ended September 30,
Common Stock Options	2023	2022
Risk free interest rate	1.34%- 3.39%	1.67% - 3.55%
Expected term	5.5 - 6.0 years	5.5 - 6.02 years
Expected volatility of common stock	99.34%- 103.64%	97.04% - 113.23%
Expected dividend yield	0.00%	0.00%

Summary of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense to employees and directors in its research and development and its selling, general and administrative functions during the three and nine months ended September 30, 2023 and 2022 as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	-	$	1,897	$	2,841	$	7,505
Selling, general and administrative		281,758		353,855		843,629		1,096,232
Total stock-based compensation expense	$	281,758	$	355,752	$	846,470	$	1,103,737