Preferred Stock, Common Stock and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity under the 2013 Plan is as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2022		491,851		$	19.11		7.22
Granted		153,750		$	3.07		9.23
Expired		(21,369	)	$	45.78		-
Outstanding at December 31, 2023		624,232		$	14.25		7.05		-
Vested and expected to vest at December 31, 2023		624,232		$	14.25		7.05		-
Exercisable at December 31, 2023		418,591		$	14.64		6.23		-

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 years ended December 31, 2023 and 2022:

	Year Ended December 31,
	2023	2022
Risk free interest rate	1.34%-3.39%	1.67%-3.55%
Expected option term	5.5- 6.0 years	5.5- 6.0 years
Expected volatility of common stock	99.34%- 103.64%	97.04%- 113.23%
Expected dividend yield	0.0%	0.0%

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 general and administrative functions during the years ended December 31, 2023 and 2022 as follows:

	Year Ended December 31,
	2023		2022
Research and development	$	2,840	$	11,278
Selling, general and administrative		1,125,269		1,447,431
Total stock-based compensation expense	$	1,128,109	$	1,458,709

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	December 31,
	2023		2022
Stock options issued and outstanding		624,232		491,851
Authorized for future option grants		547,838		146,497
Authorized for employee stock purchase plan		145,381		37,048
Total common stock reserved for future issuance		1,317,451		675,396