Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of the Company's Warrants

The following table is a summary of the Company’s warrants as of March 31, 2024:

					Shares of
	Number of		Number of		Common Stock
	Warrants Outstanding		Warrants Exercisable		Underlying Warrants		Exercise Price		Initial Exercise Date	Expiration Date
Pre-Funded Warrants		7,711,565		7,711,565		7,711,565	$	0.0001	February 13, 2024	Until Exercised in Full
Series A Warrants		11,029,411		11,029,411		11,029,411	$	0.6800	February 13, 2024	February 13, 2029
Series B Warrants		9,092,922		9,092,922		9,092,922	$	0.6800	February 13, 2024	November 13, 2024
Series C Warrants(1)		11,029,411		5,808,824		11,029,411	$	0.6800	February 13, 2024	November 13, 2024 or February 13, 2029
Representativesʼ Warrants		551,471		—		551,471	$	1.1222	August 13, 2024	February 13, 2029
Total warrants		39,414,780		33,642,722		39,414,780

(1)The Series C Warrants are subject to a vesting schedule and may only be exercised to the extent and in proportion to a holder of the Series C Warrants exercising its corresponding Series B Warrants, subject to accelerated vesting pursuant to the Warrant Amendment described above. The Series C Warrants expire on November 13, 2024, provided that to the extent and in proportion to a holder of the Series C Warrants have vested based on the exercise of the corresponding Series B Warrants, such Series C Warrants will expire on February 13, 2029.

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 three months ended March 31, 2023:

	Three Months Ended March 31,
	2023
Risk free interest rate	1.34%
Expected option term	5.5 - 6.02 Years
Expected volatility of common stock	99.34% - 102.20%
Expected dividend yield	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 selling, general and administrative functions during the three months ended March 31, 2024 and 2023 as follows:

	Three Months Ended March 31,
	2024		2023
Research and development	$	1,215	$	2,840
Selling, general and administrative		252,814		281,732
Total stock-based compensation expense	$	254,029	$	284,572