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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Stock-Based Compensation [Abstract]  
Stock-Based Compensation Expense

The Company’s stock-based compensation expense related to stock options was recognized in operating expense as follows:
   
Three Months September 30, 2021
    
Nine Months Ended September 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
(unaudited)
    
(unaudited)
  
Stock-Based Compensation
                        
Research and development
  
$
596,762
    
$
61,557
    
$
824,580
    
$
168,083
  
General and administrative
    
1,105,000
      
68,235
   
1,576,401
      
132,815
  
Total
  
$
1,701,763
    
$
129,792
    
$
2,400,980
    
$
300,898
  
Assumptions Used to Value Stock Options Granted

The fair value of options granted during the three and nine months ended September 30, 2021 and the three and nine months ended September 30, 2020 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. There were 63,800 options granted during the three-month period ended September 30, 2021.
   
Three Months September 30, 2021
    
Nine Months Ended September 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
Weighted Average
    
Weighted Average
    
Weighted Average
    
Weighted Average
  
   
(unaudited)
    
(unaudited)
  
Volatility
    
100.16
%
    
–
%
    
100.58
%
    
97.00
%
Risk-Free Interest Rate
    
0.77
%
    
–
%
    
55.88
%
    
0.38
%
Expected Term in Years
    
6.08
      
–
      
6.28
      
6.07
  
Dividend Rate
    
–
      
–
      
–
      
–
  
Fair Value of Option on Grant Date
  
$
11.81
    
$
–
    
$
7.43
    
$
1.10
  
Stock Option Activity

The following table summarizes the number of options outstanding and the weighted average exercise price:
   
Number
of Shares
    
Weighted
Average
Exercise Price
    
Weighted Average
Remaining
Contractual
Life in Years
    
Aggregate
Intrinsic Value
  
Options outstanding at December 31, 2020
    
1,650,897
    
$
11.87
      
7.03
    
$
226,731
  
Granted
    
1,722,730
      
3.34
      
9.28
    
$
8,803,138
  
Exercised
    
(95,737
)
    
7.24
      
–
    
$
–
  
Forfeited
    
(326,038
)
    
29.71
      
–
    
$
–
  
Options outstanding at September 30, 2021
    
2,951,852
    
$
5.07
      
7.99
    
$
29,754,366
  
Vested and expected to vest at September 30, 2021
    
2,951,852
    
$
5.07
      
7.99
    
$
29,754,366
  
Exercisable at September 30, 2021
    
1,130,039
    
$
7.66
      
5.81
    
$
8,914,003