Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021		2020
Research and development	$	1,395,957	$	229,977
General and administrative		2,678,500		202,344
Total	$	4,074,457	$	432,321

Stock Option Activity

The following table summarizes the stock option activity for the Company’ stock option plans for the year ended December 31, 2021:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at January 1, 2021		1,650,897		$	11.87		7.03		226,731
Granted		1,958,030		$	4.35		9.11		8,803,138
Exercised		(117,958	)	$	6.59		–		–
Forfeited		(327,134	)	$	29.67		–		–
Options outstanding at December 31, 2021		3,163,835		$	5.57		7.90	$	10,839,589
Vested and expected to vest at December 31, 2021		3,163,835		$	5.57		7.90	$	10,839,589
Exercisable at December 31, 2021		1,437,539		$	6.55		6.41	$	–

Assumptions Used to Value Options and Warrants Granted

The fair value of options granted during the year ended December 31, 2021 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Year Ended December 31,
	2021			2020
	Weighted Average
Volatility		100.53	%		97.50	%
Risk-Free Interest Rate		0.49	%		0.39	%
Expected Term in Years		6.06			6.04
Dividend Rate		–			–
Fair Value of Option on Grant Date	$	7.65		$	1.14