Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The Company’s stock-based compensation expense was recognized in operating expense as follows:

	Three Months Ended March 31,
	2022		2021
	(unaudited)
Stock-Based Compensation
Research and development	$	369,050	$	60,385
General and administrative		759,923		197,236
Total	$	1,128,973	$	257,622

Assumptions Used to Value Stock Options and Warrants Granted

The fair value of options and warrants granted during the three months ended March 31, 2022 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Three Months Ended March 31,
	2022			2021
	Weighted Average			Weighted Average
	(unaudited)
Volatility		99.13	%		100.38	%
Risk-Free Interest Rate		1.10	%		0.35	%
Expected Term in Years		6.64			5.82
Dividend Rate		0.00	%		0.00	%
Fair Value of Option on Grant Date	$	4.88		$	1.73

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, 2021		3,163,835		$	5.57		7.90	$	10,839,589
Granted		945,005			6.09
Exercised		(2,282	)		3.18
Forfeited		(174,166	)		4.91
Expired		–			–
Options outstanding at March 31, 2022		3,932,392		$	5.73		8.08	$	6,445,883
Vested and expected to vest at March 31, 2022		3,932,392		$	5.73		8.08	$	6,445,883
Exercisable at March 31, 2022		1,545,118		$	6.27		6.33	$	2,272,600