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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:

   
Year Ended December 31,
  
   
2022
    
2021
  
Research and development
  
$
1,868,352
    
$
1,395,957
  
General and administrative
    
3,327,804
      
2,678,500
  
Total
  
$
5,196,156
    
$
4,074,457
  
Stock Option Activity

The following table summarizes the stock option activity for the Company’ stock option plans for the year ended December 31, 2022:

   
Number
of Shares
    
Weighted
Average
Exercise Price
    
Weighted
Average
Remaining
Contractual
Life in Years
    
Aggregate
Intrinsic Value
  
Balance at January 1, 2022
    
3,163,835
    
$
5.57
      
7.90
       10,839,589  
Granted
    
1,596,005
    
$
5.50
       9.14       560,930  
Exercised
    
(279,611
)
  
$
5.68
       –       –  
Forfeited
    
(308,918
)
  
$
5.24
       –       –  
Options outstanding at December 31, 2022
    
4,171,311
    
$
5.56
      
7.89
    
$
32,779,920
  
Vested and expected to vest at December 31, 2022
    
4,171,311
    
$
5.56
      
7.89
    
$
32,779,920
  
Exercisable at December 31, 2022
    
1,819,185
    
$
6.09
      
6.82
    
$
13,785,526
  
Assumptions Used to Value Options and Warrants Granted

The fair value of options granted during the year ended December 31, 2022 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

   
Year Ended December 31,
  
   
2022
    
2021
  
   
Weighted Average
  
Volatility
    
99.63
%
    
100.53
%
Risk-Free Interest Rate
    
1.79
%
    
0.49
%
Expected Term in Years
    
6.39
      
6.06
  
Dividend Rate
    
–
      
–
  
                 
Fair Value of Option on Grant Date
  
$
4.40
    
$
7.65