Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 Ended March 31,
	2023		2022
	(unaudited)
Stock-Based Compensation
Research and development	$	800,764	$	369,050
General and administrative		1,279,555		759,923
Total	$	2,080,319	$	1,128,973

Assumptions Used to Value Stock Options and Warrants Granted

The fair value of options granted during the three months ended March 31, 2023 and 2022 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Three Months Ended March 31,
	2023			2022
	Weighted Average			Weighted Average
	(unaudited)
Volatility		142.02	%		99.13	%
Risk-Free Interest Rate		4.06	%		1.10	%
Expected Term in Years		6.08			6.64
Dividend Rate		–			–
Fair Value of Option on Grant Date	$	10.79		$	4.88

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, 2022		4,171,311	$	5.56		7.89	$	10,839,589
Granted		1,124,600		11.61		9.77		–
Exercised		–		–
Forfeited and expired		–		–
Options outstanding at March 31, 2023		5,295,911	$	6.85		8.09	$	7,054,179
Vested and expected to vest at March 31, 2023		5,295,911	$	6.85		8.09	$	7,054,179
Exercisable at March 31, 2023		2,169,348	$	6.00		6.86	$	3,615,087