Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(unaudited)				(unaudited)
Stock-Based Compensation
Research and development	$	806,548	$	487,532	$	1,607,312	$	856,582
General and administrative		1,298,990		861,069		2,578,545		1,620,992
Total	$	2,105,538	$	1,348,601	$	4,185,857	$	2,477,574

Assumptions Used to Value Stock Options Granted

The fair value of options granted during the three and six months ended June 30, 2023 and 2022 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. There were 29,900 and 1,154,500 of options granted during the three and six month periods ended June 30, 2023, respectively and 494,000 and 1,439,005 of options granted during the three and six month period ended June 30, 2022, respectively.

	Three Months Ended June 30						Six Months Ended June 30,
	2023			2022			2023			2022
	Weighted Average			Weighted Average			Weighted Average			Weighted Average
	(unaudited)						(unaudited)
Volatility		143.87	%		100.05	%		142.07	%		99.45	%
Risk-Free Interest Rate		3.59	%		2.60	%		4.05	%		11.62	%
Expected Term in Years		6.08			6.02			6.08			6.43
Dividend Rate		–			–			–			–
Fair Value of Option on Grant Date	$	5.09		$	4.01		$	10.64		$	4.59

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		1,154,500			11.45
Exercised		(1,409	)		-
Forfeited and expired		-			-
Options outstanding at June 30, 2023		5,324,402		$	6.85		7.86	$	4,645,635
Vested and expected to vest at June 30, 2023		5,324,402		$	6.85		7.86	$	4,645,635
Exercisable at June 30, 2023		2,513,595		$	5.80		6.83	$	2,901,233