Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(unaudited)				(unaudited)
Stock-Based Compensation
Research and development	$	782,249	$	493,083	$	2,389,561	$	1,349,664
General and administrative		1,291,358		851,267		3,869,903		2,472,259
Total	$	2,073,607	$	1,344,350	$	6,259,464	$	3,821,923

Assumptions Used to Value Stock Options Granted

There were 59,500 and 1,214,000 of options granted during the three and nine month periods ended September 30, 2023, respectively and 87,000 and 1,526,005 of options granted during the three and nine month period ended September 30, 2022, respectively. The fair value of options granted during the three and nine months ended September 30, 2023 and 2022 was estimated using the Black-Scholes option valuation model utilizing the following assumptions.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	Weighted Average			Weighted Average			Weighted Average			Weighted Average
	(unaudited)						(unaudited)
Volatility		150.26	%		101.43	%		142.47	%		99.56	%
Risk-Free Interest Rate		3.92	%		3.03	%		4.04	%		1.70	%
Expected Term in Years		5.59			6.08			6.06			6.41
Dividend Rate		–			–			–			–
Fair Value of Option on Grant Date	$	4.77		$	2.58		$	10.35		$	4.80

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	$	32,779,920
Granted		1,214,000			11.14
Exercised		(1,409	)		-
Forfeited and expired		-			-
Options outstanding at September 30, 2023		5,383,902		$	6.82		7.63	$	4,685,828
Vested and expected to vest at September 30, 2023		5,383,902		$	6.82		7.63	$	4,685,828
Exercisable at September 30, 2023		2,722,797		$	5.72		6.67	$	3,225,309