Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

	Year Ended December 31,
	2023		2022
Research and development	$	3,013,326	$	1,868,352
General and administrative		4,600,995		3,327,804
Total	$	7,614,321	$	5,196,156

Stock Option Activity

The following table summarizes the stock option activity for the Company’ stock option plans for the year ended December 31, 2023:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Balance at January 1, 2023		4,171,311		$	5.56		7.89		32,779,920
Granted		1,414,000		$	10.31		9.18		290
Exercised		(81,935	)	$	3.77		–		–
Forfeited		(456,405	)	$	10.64		–		–
Expired		(17,626	)		16.17
Options outstanding at December 31, 2023		5,029,345		$	6.43		7.42	$	4,395,227
Vested and expected to vest at December 31, 2023		5,029,345		$	6.43		7.42	$	4,395,227
Exercisable at December 31, 2023		2,829,330		$	5.60		6.53	$	3,315,101

Assumptions Used to Value Options and Warrants Granted

The fair value of options granted during the year ended December 31, 2023 and 2022 were estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Year Ended December 31,
	2023			2022
	Weighted Average
Volatility		142.84	%		99.63	%
Risk-Free Interest Rate		4.14	%		1.79	%
Expected Term in Years		6.06			6.39
Dividend Rate		–			–
Fair Value of Option on Grant Date	$	9.59		$	4.40