Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Stock-Based Compensation
Research and development	$	609,828	$	806,548	$	1,161,746	$	1,607,312
General and administrative		1,185,894		1,298,990		2,263,987		2,578,545
Total	$	1,795,722	$	2,105,538	$	3,425,733	$	4,185,857

Assumptions Used to Value Stock Options Granted

The fair value of options granted during the three and six months ended June 30, 2024 and 2023 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

	Three Months Ended June 30						Six Months Ended June 30,
	2024			2023			2024			2023
	Weighted Average			Weighted Average			Weighted Average			Weighted Average
	(unaudited)						(unaudited)
Volatility		106.26	%		143.87	%		137.07	%		142.07	%
Risk-Free Interest Rate		4.26	%		3.59	%		4.04	%		4.05	%
Expected Term in Years		5.96			6.08			6.06			6.08
Dividend Rate		-			-			-			-
Fair Value of Option on Grant Date	$	2.86		$	5.09		$	4.71		$	10.64

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, 2023		5,029,345		$	6.43		7.42	$	4,395,227
Granted		1,192,648			5.12		9.70		–
Exercised		(156,073	)		3.40
Forfeited and expired		(502,709	)		8.68
Options outstanding at June 30, 2024		5,563,211		$	6.03		7.46	$	899,228
Vested and expected to vest at June 30, 2024		5,563,211		$	6.03		7.46	$	899,228
Exercisable at June 30, 2024		3,043,575		$	5.79		6.25	$	837,670