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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023:
   
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2024
    
2023
    
2024
    
2023
  
   
(unaudited)
    
(unaudited)
  
Stock-Based Compensation
                        
Research and development
  
$
608,624
    
$
782,249
    
$
1,770,370
    
$
2,389,561
  
General and administrative
    
1,169,648
      
1,291,358
      
3,433,635
      
3,869,903
  
Total
  
$
1,778,272
    
$
2,073,607
    
$
5,204,005
    
$
6,259,464
  
Assumptions Used to Value Stock Options Granted The fair value of options granted during the three and nine months ended September 30, 2024 and 2023 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:

   
Three Months Ended
September 30
    
Nine Months Ended
September 30,
  
   
2024
    
2023
    
2024
    
2023
  
   
Weighted
Average
    
Weighted
Average
    
Weighted
Average
    
Weighted
Average
  
   
(unaudited)
    
(unaudited)
  
Volatility
    
–
%
    
150.26
%
    
137.07
%
    
142.47
%
Risk-Free Interest Rate
    
–
%
    
3.92
%
    
4.04
%
    
4.04
%
Expected Term in Years
    
–
      
5.59
      
6.06
      
6.06
  
Dividend Rate
    
–
      
–
      
–
      
–
  
Fair Value of Option on Grant Date
  
$
–
    
$
4.77
    
$
4.71
    
$
10.35
  
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
      
9.45
      
–
  
Exercised
    
(196,608
)
    
3.20
                  
Forfeited and expired
    
(502,800
)
    
8.70
                  
Options outstanding at September 30, 2024
    
5,522,585
    
$
6.06
      
7.22
    
$
2,157,455
  
Vested and expected to vest at September 30, 2024
    
5,522,585
    
$
6.06
      
7.22
    
$
2,157,455
  
Exercisable at September 30, 2024
    
3,230,545
    
$
5.84
      
6.11
    
$
1,947,928