Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of fair value of financial instruments measured on a recurring basis

	As of December 31, 2021
Description	Total		Level 1		Level 2	Level 3
Assets:
Short-term investments	$	88,324,922	$	88,324,922	—		—
Liabilities:
Contingent consideration	$	3,342,515		—	—	$	3,342,515
Warrant liability	$	11,020		—	—	$	11,020

	As of December 31, 2020
Description	Total	Level 1	Level 2	Level 3
Assets:

Short-term investments	$	100,842,438	$	100,842,438	—		—
Liabilities:
Contingent consideration	$	2,912,515		—	—	$	2,912,515
Warrant liability	$	33,779		—	—	$	33,779

Schedule of change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs

	Contingent		Warrant
	Consideration		Liability
Balance at December 31, 2019	$	3,718,515	$	—
Fair value at issuance		—		2,494,823
Reclassification of warrants from equity to liability due to modification		—		869,078
Reclassification of warrant liability to equity upon cashless exercise of warrants		—		(2,766,647)
Reclassification of warrant liability to equity upon exchange of warrants		—		(1,575,642)
Payout of contingent consideration		(2,005,000)		—
Change in fair value		1,199,000		1,012,167
Balance at December 31, 2020	$	2,912,515	$	33,779
Change in fair value		430,000		(22,758)
Balance at December 31, 2021	$	3,342,515	$	11,020

Contingent Consideration Classified As Level 3

Summary of Significant Accounting Policies

Schedule of fair value inputs

	As of December 31, 2021
	Valuation	Significant	Weighted Average
	Methodology	Unobservable Input	(range, if applicable)
Contingent Consideration	Probability weighted income approach	Milestone dates	2022-2031
		Discount rate	7.51%
		Probability of occurrence	4.9% to 75%

	As of December 31, 2020
	Valuation	Significant	Weighted Average
	Methodology	Unobservable Input	(range, if applicable)
Contingent Consideration	Probability weighted income approach	Milestone dates	2022-2030
		Discount rate	7.66%
		Probability of occurrence	2.7% to 68%

Liability-Classified Warrants

Summary of Significant Accounting Policies

Schedule of fair value inputs

	January 21, 2020
Current stock price	$	2.31
Estimated volatility of future stock price		124	%
Risk free interest rate		1.53	%
Contractual term		3.7	years

Warrant Liability Classified As Level 3

Summary of Significant Accounting Policies

Schedule of fair value inputs

	December 31, 2021			December 31, 2020
Current stock price	$	3.04		$	5.36
Estimated volatility of future stock price		133.13	%		141.28	%
Risk free interest rate		0.55	%		0.17	%
Contractual term		1.90	years		2.90	years