Share -Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity:

	Number of Options			Weighted-average exercise price per share		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2023		1,698,754		$	5.28		1.9	$	—
Granted		—		$	—
Cancelled/Forfeited		(335,646	)	$	0.51
Exercised		—		$	—
Outstanding at June 30, 2024		1,363,108		$	6.46		1.9	$	—
Exercisable at June 30, 2024		1,363,108		$	6.46		1.9	$	—

The following table summarizes the stock option activity:

	Number of Options			Weighted-average exercise price per share		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2022		1,750,967		$	5.36		2.9	$	486,097
Granted		—		$	—
Cancelled/Forfeited		(52,213	)	$	8.05
Exercised		—		$	—
Outstanding at December 31, 2023		1,698,754		$	5.28		1.9	$	—
Exercisable at December 31, 2023		1,525,334		$	4.97		1.6	$	—

Schedule of Fair Value of Share-based Awards Measured with Weighted-Average Assumptions

The fair value was determined using a Black-Scholes option pricing model with the following weighted average assumptions:

	Six Months Ended June 30,
		2023
Expected volatility			79.3	%
Risk-free interest rate			4.66	%
Expected term (in years)			1.0
Expected dividend yield			0	%

The following weighted average assumptions were used in determining the fair value of stock options modified during the year ended December 31, 2023:

	Year Ended December 31,
		2023
Expected volatility			79.3	%
Risk-free interest rate			4.66	%
Expected term (in years)			1.0
Expected dividend yield			0	%

The following weighted average assumptions were used in determining the fair value of stock options during the year ended December 31, 2022:

	Year Ended December 31,
		2022
Expected volatility			75.1	%
Risk-free interest rate			1.81	%
Expected term (in years)			7.0
Expected dividend yield			0	%

Schedule of Share-Based Compensation Expense

The following table summarizes information related to share-based compensation expense recognized in the unaudited condensed consolidated statements of operations and comprehensive loss related to the equity awards:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	—	$	98,385	$	19,027	$	200,873
General and administrative		—		35,052		11,482		97,571
Total equity-based compensation	$	—	$	133,437	$	30,509	$	298,444

The following table summarizes information related to share-based compensation expense recognized in the statements of operations and comprehensive loss related to the equity awards:

	Year Ended December 31,
	2023		2022
Research and development	$	95,938	$	380,631
General and administrative		179,480		179,429
Total equity-based compensation	$	275,418	$	560,060