Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Deferred Tax Assets

he components of the Company’s deferred tax assets and deferred tax liabilities are as follows:

	December 31, 2021			December 31, 2020
Deferred tax assets:
Net federal operating loss carryforward	$	76,470,431		$	52,329,877
Net foreign operating loss carryforward		88,480			86,829
Net state operating loss carryforward		47,672,157			32,410,604
Non-cash compensation		13,228,425			7,329,228
Research and development credits		14,455,797			13,028,222
Interest Expense		4,117,655			1,765,452
Charitable Contribution		5,418			5,408
Fixed Assets		2,840			7,883
Lease Liability		211,502			612,973
Accrued expenses		1,479,728			968,709
Deferred tax asset, excluding valuation allowance		157,732,433			108,545,185
Deferred tax liabilities:
Lease Asset		(224,958	)		(591,607	)
Deferred tax liability, excluding valuation allowance		(224,958	)		(591,607	)
Less valuation allowance		(157,507,475	)		(107,953,578	)
Net deferred tax assets	$	—		$	—

Schedule of Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows:

	December 31, 2021			December 31, 2020			December 31, 2019
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		14.0			13.7			13.5
Stock based compensation - Excess tax benefit	1.8				1.8			1.2
Other permanent differences		(0.1	)		(0.6	)		(0.1	)
Tax credit	1.3				2.5			4.2
Change in valuation allowance		(38.0	)		(38.4	)		(39.8	)
Effective tax rate		—	%		—	%		—	%