Stock Award Plan and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Option Activity for Employees and Non-Employees

Stock option activity for employees and non-employees for the six months ended June 30, 2022 is as follows:

	Shares Issuable Pursuant to Stock Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (years)		Total Intrinsic Value (in thousands)
Outstanding January 1, 2022		264,929	$	34.10		7.9	$	—
Granted		202,500	$	6.11
Exercised		—	$	—
Forfeited		—	$	—
Outstanding June 30, 2022		467,429	$	21.97		8.4	$	—
Exercisable June 30, 2022		160,249	$	41.98		6.6	$	—
Available for future grant		352,166

Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options

The Company uses the Black-Scholes model to estimate the fair value of stock options granted. For stock options granted during the six months ended June 30, 2022 and 2021, the Company utilized the following assumptions:

	Six Months Ended
	June 30, 2022	June 30, 2021
Expected term (years)	5.50-6.25	5.50
Risk free interest rate	1.96%-3.25%	0.86%
Volatility	76%-97%	75%
Dividend yield	0%	0%
Weighted average grant date fair value per share of common stock	$4.78	$14.64

Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations

The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	514,806	$	641,373	$	1,015,979	$	1,285,549
General and administrative		556,799		742,687		1,108,282		1,614,575
Total	$	1,071,605	$	1,384,060	$	2,124,261	$	2,900,124