Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table summarizes the stock-based compensation expense recorded in the Company’s results of operations during the three and nine months ended September 30, 2023 and 2022 for stock options and warrants:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	251,397	$	228,170	$	756,511	$	676,053
General and administrative		514,922		727,391		1,587,348		2,652,291
	$	766,319	$	955,561	$	2,343,859	$	3,328,344

Schedule of Fair Value of Employee Stock Options

The Company estimated the fair value stock options using the Black-Scholes option pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service periods of the respective awards. The fair value of stock options issued was estimated using the following:

	For The Nine Months September 30, 2023
Weighted average exercise price	$	1.06
Weighted average grant date fair value	$	0.70
Assumptions
Expected volatility		92%-102	%
Expected term (in years)		6.3 - 10.0
Risk-free interest rate		3.44%-4.19	%
Expected dividend yield		0.00	%

Schedule of Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 2023:

	Number of Shares			Weighted- Average Exercise Prices		Weighted- Average Remaining Contractual Term (In Years)		Intrinsic Value
Outstanding at January 1, 2023		2,909,057		$	5.96		7.46	$	24,279
Granted		2,759,950			1.06		-		-
Cancelled		(341,187	)		7.15		-		-
Outstanding at September 30, 2023		5,327,820		$	3.35		7.66	$	-
Exercisable at September 30, 2023		2,252,747		$	4.72		5.78	$	-