Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Stock Based Compensation [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, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	226,421	$	251,397	$	679,678	$	756,511
General and administrative		341,251		514,922		1,123,336		1,587,348
	$	567,672	$	766,319	$	1,803,014	$	2,343,859

Schedule of Stock Option Activity

The following table summarizes stock option activity during the nine months ended September 30, 2024:

	Number of Shares			Weighted- Average Exercise Prices		Weighted- Average Remaining Contractual Term (In Years)		Intrinsic Value
Outstanding at January 1, 2024		233,340		$	74.63		7.66	$	-
Granted		72,834			1.82		-		-
Cancelled		(6,898	)		9.46		-		-
Outstanding at September 30, 2024		298,919		$	58.25		7.56	$	11,654
Exercisable at September 30, 2024		144,188		$	98.34		7.56	$	-

Schedule of Fair Value of Stock Options Issued was Estimated Assumptions

The fair value of stock options issued was estimated using the following assumptions:

	For The Nine Months September 30, 2024
Weighted average exercise price	$	1.82
Weighted average grant date fair value	$	1.49
Assumptions
Expected volatility		101	%
Expected term (in years)		5.3 – 6.3
Risk-free interest rate		4.23	%
Expected dividend yield		0.00	%

Schedule of RSU Activity

The following table summarizes RSU activity during the nine months ended September 30, 2024:

	Number of Shares			Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2024		-		$	-
Granted		217,441			2.15
Vested		-			-
Forfeited		(3,556	)		2.08
Unvested balance at September 30, 2024		213,885		$	2.16