Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Assumptions used in Estimating Fair Value of Stock Options

The fair value of the stock options was estimated using the Black-Scholes option pricing model with the following assumptions:

Volatility	70.5	%
Expected term (years)	6.11
Risk-free interest rate	1.92	%
Expected dividend yield	0.0	%

Summary of Stock-Based Compensation Expense

For the three and six months ended June 30, 2022 and 2021, the Company recorded stock-based compensation expense for the period indicated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General and administrative:
RSU awards	$	27,033	$	114,527	$	84,112	$	208,567
Stock Options		24,691		—		47,696		—
General and administrative stock-based compensation expense		51,724		114,527		131,808		208,567
Research and development:
RSU awards		16,795		16,794		33,587		25,079
Stock Options		21,669		—		62,685		—
Research and development stock-based compensation expense		38,464		16,794		96,272		25,079
Total stock-based compensation expense	$	90,188	$	131,321	$	228,080	$	233,646