Stock Option Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the six months ended June 30, 2024 was as follows:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (periods)		Aggregate Intrinsic Value
Outstanding options, December 31, 2023		1,009,519		$	15.01		6.19	$	664,967
Granted		1,104,000		$	5.13
Forfeited		(204,767	)	$	6.60
Exercised		(3,780	)	$	5.40
Expired		(18,599	)	$	44.28
Outstanding options, June 30, 2024		1,886,373		$	9.92		7.63
Options vested and exercisable, June 30, 2024		618,836		$	18.12		4.05

Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options

The estimated fair value of stock options granted to employees and consultants during the three and six months ended June 30, 2024 and 2023, were calculated using the Black-Scholes option-pricing model using the following assumptions:

	Three Months Ended June 30,							For The Six Months Ended June 30,
	2024			2023				2024			2023
Expected volatility	90.4		%	80.2 - 81.5			%	89.9 - 90.4		%	80.2 - 81.9			%
Weighted-average volatility		90.4	%		80.9	%	%		89.9	%		81.7	%	%
Expected dividends	—		%	—			%	—		%	—			%
Expected term (in periods)	6.08			5.77 - 6.08				5.73 - 6.08			5.77 - 6.08
Risk-free rate	4.27		%	3.50 - 3.90			%	4.26 - 4.32		%	3.50 - 3.90			%

Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the six months ended June 30, 2024 was as follows:

	Number of shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023		66,887		$	11.56
Vested		(27,160	)	$	11.20
Unvested as of June 30, 2024		39,727		$	10.59

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows:

	Three Months Ended June 30,				For The Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	274,317	$	166,534	$	490,668	$	314,225
General and administrative		327,116		478,281		728,210		933,370
Total	$	601,433	$	644,815	$	1,218,878	$	1,247,595