Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Share-based compensation expense related to the issuance of stock options was as follows for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Research and development	$	13,506	$	14,349	$	48,675	$	74,256
General and administrative	241,443		262,172		772,139		658,547
	$	254,949	$	276,521	$	820,814	$	732,803

Schedule of Assumptions Used to Determine Fair Value of Share-Based Awards

The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of share-based awards granted to employees during the nine months ended September 30, 2023 and 2022 were as follows:

	2023	2022
Expected stock price volatility	91.98%	87.02%
Risk-free interest rate	3.86%	2.17%
Expected term (in years)	6.00	5.95
Expected dividend yield	—	—

Schedule of Share-Based Award Activity

The following table summarizes the share-based award activity for the periods presented:

	Number of Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	1,341,504	$	3.27	8.9	$	—
Granted	949,142	$	0.84
Forfeited	(52,037)	$	1.40
Outstanding at September 30, 2023	2,238,609	$	2.28	8.4	$	610,076
Vested and exercisable at September 30, 2023	839,347	$	3.80	7.5	$	—
Vested and expected to vest at September 30, 2023	2,238,609	$	2.28	8.4	$	610,076