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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Recognized Stock-Based Compensation Expense | The Company’s stock-based compensation expense was recognized in operating expenses as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Research and development | $ | 579,917 |  |  | $ | 387,384 |  |  | $ | 1,090,177 |  |  | $ | 782,876 |
General and administrative | 1,368,731 |  |  | 1,332,833 |  |  | 2,774,988 |  |  | 2,262,153 |
Total | $ | 1,948,648 |  |  | $ | 1,720,217 |  |  | $ | 3,865,165 |  |  | $ | 3,045,029 |
Schedule of Allocation of Stock-based Compensation Expense by Plan |
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Stock options | $ | 1,935,202 |  |  | $ | 1,700,041 |  |  | $ | 3,836,565 |  |  | $ | 3,003,834 |
Employee Stock Purchase Plan | 13,446 |  |  | 20,176 |  |  | 28,600 |  |  | 41,195 |
Total | $ | 1,948,648 |  |  | $ | 1,720,217 |  |  | $ | 3,865,165 |  |  | $ | 3,045,029 |
Schedule of Assumptions Used to Compute Fair Value of Employee Option Granted | The fair value of employee options granted during the three and six months ended June 30, 2023 and 2022 was estimated utilizing the following assumptions:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
| Weighted Average |  | Weighted Average |  | Weighted Average |  | Weighted Average
Volatility | 84.11 | % |  | 87.20 | % |  | 84.56 | % |  | 87.20 | %
Expected term in years | 6.08 |  | 6.08 |  | 6.07 |  | 6.08
Dividend rate | 0.00 | % |  | 0.00 | % |  | 0.00 | % |  | 0.00 | %
Risk-free interest rate | 3.63 | % |  | 2.78 | % |  | 3.97 | % |  | 2.16 | %
Fair value of option on grant date | $ | 2.66 |  |  | $ | 2.38 |  |  | $ | 1.92 |  |  | $ | 2.17 |
The fair value of non-employee options granted during the three and six months ended June 30, 2023 and 2022 was estimated utilizing the following assumptions:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
| Weighted Average |  | Weighted Average |  | Weighted Average |  | Weighted Average
Volatility | 83.00 | % |  | — | % |  | 83.00 | % |  | — | %
Expected term in years | 5.25 |  | 0.00 |  | 5.25 |  | 0.00
Dividend rate | 0.00 | % |  | 0.00 | % |  | 0.00 | % |  | 0.00 | %
Risk-free interest rate | 3.89 | % |  | — | % |  | 3.89 | % |  | — | %
Fair value of option on grant date | $ | 2.42 |  |  | $ | — |  |  | $ | 2.42 |  |  | $ | — |
Schedule of Options Outstanding and Weighted Average Exercise Price | The following table summarizes the number of options outstanding and the weighted average exercise price:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
Options outstanding December 31, 2022 | 12,961,238 |  |  | $ | 4.13 |  |  | 7.42 |  | $ | 62,158 |
Granted | 3,000,500 |  |  | 2.62 |  |  | 9.69 |  |
Exercised | (91,078) |  |  | 2.52 |  |  |  |  |
Forfeited or expired | (421,825) |  |  | 3.25 |  |  |  |  |
Options outstanding June 30, 2023 | 15,448,835 |  |  | $ | 3.87 |  |  | 7.37 |  | $ | 5,854,085 |
Vested and exercisable at June 30, 2023 | 8,607,516 |  |  | $ | 4.64 |  |  | 6.17 |  | $ | 2,406,178 |

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