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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Stock-Based Compensation [Abstract] |
Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  |  | Six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (unaudited) |  |  | (unaudited) |
Stock-Based Compensation |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 609,828 |  |  | $ | 806,548 |  |  | $ | 1,161,746 |  |  | $ | 1,607,312 |
General and administrative |  |  | 1,185,894 |  |  |  | 1,298,990 |  |  |  | 2,263,987 |  |  |  | 2,578,545 |
Total |  | $ | 1,795,722 |  |  | $ | 2,105,538 |  |  | $ | 3,425,733 |  |  | $ | 4,185,857 |
Assumptions Used to Value Stock Options Granted | The fair value of options granted during the three and six months ended June 30, 2024 and 2023 was estimated using the Black-Scholes option valuation model utilizing the following assumptions:
|  | Three Months Ended June 30 |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Weighted Average |  |  | Weighted Average |  |  | Weighted Average |  |  | Weighted Average |
|  | (unaudited) |  |  | (unaudited) |
Volatility |  |  | 106.26 | % |  |  | 143.87 | % |  |  | 137.07 | % |  |  | 142.07 | %
Risk-Free Interest Rate |  |  | 4.26 | % |  |  | 3.59 | % |  |  | 4.04 | % |  |  | 4.05 | %
Expected Term in Years |  |  | 5.96 |  |  |  | 6.08 |  |  |  | 6.06 |  |  |  | 6.08 |
Dividend Rate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Fair Value of Option on Grant Date |  | $ | 2.86 |  |  | $ | 5.09 |  |  | $ | 4.71 |  |  | $ | 10.64 |
Stock Option Activity | 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 at December 31, 2023 |  |  | 5,029,345 |  |  | $ | 6.43 |  |  |  | 7.42 |  |  | $ | 4,395,227 |
Granted |  |  | 1,192,648 |  |  |  | 5.12 |  |  |  | 9.70 |  |  |  | – |
Exercised |  |  | (156,073 | ) |  |  | 3.40 |  |  |  |  |  |  |  |  |
Forfeited and expired |  |  | (502,709 | ) |  |  | 8.68 |  |  |  |  |  |  |  |  |
Options outstanding at June 30, 2024 |  |  | 5,563,211 |  |  | $ | 6.03 |  |  |  | 7.46 |  |  | $ | 899,228 |
Vested and expected to vest at June 30, 2024 |  |  | 5,563,211 |  |  | $ | 6.03 |  |  |  | 7.46 |  |  | $ | 899,228 |
Exercisable at June 30, 2024 |  |  | 3,043,575 |  |  | $ | 5.79 |  |  |  | 6.25 |  |  | $ | 837,670 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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