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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity for Amended 2014 Plan and Related Information | The table below summarizes stock option activity under the Company's stock incentive plans and related information for the six months ended June 30, 2023. The exercise price of all options granted during the six months ended June 30, 2023 was equal to the market value of the Company’s common stock on the date of grant. As of June 30, 2023, unamortized stock-based compensation expense of approximately $5.6 million will be amortized over a weighted average period of 2.47 years. The number of shares of common stock available for future awards granted under the 2022 Plan at June 30, 2023 was 6,718,916.
| Number of Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2022 | 6,612,554 |  |  | $ | 1.60 |
Granted | 2,857,665 |  |  | 1.13 |
Exercised | — |  |  |
Cancelled/forfeited | — |  |  |
Expired | — |  |  |
Outstanding at June 30, 2023 | 9,470,219 |  |  | $ | 1.46 |
Exercisable at June 30, 2023 | 4,769,873 |  |  | $ | 1.50 |
Summary of Recognized Stock-Based Compensation Expense Related to Stock Options Granted to Employees and Directors | Total stock-based compensation expense related to stock options granted to employees and directors recognized in the condensed consolidated statements of operations is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Research and development | $ | 210,198 |  |  | $ | 171,938 |  |  | $ | 410,499 |  |  | $ | 346,552 |
General and administrative | 439,988 |  |  | 365,583 |  |  | 864,308 |  |  | 723,378 |
Total | $ | 650,186 |  |  | $ | 537,521 |  |  | $ | 1,274,807 |  |  | $ | 1,069,930 |

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