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Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the nine months ended September 30, 2023 was as follows:

		Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (years)				Aggregate Intrinsic Value
Outstanding options, December 31, 2022			7,095,462			$	1.99				5.79			$	109,891
Granted			2,911,750			$	0.57
Forfeited			(40,409	)		$	1.99
Exercised			(8,000	)		$	0.54
Expired			(137,574	)		$	2.06
Outstanding options, September 30, 2023			9,821,229			$	1.57				6.41			$	437,894
Options vested and exercisable, September 30, 2023			5,049,015			$	1.97				3.75			$	193,470

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 nine months ended September 30, 2023 and 2022, were calculated using the Black-Scholes option-pricing model using the following assumptions:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023			2022					2023					2022
Expected volatility		*			97.4			%		80.2 - 81.9			%		78.0 - 97.4			%
Weighted-average volatility		*				97.4		%			81.7		%			94.1		%
Expected dividends		*			—			%		—			%		—			%
Expected term (in years)		*			5.77 - 6.08					5.77 - 6.08					5.50 - 6.08
Risk-free rate		*			3.55 - 3.56			%		3.50 - 3.90			%		1.38 - 3.56			%

* No options were granted during the three months ended September 30, 2023.

Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the nine months ended September 30, 2023 was as follows:

		Number of shares				Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022			350,000			$	1.72
Granted			318,875			$	0.54
Vested			(106,250	)		$	1.72
Unvested as of September 30, 2023			562,625			$	1.04

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 was as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Research and development		$	155,596			$	165,607			$	469,821			$	683,646
General and administrative			483,650				412,596				1,417,020				1,362,018
Total		$	639,246			$	578,203			$	1,886,841			$	2,045,664

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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