Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
Schedule
of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Research and development | |
$ | 83,229 | | |
$ | 63,021 | | |
$ | 178,742 | | |
$ | 142,673 | |
General and administrative | |
| 81,636 | | |
| 76,548 | | |
| 163,895 | | |
| 167,924 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 164,865 | | |
$ | 139,569 | | |
$ | 342,637 | | |
$ | 310,597 | |
|
Schedule of Key Assumption of Fair Value of Stock Options Granted |
For
options granted during the six months ended June 30, 2023 and 2022, the Company calculated the fair value of each option grant on the
respective dates of grant using the following weighted average assumptions:
Schedule
of Key Assumption of Fair Value of Stock Options Granted
| |
2023 | | |
2022 | |
Expected term | |
| 5.73 years | | |
| 5.77 years | |
Risk-free interest rate | |
| 3.73 | % | |
| 1.93 | % |
Expected dividend yield | |
| — | | |
| — | |
Expected volatility | |
| 98.97 | % | |
| 101.67 | % |
| |
June 30, 2023 | | |
December 31, 2022 | |
Expected life in years | |
| 1.38 | | |
| 1.88 | |
Risk-free interest rate | |
| 5.25 | % | |
| 4.41 | % |
Dividend yield | |
| — | | |
| — | |
Volatility | |
| 100.00 | % | |
| 100.00 | % |
Stock price | |
$ | 5.04 | | |
$ | 6.77 | |
|
Schedule of Stock Option Activity |
A
summary of stock option activity is as follows:
Schedule
of Stock Option Activity
| |
Outstanding stock options | |
| |
Number of
shares | | |
Weighted average
exercise price | |
Balance at December 31, 2022 | |
| 277,225 | | |
$ | 38.44 | |
Options granted | |
| 26,467 | | |
| 6.19 | |
Options exercised | |
| - | | |
| - | |
Options forfeited | |
| (7,352 | ) | |
| 6.91 | |
Options cancelled | |
| (32,190 | ) | |
| 47.77 | |
Balance at June 30, 2023 | |
| 264,150 | | |
| 34.95 | |
| |
| | | |
| | |
Options exercisable at June 30, 2023 | |
| 167,770 | | |
| 48.55 | |
|
Schedule of Share-based Compensation of Stock Options Outstanding and Exercisable |
The
following table summarizes information about stock options outstanding and exercisable at June 30, 2023:
Schedule
of Share-based Compensation of Stock Options Outstanding and Exercisable
Options outstanding | | |
Options exercisable | |
Number
outstanding | | |
Weighted
average
remaining
contractual
life
(Years) | | |
Weighted
average
exercise
price | | |
Aggregate
intrinsic
value | | |
Number
exerciseable | | |
Weighted
average
remaining
contractual
life
(Years) | | |
Weighted
average
exercise
price | | |
Aggregate
intrinsic
value | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| 264,150 | | |
| 7.06 | | |
$ | 34.95 | | |
$ | 4,586 | | |
| 167,770 | | |
| 5.88 | | |
$ | 48.55 | | |
$ | - | |
|
Schedule of Reconciliation of Warrant Liability |
Schedule
of Reconciliation of Warrant Liability
| |
Warrant Liability | |
Balance at December 31, 2022 | |
$ | 229,856 | |
Settlement of liability on warrant exercise | |
| - | |
Change in fair value of common stock warrants | |
| (125,589 | ) |
Balance at June 30, 2023 | |
$ | 104,267 | |
|
Schedule of Number of Warrants Outstanding and the Weighted Average Exercise Price |
The
following table summarizes the number of common stock warrants outstanding and the weighted average exercise price:
Schedule
of Number of Warrants Outstanding and the Weighted Average Exercise Price
| |
Warrants | | |
Weighted Average
Exercise Price | |
Outstanding at December 31, 2022 | |
| 113,795 | | |
$ | 8.72 | |
Issued | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Cancelled | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Balance at June 30, 2023 | |
| 113,795 | | |
$ | 8.72 | |
|
Schedule of Common Stock Warrants Outstanding |
The
following table summarizes information about common stock warrants outstanding at June 30, 2023:
Schedule of Common Stock Warrants Outstanding
Warrants outstanding | |
Number exercisable | | |
Weighted average
remaining
contractual life
(Years) | | |
Weighted average
exercise price | | |
Aggregate intrinsic
value | |
| | |
| | |
| | |
| |
| 113,795 | | |
| 1.51 | | |
$ | 8.72 | | |
$ | - | |
|