Stockholders' Equity (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Stockholders' Equity [Abstract] |
|
|
| Schedule of Stock-Based Compensation Expense |
The Company recorded stock-based compensation expense as follows:
|
|
|
For the Three Months Ended
June 30,
|
|
For the Six Months Ended
June 30,
|
| |
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Research and development
|
|
$
|
33,211 |
|
$
|
19,601 |
|
$
|
44,983 |
|
$
|
46,409 |
|
General and administrative
|
|
|
299,550 |
|
|
417,355 |
|
|
625,379 |
|
|
844,970 |
|
Total
|
|
$
|
332,761 |
|
$
|
436,956 |
|
$
|
670,362 |
|
$
|
891,379 |
|
The Company recorded stock-based compensation expense as follows:
|
|
|
For the Years Ended
December 31,
|
| |
|
2022
|
|
2021
|
|
Research and development
|
|
$
|
81,706 |
|
$
|
223,476 |
|
General and administrative
|
|
|
1,582,205 |
|
|
2,320,236 |
|
Total
|
|
$
|
1,663,911 |
|
$
|
2,543,712 |
|
| Schedule of Stock Option Activity |
The following table represents stock option activity for the six months ended June 30, 2023:
|
|
|
Stock Options
|
|
Weighted Average
|
|
Aggregate
Intrinsic
Value
|
|
Exercise Price
|
|
Fair Value
Vested
|
|
Contractual
Life (Years)
|
|
|
Outstanding
|
|
Exercisable
|
|
Outstanding
|
|
Exercisable
|
|
|
Balance – December 31, 2022
|
|
317,857 |
|
|
194,853 |
|
$
|
44.53 |
|
$
|
38.53 |
|
$
|
38.53 |
|
6.99 |
|
$
|
|
|
Granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancelled
|
|
(66,936 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – June 30, 2023
|
|
250,921 |
|
|
159,706 |
|
$
|
46.05 |
|
$
|
35.92 |
|
$
|
35.92 |
|
6.27 |
|
$
|
|
|
The following table represents stock option activity for the years ended December 31, 2022 and 2021:
|
|
|
|
|
|
|
Weighted Average
|
|
Aggregate
Intrinsic
Value
|
| |
|
Stock Options
|
|
Exercise Price
|
|
Fair Value
Vested
|
|
Contractual
Life (Years)
|
|
| |
|
Outstanding
|
|
Exercisable
|
|
Outstanding
|
|
Exercisable
|
|
|
Balance – January 1, 2021
|
|
248,997 |
|
|
179,682 |
|
$
|
61.80 |
|
$
|
50.40 |
|
$
|
50.40 |
|
6.27 |
|
$
|
—
|
|
Granted
|
|
210,467 |
|
|
42,181 |
|
|
39.72 |
|
|
40.73 |
|
|
17.95 |
|
6.27 |
|
|
—
|
|
Exercised
|
|
(42,072 |
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
— |
|
|
—
|
|
Cancelled
|
|
(50,981 |
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
— |
|
|
—
|
|
Balance – December 31, 2021
|
|
366,411 |
|
|
204,230 |
|
$
|
51.30 |
|
$
|
47.40 |
|
$
|
47.40 |
|
6.27 |
|
$
|
—
|
|
Granted
|
|
19,367 |
|
|
694 |
|
|
10.42 |
|
|
10.42 |
|
|
4.53 |
|
6.27 |
|
|
—
|
|
Exercised
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
— |
|
|
—
|
|
Cancelled
|
|
(67,921 |
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
— |
|
|
—
|
|
Balance – December 31, 2022
|
|
317,857 |
|
|
194,853 |
|
$
|
45.38 |
|
$
|
38.65 |
|
$
|
38.65 |
|
6.27 |
|
$
|
—
|
|
| Schedule of Stock Options Outstanding and Exercisable |
The following table summarizes information on stock options outstanding and exercisable as of June 30, 2023:
|
Grant Price
|
|
Weighted Average
Exercise Price
|
|
Total
Outstanding
|
|
Number
Exercisable
|
|
Weighted Average
Remaining
Contractual Term
|
|
From
|
|
To
|
|
|
$
|
6.00 |
|
$
|
60.60 |
|
$
|
35.93 |
|
218,966 |
|
127,751 |
|
6.46 years |
|
$
|
63.00 |
|
$
|
138.00 |
|
$
|
83.77 |
|
20,521 |
|
20,527 |
|
2.69 years |
|
$
|
159.00 |
|
$
|
181.20 |
|
$
|
172.14 |
|
11,434 |
|
11,464 |
|
4.59 years |
|
|
|
|
|
|
|
|
|
|
250,921 |
|
159,742 |
|
|
|
The following table summarizes information on stock options outstanding and exercisable as of December 31, 2022:
|
Grant Price
|
|
Weighted Average
Exercise Price
|
|
Total
Outstanding
|
|
Number
Exercisable
|
|
Weighted Average
Remaining
Contractual Term
|
|
From
|
|
To
|
|
|
$
|
6.00 |
|
$
|
60.60 |
|
$
|
34.32 |
|
268,357 |
|
147,218 |
|
7.20 years |
|
$
|
63.00 |
|
$
|
138.00 |
|
$
|
78.22 |
|
38,066 |
|
36,201 |
|
5.01 years |
|
$
|
159.00 |
|
$
|
265.80 |
|
$
|
172.14 |
|
11,434 |
|
11,434 |
|
5.32 years |
|
|
|
|
|
|
|
|
Totals
|
|
317,857 |
|
194,853 |
|
|
|
| Schedule of Warrant Activity |
The following table represents warrant activity for the six months ended June 30, 2023:
|
|
|
Warrants
|
|
Weighted Average
|
|
Aggregate
Intrinsic
Value
|
|
Exercise Price
|
|
Fair Value
Vested
|
|
Contractual
Life (Years)
|
|
|
Outstanding
|
|
Exercisable
|
|
Outstanding
|
|
Exercisable
|
|
|
Balance – December 31, 2022
|
|
1,178,169 |
|
|
1,178,169 |
|
$
|
30.67 |
|
$
|
30.67 |
|
$
|
17.83 |
|
3.41 |
|
$
|
|
|
Granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
Exercised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
Cancelled
|
|
(854 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
Balance – June 30, 2023
|
|
1,177,315 |
|
|
1,177,315 |
|
$
|
30.66 |
|
$
|
30.66 |
|
$
|
17.79 |
|
2.91 |
|
$
|
|
|
The following table represents warrant activity for the years ended December 31, 2022 and 2021:
|
|
|
|
|
|
|
Weighted Average
|
|
Aggregate
Intrinsic
Value
|
| |
|
Warrants
|
|
Exercise Price
|
|
Fair Value
Vested
|
|
Contractual
Life (Years)
|
|
| |
|
Outstanding
|
|
Exercisable
|
|
Outstanding
|
|
Exercisable
|
|
|
Balance – January 1, 2021
|
|
645,761 |
|
|
516,532 |
|
$
|
48.60 |
|
$
|
48.30 |
|
$
|
24.30 |
|
4.07 |
|
$
|
—
|
|
Granted
|
|
696,444 |
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Exercised
|
|
(48,368 |
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Cancelled
|
|
(106,035 |
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Balance – December 31, 2021
|
|
1,187,803 |
|
|
1,187,664 |
|
$
|
31.20 |
|
$
|
31.20 |
|
$
|
15.90 |
|
4.38 |
|
$
|
—
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Exercised
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Cancelled
|
|
(9,634 |
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
Balance – December 31, 2022
|
|
1,178,169 |
|
|
1,178,169 |
|
$
|
30.67 |
|
$
|
30.67 |
|
$
|
17.83 |
|
3.41 |
|
$
|
—
|
|