Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

In connection with all stock-based payment awards, total stock-based compensation expense, net of estimated forfeitures, recognized in the condensed consolidated statements of operations and comprehensive loss was as follows:


	Three Months Ended March 31,
	2023		2022

Research and development expenses	$	93,922	$	176,218
General and administrative expenses		932,457		1,415,528
Total stock-based compensation	$	1,026,379	$	1,591,746

The total stock-based compensation expense recognized by award type was as follows:


	Three Months Ended March 31,
	2023		2022

Stock Options	$	1,023,741	$	1,591,746
Restricted Stock Units		2,638		—
Total stock-based compensation	$	1,026,379	$	1,591,746

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

The weighted average assumptions used principally in determining the fair value of options granted to employees were as follows:


	Three Months Ended March 31,
	2023			2022
Risk free interest rate		3.85	%		1.70	%
Expected dividend yield	0%				0	%
Expected term in years	6.25				6.25
Expected volatility		100.13	%		97.49	%
Estimated forfeiture rate		17.64	%		13.00	%

SUMMARY OF OPTION ACTIVITY

A summary of option activity for the three months ended March 31, 2023 and is presented below:


Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Outstanding at December 31, 2022		617,996		$	88.99
Granted		246,967			4.22
Exercised		(43,836	)		0.85
Forfeited or Canceled		(15,768	)		55.23
Outstanding at March 31, 2023		805,359		$	68.23		7.35	$	21,943,617
Vested at March 31, 2023		406,396		$	113.92		5.56	$	5,049,321
Vested and expected to vest at March 31, 2023		715,248		$	75.45		7.08	$	17,485,170

SUMMARY OF NON-VESTED STOCK OPTIONS

A summary of RSU activity for the three months ended March 31, 2023 and is presented below:


RSU's	Number of Shares Underlying RSUs		Weighted Average Grant Date Fair Value
Unvested at December 31, 2022		—	$	—
Granted		23,990		4.26
Forfeited		—		—
Vested		—		—
Unvested at March 31, 2023		23,990	$	4.26