Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

The Company recognized stock-based compensation on all employee and non-employee awards as follows:

	For the Three Months Ended September 30, 2021		For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2021		For the Nine Months Ended September 30, 2020
Research and development	$	38,946	$	46,584	$	118,634	$	194,431
General and administrative		61,823		148,369		1,337,036		1,022,777
Total Stock-based compensation	$	100,769	$	194,953	$	1,455,670	$	1,217,208

The following table summarizes the stock option activity during the nine months ended September 30, 2021:

Summary of Stock Option Activity

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2020		5,801,349		$	0.90		8.52	$	2,773
Granted		1,720,000		$	1.19		—	$	—
Exercised		(756,540	)	$	0.48		—	$	—
Forfeited		(512,967	)	$	1.65		—	$	—
Outstanding at September 30, 2021		6,251,842		$	1.00		7.32	$	460,844

Exercisable at September 30, 2021		5,396,839		$	1.02		7.10	$	410,777

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2020 and September 30, 2021, respectively.