Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

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

	For the Three Months Ended June 30, 2021		For the Three Months Ended June 30, 2020		For the Six Months Ended June 30, 2021		For the Six Months Ended June 30, 2020
Research and development	$	48,761	$	25,328	$	79,688	$	147,847
General and administrative		182,379		131,817		1,275,213		874,408
Total Stock-based compensation	$	231,140	$	157,145	$	1,354,901	$	1,022,255

The following table summarizes the stock option activity during the six months ended June 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		1,670,000		$	1.20		—	$	—
Exercised		(556,540	)	$	0.48		—	$	—
Forfeited		(417,167	)	$	1.24		—	$	—
Outstanding at June 30, 2021		6,497,642		$	0.99		7.26	$	759,709

Exercisable at June 30, 2021		5,564,305		$	1.00		6.96	$	677,808

(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 June 30, 2021, respectively.