Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Option Activity Under 2011 Plan and 2020 Plan

The following is a summary of option activity under the 2011 Plan and the 2020 Plan:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price
Per Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(In Years)

 

Outstanding at December 31, 2020

 

 

3,596,444

 

 

$

2.27

 

 

 

7.73

 

Granted

 

 

215,898

 

 

 

3.88

 

 

 

 

Exercised

 

 

(112,268

)

 

 

0.70

 

 

 

 

Forfeited

 

 

(40,708

)

 

 

0.38

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2021

 

 

3,659,366

 

 

 

2.43

 

 

 

6.99

 

Granted

 

 

869,887

 

 

 

1.00

 

 

 

 

Exercised

 

 

(21,854

)

 

 

2.02

 

 

 

 

Forfeited

 

 

(113,030

)

 

 

1.28

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

4,394,369

 

 

 

2.19

 

 

 

6.20

 

Exercisable at December 31, 2022

 

 

3,497,813

 

 

 

2.33

 

 

 

1.64

 

Schedule of Estimated Assumptions of Weighted-Average Fair Values of Options Granted

The weighted-average fair values of options granted in the years ended December 31, 2022 and 2021 were $0.64 and $2.24, per share, respectively, and were calculated using the following estimated assumptions:

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

Weighted-average risk-free interest rate

 

 

2.17

%

 

 

0.59

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Expected volatility

 

 

84.88

%

 

 

82.22

%

Expected terms

 

4.39 years

 

 

3.97 years

 

Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees

The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

120,671

 

 

$

665,834

 

Selling, general and administrative

 

 

337,476

 

 

 

866,042

 

Total stock-based compensation expense

 

$

458,147

 

 

$

1,531,876