Post-effective amendment to a registration statement that is not immediately effective upon filing

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