Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.24.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2021

 

 

609,895

 

 

$

14.58

 

 

 

6.99

 

Granted

 

 

144,982

 

 

 

6.00

 

 

 

—

 

Exercised

 

 

(3,643

)

 

 

12.12

 

 

 

—

 

Forfeited

 

 

(18,839

)

 

 

7.68

 

 

 

—

 

Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2022

 

 

732,395

 

 

 

13.14

 

 

 

6.20

 

Granted

 

 

111,668

 

 

 

3.03

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(4,540

)

 

 

10.74

 

 

 

—

 

Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2023

 

 

839,523

 

 

 

11.90

 

 

 

5.30

 

Exercisable at December 31, 2023

 

 

648,979

 

 

 

13.91

 

 

 

5.13

 
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, 2023 and 2022 were $3.03 and $3.84 , per share, respectively, and were calculated using the following estimated assumptions:

 

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

Weighted-average risk-free interest rate

 

 

4.27

%

 

 

2.17

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Expected volatility

 

 

98.45

%

 

 

84.88

%

Expected terms

 

4.38 years

 

 

4.39 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,

 

 

 

2023

 

 

2022

 

Research and development

 

$

160,080

 

 

$

120,671

 

Selling, general and administrative

 

 

340,068

 

 

 

337,476

 

Total stock-based compensation expense

 

$

500,148

 

 

$

458,147