Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
Stock-based compensation expense is presented in the same expense line items as cash compensation earned and for the three and nine months ended September 30 is as follows:
Three months ended September 30 Nine months ended September 30
2023 2022 2023 2022
Research and Development $ 118,439  $ 19,625  $ 249,352  $ 78,786 
General and Administrative 146,426  110,528  323,248  338,542 
Total Stock-Based Compensation Expense $ 264,865  $ 130,153  $ 572,600  $ 417,328 
Schedule of weighted average assumptions A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the nine months ended September 30, 2023 and 2022 is shown in the following table.
Nine months ended September 30
2023 2022
Risk-Free Interest Rate 4.54  % 2.42  %
Expected Life (years) 5.52 5.00
Expected Stock Price Volatility 141  % 140  %
Expected Dividend Yield —  % —  %
Schedule of stock option activity
Following is a summary of stock option activity for the nine months ended September 30, 2023:
Number of
Options		 Weighted Average
Exercise Price		 Weighted Average
Remaining
Term in Years
Outstanding at December 31, 2022 84,722 $ 36.90  9.59
Granted 764,400 $ 1.11 
Expired (417) $ 86.42 
Forfeited (17,452) $ 6.05 
Outstanding at September 30, 2023 831,253 $ 4.61  9.60
Exercisable and vested at September 30, 2023 149,764 $ 16.58  9.78
Schedule of restricted stock activity The following is a summary of restricted stock activity for the nine months ended September 30, 2023:
Number of
Units		 Weighted Average
Grant Date Fair Value		 Weighted Average
Remaining
Term in Years
Non-vested Outstanding at December 31, 2022 30,000 $ 6.78  2.79
Awarded 270,050 $ 1.06 
Released (58,834) $ 0.72 
Forfeited (3,300) $ 3.83 
Non-vested Outstanding at September 30, 2023 237,916 $ 1.82  2.79