Equity Incentive Plan (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Equity Incentive Plan |
|
| Schedule of stock option activity |
The following is a summary of stock option activity for the six months ended June 30, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
Number of |
|
Weighted- Average |
|
Contractual Life |
|
|
Options |
|
Exercise Price |
|
(In Years) |
Outstanding at December 31, 2020 |
|
246,893 |
|
$ |
20.90 |
|
7.20 |
Granted |
|
150,365 |
|
|
6.19 |
|
|
Expired |
|
(7,599) |
|
|
10.82 |
|
|
Forfeited |
|
(12,298) |
|
|
6.51 |
|
|
Outstanding at June 30, 2021 |
|
377,361 |
|
$ |
15.71 |
|
7.82 |
Exercisable at June 30, 2021 |
|
198,822 |
|
$ |
24.25 |
|
6.46 |
Vested and Expected to Vest at June 30, 2021 |
|
377,361 |
|
$ |
15.71 |
|
7.82 |
|
|
|
|
|
|
|
|
Outstanding at December 31, 2019 |
|
174,175 |
|
$ |
27.42 |
|
6.22 |
Granted |
|
93,165 |
|
|
6.31 |
|
|
Expired |
|
(17,114) |
|
|
10.59 |
|
|
Forfeited |
|
(3,333) |
|
|
7.20 |
|
|
Outstanding at June 30, 2020 |
|
246,893 |
|
$ |
20.90 |
|
7.71 |
Exercisable at June 30, 2020 |
|
134,574 |
|
$ |
32.90 |
|
6.25 |
Vested and Expected to Vest at June 30, 2020 |
|
246,893 |
|
$ |
20.90 |
|
7.71 |
|
| Schedule of weighted average assumptions |
For the six months ended June 30, 2021 and 2020, the fair value of each option grant has been estimated on the date of grant using the Black-Scholes Option Pricing Model with the following weighted-average assumptions:
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Risk-Free Interest Rate |
|
1.82 |
% |
1.82 |
% |
Expected Life |
|
5.00 |
years |
5.00 |
years |
Expected Volatility |
|
141 |
% |
153 |
% |
Expected Dividend Yield |
|
0 |
% |
0 |
% |
|
| Schedule of restricted stock activity |
The following is a summary of restricted stock activity for the six months ended June 30, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- Average |
|
|
Number of |
|
Weighted- Average |
|
Remaining |
|
|
Shares |
|
Grant Date Fair Value |
|
Recognition Period |
Non-vested Outstanding at December 31, 2020 |
|
67,420 |
|
$ |
7.10 |
|
1.66 |
Vested |
|
(37,041) |
|
|
7.39 |
|
|
Forfeited |
|
(2,051) |
|
|
6.86 |
|
|
Non-vested Outstanding at June 30, 2021 |
|
28,328 |
|
$ |
6.73 |
|
1.59 |
Non-vested Outstanding at December 31, 2019 |
|
50,187 |
|
$ |
8.64 |
|
1.49 |
Awarded |
|
49,000 |
|
|
6.55 |
|
|
Vested |
|
(16,022) |
|
|
8.82 |
|
|
Non-vested Outstanding at June 30, 2020 |
|
83,165 |
|
$ |
7.37 |
|
1.94 |
|
| Schedule of stock-based compensation expense |
The total stock-based compensation expense for employees and non-employees is included in the accompanying Condensed Consolidated Statements of Operations and as follows:
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Research and Development |
|
$ |
69,219 |
|
$ |
53,669 |
|
$ |
140,805 |
|
$ |
99,322 |
General and Administrative |
|
|
193,673 |
|
|
143,382 |
|
|
339,032 |
|
|
243,649 |
Total Stock-Based Compensation Expense |
|
$ |
262,892 |
|
$ |
197,051 |
|
$ |
479,837 |
|
$ |
342,971 |
|