Equity Incentive Plan (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Equity Incentive Plan |
|
| Schedule of stock option activity |
The following is a summary of stock option activity for the nine months ended September 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 |
|
265,865 |
|
|
4.80 |
|
|
Expired |
|
(13,876) |
|
|
20.40 |
|
|
Forfeited |
|
(26,833) |
|
|
6.51 |
|
|
Outstanding at September 30, 2021 |
|
472,049 |
|
$ |
12.66 |
|
7.97 |
Exercisable at September 30, 2021 |
|
200,500 |
|
$ |
23.30 |
|
5.97 |
Vested and Expected to Vest at September 30, 2021 |
|
472,049 |
|
$ |
12.66 |
|
7.97 |
|
|
|
|
|
|
|
|
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 September 30, 2020 |
|
246,893 |
|
$ |
20.90 |
|
7.46 |
Exercisable at September 30, 2020 |
|
138,317 |
|
$ |
32.22 |
|
6.05 |
Vested and Expected to Vest at September 30, 2020 |
|
246,893 |
|
$ |
20.90 |
|
7.46 |
|
| Schedule of weighted average assumptions |
For the nine months ended September 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 |
|
140 |
% |
153 |
% |
Expected Dividend Yield |
|
0 |
% |
0 |
% |
|
| Schedule of restricted stock activity |
The following is a summary of restricted stock activity for the nine months ended September 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 |
|
(43,222) |
|
|
7.39 |
|
|
Forfeited |
|
(5,971) |
|
|
6.66 |
|
|
Non-vested Outstanding at September 30, 2021 |
|
18,227 |
|
$ |
6.55 |
|
1.35 |
Non-vested Outstanding at December 31, 2019 |
|
50,187 |
|
$ |
8.64 |
|
1.49 |
Awarded |
|
49,000 |
|
|
6.55 |
|
|
Vested |
|
(23,889) |
|
|
8.73 |
|
|
Non-vested Outstanding at September 30, 2020 |
|
75,298 |
|
$ |
7.25 |
|
1.78 |
|
| 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 |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Research and Development |
|
$ |
35,552 |
|
$ |
49,267 |
|
$ |
176,357 |
|
$ |
148,588 |
General and Administrative |
|
|
113,917 |
|
|
138,466 |
|
|
452,949 |
|
|
382,116 |
Total Stock-Based Compensation Expense |
|
$ |
149,469 |
|
$ |
187,733 |
|
$ |
629,306 |
|
$ |
530,704 |
|