Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 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 six months ended June 30 is as follows:
Three months ended June 30 Six months ended June 30
2023 2022 2023 2022
Research and Development $ 66,226  $ 26,540  $ 130,913  $ 59,160 
General and Administrative 105,569  44,714  176,823  228,015 
Total Stock-Based Compensation Expense $ 171,795  $ 71,254  $ 307,736  $ 287,175 
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 six months ended June 30, 2023 and 2022 is shown in the following table.
Six months ended June 30
2023 2022
Risk-Free Interest Rate 4.24  % 2.42  %
Expected Life (years) 5.00 5.00
Expected Stock Price Volatility 142  % 140  %
Expected Dividend Yield —  % —  %
Schedule of stock option activity
Following is a summary of stock option activity for the six months ended June 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 135,900 $ 3.62 
Expired (44) $ 295.00 
Forfeited (9,452) $ 7.93 
Outstanding at June 30, 2023 211,126 $ 16.72  9.45
Exercisable and vested at June 30, 2023 8,275 $ 285.03  7.08
Schedule of restricted stock activity The following is a summary of restricted stock activity for the six months ended June 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 40,550 $ 3.83 
Forfeited (3,300) $ 3.83 
Non-vested Outstanding at June 30, 2023 67,250 $ 5.15  2.50