Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS (Tables)

v3.22.0.1
STOCK OPTIONS (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

For stock options issued and outstanding for the years ended December 31, 2021 and 2020, the Company recorded non-cash, stock-based compensation expense of $9,480,373 and $12,458,229, respectively, net of estimated forfeitures.

 

 

 

Twelve Months Ended December 31,

 

 

2021

 

2020

 

 

 

 

 

Research and development expenses

 

$2,969,347

 

$5,336,472

General and administrative expenses

 

6,511,026

 

7,121,757

Total stock-based compensation

 

$9,480,373

 

$12,458,229

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

The weighted average assumptions used principally in determining the fair value of options granted were as follows:

 

 

 

2021

 

 

2020

 

Risk free interest rate

 

 

0.76

%

 

 

0.59

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected term in years

 

 

6.23

 

 

 

6.25

 

Expected volatility

 

 

102.96

%

 

 

83.56

%

Estimated forfeiture rate

 

 

9.12

%

 

 

6.02

%

 

SUMMARY OF OPTION ACTIVITY

A summary of option activity for years ended December 31, 2021 and 2020 is presented below:

 

Options

 

Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term in
Years

 

Intrinsic
Value

Outstanding at December 31, 2019

 

13,245,366

 

$

5.19

 

 

 

 

 

Granted

 

4,536,600

 

 

5.00

 

 

 

 

 

Exercised

 

  (427,611)

 

 

1.77

 

 

 

 

 

Forfeited

 

  (3,064,712)

 

 

5.60

 

 

 

 

 

Outstanding at December 31, 2020

 

14,289,643

 

 

5.15

 

 

 

 

 

Granted

 

7,373,800

 

 

2.36

 

 

 

 

 

Exercised

 

  (838,600)

 

 

1.13

 

 

 

 

 

Forfeited

 

  (5,479,653)

 

 

5.04

 

 

 

 

 

Expired

 

  (19,085)

 

 

6.97

 

 

 

 

 

Outstanding at December 31, 2021

 

15,326,105

 

$

4.06

 

6.75

 

$

3,529,258

Exercisable at December 31, 2021

 

9,011,000

 

$

4.87

 

5.22

 

$

2,691,592

Vested and expected to vest at December 31, 2021

 

14,652,110

 

$

4.14

 

6.64

 

$

3,340,598

SUMMARY OF NON-VESTED STOCK OPTIONS

As summary of non-vested stock options for the years ended December 31, 2021 and 2020 is presented below:

 

Options

 

Shares

 

 

Weighted
Average
Fair Value

 

Nonvested December 31, 2019

 

 

5,409,272

 

 

$

 

5.21

 

Granted

 

 

4,536,600

 

 

 

 

3.53

 

Vested

 

 

(2,720,493

)

 

 

 

5.34

 

Forfeited

 

 

(2,888,085

)

 

 

 

4.11

 

Nonvested December 31, 2020

 

 

4,337,294

 

 

$

 

4.14

 

Granted

 

 

7,373,800

 

 

 

 

1.91

 

Vested

 

 

(2,241,925

)

 

 

 

4.02

 

Forfeited

 

 

(3,154,064

)

 

 

 

2.80

 

Non-vested at December 31, 2021

 

 

6,315,105

 

 

$

 

2.26