STOCK OPTIONS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| 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.
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Twelve Months Ended December 31, |
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2021 |
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2020 |
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Research and development expenses |
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$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 |
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| SUMMARY OF FAIR VALUE OF OPTIONS GRANTED |
The weighted average assumptions used principally in determining the fair value of options granted were as follows:
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2021 |
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2020 |
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Risk free interest rate |
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0.76 |
% |
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|
0.59 |
% |
Expected dividend yield |
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|
0 |
% |
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|
0 |
% |
Expected term in years |
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|
6.23 |
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|
|
6.25 |
|
Expected volatility |
|
|
102.96 |
% |
|
|
83.56 |
% |
Estimated forfeiture rate |
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|
9.12 |
% |
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|
6.02 |
% |
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| SUMMARY OF OPTION ACTIVITY |
A summary of option activity for years ended December 31, 2021 and 2020 is presented below:
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Options |
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Shares |
|
Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Term in
Years |
|
Intrinsic
Value |
Outstanding at December 31, 2019 |
|
13,245,366 |
|
$ |
5.19 |
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|
|
|
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Granted |
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4,536,600 |
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|
5.00 |
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Exercised |
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(427,611) |
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|
1.77 |
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Forfeited |
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(3,064,712) |
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|
5.60 |
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Outstanding at December 31, 2020 |
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14,289,643 |
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|
5.15 |
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Granted |
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7,373,800 |
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|
2.36 |
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Exercised |
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(838,600) |
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|
1.13 |
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Forfeited |
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(5,479,653) |
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|
5.04 |
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Expired |
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(19,085) |
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|
6.97 |
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Outstanding at December 31, 2021 |
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15,326,105 |
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$ |
4.06 |
|
6.75 |
|
$ |
3,529,258 |
Exercisable at December 31, 2021 |
|
9,011,000 |
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$ |
4.87 |
|
5.22 |
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$ |
2,691,592 |
Vested and expected to vest at December 31, 2021 |
|
14,652,110 |
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$ |
4.14 |
|
6.64 |
|
$ |
3,340,598 |
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| 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:
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Options |
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Shares |
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Weighted
Average
Fair Value |
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Nonvested December 31, 2019 |
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5,409,272 |
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$ |
|
5.21 |
|
Granted |
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4,536,600 |
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|
|
|
3.53 |
|
Vested |
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(2,720,493 |
) |
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|
5.34 |
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Forfeited |
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(2,888,085 |
) |
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|
4.11 |
|
Nonvested December 31, 2020 |
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4,337,294 |
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$ |
|
4.14 |
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Granted |
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|
7,373,800 |
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|
|
|
1.91 |
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Vested |
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(2,241,925 |
) |
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|
4.02 |
|
Forfeited |
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(3,154,064 |
) |
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|
|
2.80 |
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Non-vested at December 31, 2021 |
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|
6,315,105 |
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$ |
|
2.26 |
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