Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS (Tables)

v3.22.4
STOCK OPTIONS (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

For stock options issued and outstanding for the years ended December 31, 2022 and 2021, the Company recorded non-cash, stock-based compensation expense of $5,719,637 and $9,480,373, respectively, net of estimated forfeitures.

 

 

 

 

Twelve Months Ended December 31,

 

 

 

2022

 

2021

 

 

 

 

 

 

Research and development expenses

 

 

$577,472

 

$2,969,347

General and administrative expenses

 

 

5,142,165

 

6,511,026

Total stock-based compensation

 

 

$5,719,637

 

$9,480,373

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

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

 

 

 

Twelve Months Ended December 31,

 

 

 

2022

 

 

2021

 

Risk free interest rate

 

 

1.99

%

 

 

0.76

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected term in years

 

 

6.25

 

 

 

6.23

 

Expected volatility

 

 

98.08

%

 

 

102.96

%

Estimated forfeiture rate

 

 

12.43

%

 

 

9.12

%

 

 

SUMMARY OF OPTION ACTIVITY

A summary of option activity for years ended December 31, 2022 and 2021 is presented below:

 

Options

 

Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Term in
Years

 

Intrinsic
Value

Outstanding at December 31, 2020

 

476,321

 

 

154.50

 

 

 

 

 

Granted

 

245,793

 

 

70.80

 

 

 

 

 

Exercised

 

(27,953)

 

 

33.90

 

 

 

 

 

Forfeited or canceled

 

(182,655)

 

 

151.20

 

 

 

 

 

Expired

 

(636)

 

 

209.10

 

 

 

 

 

Outstanding at December 31, 2021

 

510,870

 

$

121.90

 

 

 

 

 

Granted

 

185,169

 

 

12.90

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

Forfeited or canceled

 

(56,019)

 

 

107.13

 

 

 

 

 

Expired

 

(22,024)

 

 

166.53

 

 

 

 

 

Outstanding at December 31,
2022

 

617,996

 

$

88.99

 

6.78

 

$

11,195,964

Exercisable at December 31,
2022

 

358,611

 

$

125.97

 

5.37

 

$

3,177,014

Vested and expected to vest at December 31, 2022

 

584,143

 

$

92.55

 

6.66

 

$

9,969,530

SUMMARY OF NON-VESTED STOCK OPTIONS

As summary of non-vested stock options for the years ended December 31, 2022 and 2021 is presented below:

 

Options

 

Shares

 

 

Weighted
Average
Fair Value

 

Non-vested December 31, 2020

 

 

144,576

 

 

$

 

124.20

 

Granted

 

 

245,793

 

 

 

 

57.30

 

Vested

 

 

(74,731

)

 

 

 

120.60

 

Forfeited

 

 

(105,135

)

 

 

 

84.00

 

Non-vested at December 31, 2021

 

 

210,503

 

 

$

 

67.80

 

Granted

 

 

185,169

 

 

 

 

10.19

 

Vested

 

 

(107,269

)

 

 

 

67.54

 

Forfeited

 

 

(29,019

)

 

 

 

43.06

 

Non-vested at December 31, 2022

 

 

259,384

 

 

$

 

29.59