| SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Research and development expenses |
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$ |
96,096 |
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$ |
147,626 |
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$ |
190,018 |
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$ |
323,844 |
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General and administrative expenses |
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727,279 |
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1,365,463 |
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1,659,736 |
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2,780,991 |
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Total stock-based compensation |
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$ |
823,375 |
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$ |
1,513,089 |
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$ |
1,849,754 |
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$ |
3,104,835 |
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The total stock-based compensation expense recognized by award type was as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Stock options |
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$ |
819,168 |
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$ |
1,513,089 |
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$ |
1,842,909 |
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$ |
3,104,835 |
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Restricted stock units |
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4,207 |
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— |
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6,845 |
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— |
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Total stock-based compensation |
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$ |
823,375 |
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$ |
1,513,089 |
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$ |
1,849,754 |
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$ |
3,104,835 |
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| SUMMARY OF OPTION ACTIVITY |
A summary of option activity for the six months ended June 30, 2023 and is presented below:
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Options |
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Shares |
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Weighted
Average
Exercise
Price |
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Weighted Average
Remaining Contractual
Term in Years |
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Aggregate
Intrinsic
Value |
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Outstanding at December 31, 2022 |
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617,996 |
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$ |
88.99 |
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Granted |
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285,733 |
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5.14 |
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Exercised |
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(43,836 |
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0.85 |
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Forfeited or canceled |
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(120,909 |
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67.78 |
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Outstanding at June 30, 2023 |
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738,984 |
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$ |
64.97 |
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7.24 |
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$ |
20,769,766 |
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Vested at June 30, 2023 |
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388,412 |
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$ |
106.91 |
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5.57 |
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$ |
5,252,474 |
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Vested and expected to vest at June 30, 2023 |
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671,776 |
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$ |
70.47 |
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7.03 |
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$ |
17,407,765 |
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| Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] |
A summary of RSU activity for the six months ended June 30, 2023 and is presented below:
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RSU's |
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Number of Shares Underlying RSUs |
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Weighted
Average
Grant Date Fair Value |
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Unvested at December 31, 2022 |
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— |
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$ |
— |
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Granted |
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25,659 |
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4.63 |
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Forfeited |
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(4,317 |
) |
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4.26 |
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Vested |
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— |
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— |
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Unvested at June 30, 2023 |
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21,342 |
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$ |
4.71 |
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