| SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
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Three Months Ended September 30, |
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Nine Months Ended September 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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$ |
96,187 |
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$ |
141,933 |
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$ |
286,205 |
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$ |
465,777 |
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General and administrative expenses |
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725,036 |
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1,203,593 |
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2,384,772 |
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3,984,584 |
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Total stock-based compensation |
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$ |
821,223 |
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$ |
1,345,526 |
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$ |
2,670,977 |
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$ |
4,450,361 |
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The total stock-based compensation expense recognized by award type was as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 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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$ |
815,505 |
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$ |
1,345,526 |
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$ |
2,658,414 |
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$ |
4,450,361 |
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Restricted stock units |
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5,718 |
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— |
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12,563 |
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— |
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Total stock-based compensation |
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$ |
821,223 |
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$ |
1,345,526 |
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$ |
2,670,977 |
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$ |
4,450,361 |
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| SUMMARY OF OPTION ACTIVITY |
A summary of option activity for the nine months ended September 30, 2023 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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288,650 |
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5.15 |
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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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(127,854 |
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70.32 |
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Expired |
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(503 |
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3.18 |
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Outstanding at September 30, 2023 |
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734,453 |
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$ |
64.31 |
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7.00 |
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$ |
20,819,702 |
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Vested at September 30, 2023 |
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401,416 |
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$ |
103.74 |
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5.43 |
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$ |
5,732,309 |
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Vested and expected to vest at September 30, 2023 |
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676,495 |
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$ |
69.02 |
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6.82 |
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$ |
17,889,636 |
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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 nine months ended September 30, 2023 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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28,576 |
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4.81 |
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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 September 30, 2023 |
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24,259 |
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$ |
4.91 |
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