Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION AWARDS (Tables)

v3.24.1.u1
STOCK-BASED COMPENSATION AWARDS (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

In connection with all stock-based compensation awards, total non-cash, stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss was as follows:

 

 

 

Three Months Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

135,773

 

 

$

93,922

 

 

General and administrative expenses

 

 

846,243

 

 

 

932,457

 

 

Total stock-based compensation

 

$

982,016

 

 

$

1,026,379

 

 

 

The total stock-based compensation expense recognized by award type was as follows:

 

 

 

Three Months Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

830,349

 

 

$

1,023,741

 

 

Restricted stock units

 

 

151,667

 

 

 

2,638

 

 

Total stock-based compensation

 

$

982,016

 

 

$

1,026,379

 

 

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

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

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.22

%

 

 

3.85

%

Expected dividend yield

 

 

0

%

 

0%

 

Expected term in years (employee options)

 

 

6.25

 

 

6.25

 

Expected volatility

 

 

123.75

%

 

 

100.13

%

 

SUMMARY OF OPTION ACTIVITY

A summary of stock option activity for the three months ended March 31, 2024 is presented below:

 

Stock Options

 

Shares

 

 

Weighted
 Average
Exercise
 Price

 

 

Weighted Average
 Remaining Contractual Term in Years

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2023

 

 

708,762

 

 

$

63.96

 

 

 

 

 

 

 

Granted

 

 

200,119

 

 

 

23.79

 

 

 

 

 

 

 

Exercised

 

 

(24,231

)

 

 

 

 

 

 

 

 

 

Forfeited or canceled

 

 

(54,879

)

 

 

9.29

 

 

 

 

 

 

 

Expired

 

 

(8,967

)

 

 

107.10

 

 

 

 

 

 

 

Outstanding at March 31, 2024

 

 

820,804

 

 

$

58.96

 

 

 

7.01

 

 

$

12,295,938

 

Exercisable at March 31, 2024

 

 

432,919

 

 

$

93.95

 

 

 

5.05

 

 

$

3,973,340

 

SUMMARY OF RSU ACTIVITY

A summary of RSU activity for the three months ended March 31, 2024 is presented below:

 

RSU's

 

Number of Shares Underlying RSUs

 

 

Weighted
 Average
Grant Date Fair Value

 

Unvested at December 31, 2023

 

 

17,911

 

 

$

5.14

 

Granted

 

 

200,123

 

 

$

23.79

 

Forfeited

 

 

(2,193

)

 

$

17.15

 

Vested

 

 

(3,348

)

 

$

4.26

 

Unvested at March 31, 2024

 

 

212,493

 

 

$

22.59