STOCK BASED COMPENSATION AWARDS (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Research and development expenses |
|
|
$377,734 |
|
$577,472 |
General and administrative expenses |
|
|
3,092,420 |
|
5,142,165 |
Total stock-based compensation |
|
|
$3,470,154 |
|
$5,719,637 |
The total stock-based compensation expense recognized by award type was as follows:
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Stock options |
|
|
$3,456,316 |
|
$5,719,637 |
Restricted stock units |
|
|
13,838 |
|
- |
Total stock-based compensation |
|
|
$3,470,154 |
|
$5,719,637 |
|
| SUMMARY OF FAIR VALUE OF OPTIONS GRANTED |
The weighted average assumptions used principally in determining the fair value of stock options granted were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Risk free interest rate |
|
|
3.82 |
% |
|
|
1.99 |
% |
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected term in years (employee options) |
|
|
6.25 |
|
|
|
6.25 |
|
Expected volatility |
|
|
101.47 |
% |
|
|
98.08 |
% |
Estimated forfeiture rate |
|
|
15.63 |
% |
|
|
12.43 |
% |
|
| SUMMARY OF OPTION ACTIVITY |
A summary of stock option activity for years ended December 31, 2023 and 2022 is presented below:
|
|
|
|
|
|
|
|
|
|
|
Stock Options |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contractual
Term in
Years |
|
Intrinsic
Value |
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 |
|
|
|
|
|
Granted |
|
291,151 |
|
|
5.15 |
|
|
|
|
|
Exercised |
|
(43,836) |
|
|
0.85 |
|
|
|
|
|
Forfeited or canceled |
|
(155,046) |
|
|
68.92 |
|
|
|
|
|
Expired |
|
(1,503) |
|
|
146.78 |
|
|
|
|
|
Outstanding at December 31, 2023 |
|
708,762 |
|
$ |
63.96 |
|
6.79 |
|
$ |
20,216,363 |
Exercisable at December 31, 2023 |
|
407,882 |
|
$ |
100.13 |
|
5.37 |
|
$ |
6,243,603 |
Vested and expected to vest at December 31, 2023 |
|
663,007 |
|
$ |
67.78 |
|
6.64 |
|
$ |
17,879,915 |
|
| SUMMARY OF NON-VESTED STOCK OPTIONS |
As summary of non-vested stock options for the years ended December 31, 2023 and 2022 is presented below:
|
|
|
|
|
|
|
|
|
|
Stock Options |
|
Shares |
|
|
Weighted
Average
Fair Value |
|
Non-vested 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 |
|
Granted |
|
|
248,777 |
|
|
|
|
4.22 |
|
Vested |
|
|
(116,336 |
) |
|
|
|
30.49 |
|
Forfeited |
|
|
(90,945 |
) |
|
|
|
17.42 |
|
Non-vested at December 31, 2023 |
|
|
300,880 |
|
|
$ |
|
11.96 |
|
|
| Summary of RSU activity |
A summary of RSU activity for the years ended December 31, 2023 and 2022 is presented below:
|
|
|
|
|
RSUs |
|
Number of Shares Underlying RSUs |
|
Weighted
Average
Grant Date Fair Value |
Unvested at December 31, 2022 |
|
— |
|
$— |
Granted |
|
31,076 |
|
4.84 |
Forfeited |
|
(13,165) |
|
4.44 |
Vested |
|
— |
|
— |
Unvested at December 31, 2023 |
|
17,911 |
|
$5.14 |
|