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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2021
Stock-Based Compensation |
Schedule of activity for all stock options outstanding |
|  | 2021 |  |  | 2020 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |
Options outstanding at beginning of year |  |  | 849,949 |  |  | $ | 9.33 |  |  |  | 585,215 |  |  | $ | 14.37 |
Granted |  |  | 218,050 |  |  |  | 24.70 |  |  |  | 151,231 |  |  |  | 7.14 |
Exercised |  |  | (39,620 | ) |  |  | 7.32 |  |  |  | - |  |  |  | - |
Forfeited |  |  | (4,866 | ) |  |  | 7.67 |  |  |  | (13,252 | ) |  |  | 11.54 |
Balance at June 30 |  |  | 1,023,513 |  |  | $ | 12.69 |  |  |  | 723,194 |  |  | $ | 9.71 |
Options exercisable at June 30: |  |  | 504,189 |  |  | $ | 9.64 |  |  |  | 305,778 |  |  | $ | 9.68 |
Weighted Average Grant Date Fair Value for options granted during the period: |  |  |  |  |  | $ | 16.39 |  |  |  |  |  |  | $ | 4.55 |
Schedule of stock options outstanding |
Options Outstanding |  |  | Options Exercisable |
Options Outstanding |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Options Exercisable |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
| 1,023,513 |  |  |  | 7.99 |  |  | $ | 12.69 |  |  | $ | 12,101,685 |  |  |  | 504,189 |  |  | $ | 9.64 |  |  | $ | 7,271,109 |
Schedule of fair value of equity-based awards |
| 2021 | 2020
Risk-free interest rate | 0.63% - 1.14% | 0.35% - 1.66%
Expected volatility | 76.6% - 76.9% | 73.3% - 74.4%
Expected life (years) | 5.0 to 6.08 | 5.5 to 6.12
Expected dividend yield | 0% | 0%
Schedule of unrecognized compensation cost |
2021 |  | $ | 1,247,486 |
2022 |  |  | 2,034,829 |
2023 |  |  | 1,476,348 |
2024 |  |  | 979,053 |
2025 |  |  | 246,916 |
Total estimated compensation cost to be recognized |  | $ | 5,984,632 |
Schedule of stock-based compensation expense |
|  | Three Months Ended |  |  | Six Months Ended |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Stock-based compensation expense in operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 328,077 |  |  | $ | 265,446 |  |  | $ | 583,258 |  |  | $ | 558,562 |
General and administrative |  |  | 212,240 |  |  |  | 157,747 |  |  |  | 406,157 |  |  |  | 329,280 |
Total |  | $ | 540,317 |  |  | $ | 423,193 |  |  | $ | 989,415 |  |  | $ | 887,842 |

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