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Stock-Based Compensation (Tables)

6 Months Ended

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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