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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-based compensation recognized

Stock-based compensation has been recognized in operating results as follows:

			Years ended December 31,
			2020						2019
Research and development expenses			354,692						399,687
Selling, general and administrative expenses			1,410,112						485,256
Total stock-based compensation			$	1,764,804					$	884,943

Estimated Fair Value of Stock Options - Assumptions

The estimated fair value of stock option awards was determined on the date of grant using the Black-Scholes option valuation model with the following assumptions during the years indicated below:

			Years ended December 31,
			2020						2019
Risk-free interest rate			0.39% - 0.93%						1.66% - 2.33%
Dividend yield			0%						0%
Expected volatility (range)			102% - 106%						95% - 99%
Expected volatility (weighted-average)			105%						96%
Expected term (in years)			5.9 years						5.9 years

Summary of Stock Option Activity

A summary of stock option activity and of changes in stock options outstanding is presented below:

			Number of Options						Weighted-Average Exercise Price Per Share						Intrinsic Value						Weighted-Average Remaining Contractual Life
Balance outstanding, December 31, 2019			1,015,418						$	12.77					$	—					9.1 years
Granted			969,965						$	2.53
Exercised			(60,195)						$	2.46					$	970,145
Forfeited			(48,537)						$	22.91
Expired			(16,144)						$	21.29
Balance outstanding, December 31, 2020			1,860,507						$	7.43					$	27,963,363					8.9 years
Vested and exercisable, December 31, 2020			753,206						$	14.63					$	10,837,211					8.5 years
Vested and expected to vest, December 31, 2020			1,777,407						$	7.65					$	26,682,849					8.9 years

Summary of Restricted Stock Unit Activity

A summary of the RSU's activity is presented below:

			Number of Shares						Weighted Average Grant Date Fair Value Per Share						Intrinsic Value
Non-vested RSU's outstanding, December 31, 2018			30,132						$	14.36					$	95,005
Granted			9,167						$	1.61
Vested			(22,057)						$	8.68
Forfeited			(5,941)						$	13.82
Non-vested RSU's outstanding, December 31, 2019			11,301						$	15.38					$	14,013
Vested			(10,810)						$	9.37
Non-vested RSU's outstanding, December 31, 2020			491						$	147.60					$	7,641

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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