XML 36 R26.htm IDEA: XBRL DOCUMENT v3.23.2

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Recognized Stock-Based Compensation Expense

The Company’s stock-based compensation expense was recognized in operating expenses as follows:

			Three Months Ended												Six Months Ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Research and development			$	579,917					$	387,384					$	1,090,177					$	782,876
General and administrative			1,368,731						1,332,833						2,774,988						2,262,153
Total			$	1,948,648					$	1,720,217					$	3,865,165					$	3,045,029

Schedule of Allocation of Stock-based Compensation Expense by Plan

			Three Months Ended												Six Months Ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Stock options			$	1,935,202					$	1,700,041					$	3,836,565					$	3,003,834
Employee Stock Purchase Plan			13,446						20,176						28,600						41,195
Total			$	1,948,648					$	1,720,217					$	3,865,165					$	3,045,029

Schedule of Assumptions Used to Compute Fair Value of Employee Option Granted

The fair value of employee options granted during the three and six months ended June 30, 2023 and 2022 was estimated utilizing the following assumptions:

			Three Months Ended												Six Months Ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
			Weighted Average						Weighted Average						Weighted Average						Weighted Average
Volatility			84.11		%				87.20		%				84.56		%				87.20		%
Expected term in years			6.08						6.08						6.07						6.08
Dividend rate			0.00		%				0.00		%				0.00		%				0.00		%
Risk-free interest rate			3.63		%				2.78		%				3.97		%				2.16		%
Fair value of option on grant date			$	2.66					$	2.38					$	1.92					$	2.17

The fair value of non-employee options granted during the three and six months ended June 30, 2023 and 2022 was estimated utilizing the following assumptions:

			Three Months Ended												Six Months Ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
			Weighted Average						Weighted Average						Weighted Average						Weighted Average
Volatility			83.00		%				—		%				83.00		%				—		%
Expected term in years			5.25						0.00						5.25						0.00
Dividend rate			0.00		%				0.00		%				0.00		%				0.00		%
Risk-free interest rate			3.89		%				—		%				3.89		%				—		%
Fair value of option on grant date			$	2.42					$	—					$	2.42					$	—

Schedule of Options Outstanding and Weighted Average Exercise Price

The following table summarizes the number of options outstanding and the weighted average exercise price:

			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life in Years						Aggregate Intrinsic Value
Options outstanding December 31, 2022			12,961,238						$	4.13					7.42						$	62,158
Granted			3,000,500						2.62						9.69
Exercised			(91,078)						2.52
Forfeited or expired			(421,825)						3.25
Options outstanding June 30, 2023			15,448,835						$	3.87					7.37						$	5,854,085
Vested and exercisable at June 30, 2023			8,607,516						$	4.64					6.17						$	2,406,178

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration