v3.21.2

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity during the six months ended June 30, 2021:

		Stock Option Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in Years)				Aggregate Intrinsic Value
Outstanding, January 1, 2021			4,642,240			$	1.81				7.00			$	358,209
Granted			287,963				1.48
Exercised			(92,355	)			0.87
Expired/cancelled			(208,208	)			2.02
Outstanding, June 30, 2021			4,629,640			$	1.80				6.58			$	2,196,969
Expected to vest, June 30, 2021			873,594			$	1.65				1.50			$	578,185
Options exercisable, June 30, 2021			3,756,046			$	1.83				6.23			$	1,618,784

Summary of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee stock-based compensation activity for the periods presented:

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Research and development		$	105,157			$	176,110			$	213,172			$	371,899
General and administrative			452,066				132,231				689,807				263,909
Total		$	557,223			$	308,341			$	902,979			$	635,808

Stock Options Valuation Assumptions

The calculation was based on the following assumptions.

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021					2020
Expected term (years)			5.00				5.50				5.08				5.92
Risk-free interest rate		0.85%				0.38%				0.77%					0.53%
Expected volatility		74.57%				74.82%				74.47%					69.36%
Expected dividend yield		0.00%				0.00%				0.00%					0.00%

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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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