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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2024
STOCK-BASED COMPENSATION [Abstract] |
Information Regarding Equity Incentive Plan | The table below includes issuances of restricted stock awards and units under the 2020 Plan and unvested equity interests of MOR which were converted into restricted common stock.
|  | Number of Restricted Shares and Units |  |  | Weighted Average Grant Date Fair Value Per Share |
Unvested at January 1, 2023 |  |  | 551,258 |  |  | $ | 3.28 |
Issued |  |  | 570,000 |  |  |  | 3.79 |
Vested |  |  | (331,934 | ) |  |  | 7.30 |
Canceled |  |  | (44,339 | ) |  |  | 0.44 |
Unvested at December 31, 2023 |  |  | 744,985 |  |  |  | 2.05 |
Issued |  |  | 350,000 |  |  |  | 2.68 |
Vested |  |  | (223,718 | ) |  |  | 4.68 |
Canceled |  |  | — |  |  |  | — |
Unvested at June 30, 2024 |  |  | 871,267 |  |  | $ | 4.09 |
Fair Value of Stock Option Assumptions | The assumptions used to calculate the grant date fair value of the options granted during the six months ended June 30, 2024 and 2023, are as follows:
| For the Six Months Ended June 30, |
| 2024 |  | 2023 |
Exercise Price | $ |  | 2.67 to $3.69 |  | $ |  | 3.14 to $3.79 |
Fair value of Company common stock | $ |  | 2.68 to $3.69 |  | $ |  | 3.14 to $3.79 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility | 78% to 79% |  | 79% to 80% |
Risk Free interest rate | 3.9% to 4.2% |  | 3.4% to 3.9% |
Expected life (years) remaining | 6.10 to 6.25 |  | 6.08 to 6.25 |
Stock Option Activity | The following summarizes option activity under the Company’s stock plan for the six months ended June 30, 2024 and for the year ended December 31, 2023:
|  | Shares Underlying Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |
Outstanding at January 1, 2023 |  |  | 3,983,808 |  |  | $ | 10.53 |  |  |  | 8.23 |
Granted |  |  | 1,416,000 |  |  | $ | 3.46 |  |  |  | 9.28 |
Exercised |  |  | (2,452 | ) |  | $ | 2.20 |  |  |  | 4.42 |
Forfeited and expired |  |  | (1,556,812 | ) |  | $ | 12.53 |  |  |  | 7.40 |
Outstanding at December 31, 2023 |  |  | 3,840,544 |  |  | $ | 7.12 |  |  |  | 8.96 |
Granted |  |  | 467,500 |  |  | $ | 2.81 |  |  |  | 9.59 |
Exercised |  |  | (14,375 | ) |  | $ | 2.98 |  |  |  | (0.50 | )
Forfeited and expired |  |  | (146,626 | ) |  | $ | 8.07 |  |  |  | 6.97 |
Outstanding at June 30, 2024 |  |  | 4,147,043 |  |  | $ | 6.52 |  |  |  | 7.72 |
Vested options at June 30, 2024 |  |  | 1,989,123 |  |  | $ | 8.94 |  |  |  | 6.80 |
Stock Compensation Expense | Stock compensation expense for the three and six months ended June 30, 2024 and 2023 is as follows:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Services |  | $ | 43,849 |  |  | $ | 34,272 |  |  | $ | 76,170 |  |  | $ | 72,198 |
Research and development |  |  | (5,496 | ) |  |  | 36,964 |  |  |  | 52,995 |  |  |  | 75,156 |
Sales and marketing |  |  | 61,096 |  |  |  | 49,915 |  |  |  | 136,444 |  |  |  | 103,917 |
General and administrative |  |  | 1,563,187 |  |  |  | 1,419,191 |  |  |  | 3,055,942 |  |  |  | 2,767,472 |
Separation expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 349,832 |
Subtotal |  |  | 1,662,636 |  |  |  | 1,540,342 |  |  |  | 3,321,551 |  |  |  | 3,368,575 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (247,308 | )
Total |  | $ | 1,662,636 |  |  | $ | 1,540,342 |  |  | $ | 3,321,551 |  |  | $ | 3,121,267 |

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