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Stockholders’ Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

Common Stock

 

In November 2021, the Company’s Board of Directors authorized a share repurchase program to acquire up to $7,000,000 of the Company’s common stock. During the three and nine months ended September 30, 2022, the Company repurchased zero and 353,667 shares of common stock, respectively, pursuant to the repurchase program for a total of approximately $2,482,000, including purchase fees. The share repurchase program terminated July 31, 2022.

 

During the three and nine months ended September 30, 2022, the Company issued 26,093 shares of common stock relating to the cashless exercise of stock options to purchase 32,538 shares of common stock.

 

During the three and nine months ended September 30, 2022 the Company issued zero and 95,779 shares of common stock, respectively, relating to the cash exercise of warrants for total proceeds of approximately $300,000. All of such warrants were exercisable at an exercise price of $3.13 per share of common stock.

 

During the nine months ended September 30, 2023, the Company issued 12,000 shares of restricted common stock to consultants with a grant date fair value of approximately $63,000. Half of the shares of restricted stock vested in September 2023, with the remaining 6,000 shares expected to vest in December 2023. During the three and nine months ended September 30, 2023, the Company expensed approximately $32,000 related to restricted stock, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

 

As of September 30, 2023 and December 31, 2022, the Company had 25,000,000 authorized shares of Common Stock, of which 10,869,040 shares and 10,857,040 shares were issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.

 

Warrants

 

During the three and nine months ended September 30, 2022, the Company issued zero and 95,779 shares of common stock, respectively, relating to the cash exercise of warrants that were expiring. During the three and nine months ended September 30, 2023, zero shares were issued relating to the exercise of warrants. The Company had warrants to purchase 177,998 shares of common stock outstanding and exercisable as of September 30, 2023 at a weighted average exercise price of $9.27 per share, and with expiration dates ranging from March 7, 2024 to June 10, 2025.

 

Options

 

The number of shares available under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”), was increased by 250,000 at the Company’s Annual Meeting of Stockholders on June 16, 2023. A summary of stock option activity under the Plan, during the nine months ended September 30, 2023 is presented below:

 

   Options Outstanding 
   Number of Shares   Weighted- Average Exercise Price Per Share 
Outstanding December 31, 2022   1,037,591   $6.46 
Granted   86,000    4.70 
Cancelled or expired   (62,883)   8.17 
Outstanding September 30, 2023   1,060,708   $6.21 

 

Options were exercisable for 860,004 shares of Common Stock at September 30, 2023 at a weighted average exercise price of $6.23.

 

Stock-based compensation was as follows for the three and nine months ended September 30, 2023 and 2022:

 

   2023   2022   2023   2022 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2023   2022   2023   2022 
General and administrative  $95,189   $160,233   $540,260   $482,609 
Research and development   95,566    140,880    376,415    375,041 
Total stock-based compensation  $190,755   $301,113   $916,675   $857,650