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Stock-Based Compensation
 3 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 8 – Stock-Based Compensation

 

During the three month periods ended December 31, 2022 and 2021, stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying condensed statements of operations.

 

   2022   2021 
General and administrative  $255,465   $163,001 
Research and development   44,716    40,071 
Total stock-based compensation expense  $300,181   $203,072 

 

Stock Options

 

During the three month periods ended December 31, 2022 and 2021, under the 2017 Equity Incentive Plan (the “2017 Plan”) and the 2021 Inducement Plan (the “Inducement Plan”), the Company granted 73,731 and 2,000 stock options, respectively, to its employees and consultants. Vesting generally occurs over an immediate to 48 month period based on a time of service condition. The weighted-average grant date fair value of the grants issued during the three month periods ended December 31, 2022 and 2021 was $0.66 and $1.72 per share, respectively. The total expense for the three months ended December 31, 2022 and 2021 related to stock options was $181,744 and $162,361, respectively. The total number of stock options outstanding as of December 31, 2022 and September 30, 2022 was 1,313,646 and 1,239,915, respectively.

  

The weighted-average assumptions used in the Black-Scholes option-pricing model are as follows for the stock options granted during the three month periods ended December 31, 2022 and 2021:

 

   2022   2021 
Expected stock price volatility   53.5%   56.0%
Expected life of options (years)   5.1    6.0 
Expected dividend yield   0%   0%
Risk free interest rate   4.0%   1.1%

 

During the three month periods ended December 31, 2022 and 2021, 127,446 and 18,843 stock options vested, and zero and 13,334 stock options were forfeited during these periods, respectively.

 

Restricted Stock Units

 

There were no restricted stock units (“RSUs”) granted during the three months ended December 31, 2022 and 2021. Additionally, 21,930 and 5,644 RSUs vested during these periods, respectively. The total expense for the three months ended December 31, 2022 and 2021 related to these RSUs was $118,437 and $40,711, respectively. No RSUs were forfeited during the three month periods ended December 31, 2022 and 2021.

 

General

 

As of December 31, 2022, 1,630,141 shares were available in the aggregate for future issuance under the 2017 Equity Incentive Plan and Inducement Plan. Unrecognized stock-based compensation was $1,422,392 as of December 31, 2022. The unrecognized share-based expense is expected to be recognized over a weighted average period of 1.8 years.