Share-Based Compensation	9 Months Ended
Sep. 30, 2021
Share-Based Compensation
Share-Based Compensation	(10) Share-Based Compensation Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous plan (see Note 1). As of the effective date of the 2019 Plan, the previous plan had 352,282 options outstanding 2019 Plan and no new awards may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1,000,000 shares to 2,000,000. As of September 30, 2021, 1,084,464 shares were available for future grants. During the nine months ended September 30, 2021, the Company granted options to purchase 84,200 shares of common stock at an exercise price of $102.85 per share to employees, members of its board of directors and consultants. Under the grant agreements, all of the options vest in substantially equal quarterly installments over two years and have a 10-year term. The options granted during the nine months ended September 30, 2021 were valued using the Black Scholes option pricing model using the following assumptions: (i) expected term of 5.6 years; (ii) risk free interest rate of 0.87%; (iii) expected volatility of 104.0%; and (iv) dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the nine months ended September 30, 2021 was $80.76 per share. Share-based compensation expense, including the fair value of stock awards to consultants and advisors, for the three months ended September 30, 2021 and 2020 was $785,942 and $629,017, respectively, and for the nine months ended September 30, 2021 and 2020 was $817,911 and $1,740,289, respectively. As of September 30, 2021, there were 1,035,853 options outstanding, of which 951,653 were vested and exercisable. As of December 31, 2020, there were 1,111,466 options outstanding, of which 1,061,466 were vested and exercisable.

Share-Based Compensation

9 Months Ended

Sep. 30, 2021

(10) Share-Based Compensation

Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous plan (see Note 1). As of the effective date of the 2019 Plan, the previous plan had 352,282 options outstanding 2019 Plan and no new awards may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1,000,000 shares to 2,000,000. As of September 30, 2021, 1,084,464 shares were available for future grants.

During the nine months ended September 30, 2021, the Company granted options to purchase 84,200 shares of common stock at an exercise price of $102.85 per share to employees, members of its board of directors and consultants. Under the grant agreements, all of the options vest in substantially equal quarterly installments over two years and have a 10-year term. The options granted during the nine months ended September 30, 2021 were valued using the Black Scholes option pricing model using the following assumptions: (i) expected term of 5.6 years; (ii) risk free interest rate of 0.87%; (iii) expected volatility of 104.0%; and (iv) dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the nine months ended September 30, 2021 was $80.76 per share.

Share-based compensation expense, including the fair value of stock awards to consultants and advisors, for the three months ended September 30, 2021 and 2020 was $785,942 and $629,017, respectively, and for the nine months ended September 30, 2021 and 2020 was $817,911 and $1,740,289, respectively. As of September 30, 2021, there were

1,035,853 options outstanding, of which 951,653 were vested and exercisable. As of December 31, 2020, there were 1,111,466 options outstanding, of which 1,061,466 were vested and exercisable.