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Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

(9) Stock-Based Compensation

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective on January 31, 2020, succeeding the Company’s previous equity incentive plan. No new options 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 to 2,000,000. As of March 31, 2022, 442,275 shares were available for future grants.

Stock-based compensation expense was as follows:


	Three Months Ended
	March 31,
	2022		2021
General and administrative	$	2,245,043	$	23,977
Research and development		1,189,901		—
	$	3,434,944	$	23,977

During the three months ended March 31, 2022, the Company granted options to purchase 188,294 shares of common stock at an exercise price of $19.78 per share to employees, members of its board of directors and consultants. Under the grant agreements, the options generally vest in substantially equal quarterly installments over two years and have a 10-year term. The options granted during the three months ended March 31, 2022 were valued using the Black Scholes option pricing model using the following assumptions: (i) expected term of 5.5 years; (ii) risk free interest rate of 1.42%; (iii) expected volatility of 114.0%; and (iv) dividend yield of 0.0%. The weighted-average grant date fair value of options issued by the Company during the three months ended March 31, 2022 was $16.36 per share.

Stock options exercised during the three months ended March 31, 2022 and 2021, were 70,101 and 3,868, respectively. As of March 31, 2022, there were 1,607,941 options outstanding, of which 1,211,193 were vested and exercisable. As of December 31, 2021, there were 1,489,748 options outstanding, of which 1,105,568 were vested and exercisable.