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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Stock-Based Compensation  
Stock-Based Compensation

(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 September 30, 2022, 392,874 shares were available for future grants.

Stock-based compensation expense was as follows:

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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2022

    

2021

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2022

    

2021

General and administrative

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$

1,627,820

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$

449,714

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$

5,053,502

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$

481,683

Research and development

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728,191

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336,228

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2,641,214

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336,228

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$

2,356,011

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$

785,942

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$

7,694,716

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$

817,911

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During the nine months ended September 30, 2022, the Company granted options to purchase 348,294 shares of common stock at a weighted-average exercise price of $15.90 per share to employees, members of its board of directors and consultants. Under the grant agreements, 20,000 of the options have performance-based vesting conditions. As of September 30, 2022, it was not considered probable that the performance conditions would be achieved, and no compensation expense was recognized during the period related to these options. The rest of the options have service-based vesting conditions and generally 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, 2022 were valued using the Black Scholes option pricing model using the following weighted-average assumptions: (i) expected term of 5.9 years; (ii) risk free interest rate of 2.24%; (iii) expected volatility of 112.0%; 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, 2022 was $13.24 per share.

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Stock options exercised during the nine months ended September 30, 2022 and 2021, were 70,101 and 159,813, respectively. As of September 30, 2022, there were 1,657,342 options outstanding, of which 1,284,343 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.

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During the three months ended September 30, 2022, previously issued stock options were modified for an employee who is no longer employed with the Company. As a result of this modification, $1,219,572 was recognized as stock option modification expense and included in general and administrative expenses on the accompanying statement of operations.