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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity for Amended 2014 Plan and Related Information

The table below summarizes stock option activity under the Amended 2014 Plan and related information for the three months ended March 31, 2022. The exercise price of all options granted during the three months ended March 31, 2022 was equal to the market value of the Company’s common stock on the date of grant. As of March 31, 2022, unamortized stock-based compensation expense of approximately $5.3 million will be amortized over a weighted average period of 2.98 years. At March 31, 2022, 642,175 shares of common stock were available for future awards granted under the Amended 2014 Plan.

			Number of Shares						Weighted Average Exercise Price
Outstanding at December 31, 2021			4,717,602						$	1.65
Granted			1,759,692						1.59
Exercised			—						—
Canceled/forfeited			(200,012)						1.96
Expired			—						—
Outstanding at March 31, 2022			6,277,282						$	1.63
Exercisable at March 31, 2022			2,597,775						$	1.45

Summary of Recognized Stock-Based Compensation Expense Related to Stock Options Granted to Employees and Directors

Total stock-based compensation expense related to stock options granted to employees and directors recognized in the condensed consolidated statements of operations is as follows:

			Three Months Ended March 31,
			2022						2021
Research and development			$	174,613					$	115,625
General and administrative			$	357,796					$	250,286
Total			$	532,409					$	365,911

Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees and Directors

The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees and to directors in respect of board services during the three months ended March 31, 2022 are as follows:

						Three Months Ended March 31, 2022
Expected life in years						6.02
Risk-free interest rate						1.65%
Expected volatility						122%
Forfeiture rate						0.0%
Dividend yield						0.0%
Weighted-average fair value of options granted						$1.38

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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