XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.23.3

Stock Option Plans (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Options | Stock option activity for employees and non-employees under the Equity Compensation Plans for the nine months ended September 30, 2023 was as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (years) |  |  | Aggregate Intrinsic Value |
Outstanding options, December 31, 2022 |  |  | 7,095,462 |  |  | $ | 1.99 |  |  |  | 5.79 |  |  | $ | 109,891 |
Granted |  |  | 2,911,750 |  |  | $ | 0.57 |  |  |  |  |  |  |
Forfeited |  |  | (40,409 | ) |  | $ | 1.99 |  |  |  |  |  |  |
Exercised |  |  | (8,000 | ) |  | $ | 0.54 |  |  |  |  |  |  |
Expired |  |  | (137,574 | ) |  | $ | 2.06 |  |  |  |  |  |  |
Outstanding options, September 30, 2023 |  |  | 9,821,229 |  |  | $ | 1.57 |  |  |  | 6.41 |  |  | $ | 437,894 |
Options vested and exercisable, September 30, 2023 |  |  | 5,049,015 |  |  | $ | 1.97 |  |  |  | 3.75 |  |  | $ | 193,470 |
Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options | The estimated fair value of stock options granted to employees and consultants during the three and nine months ended September 30, 2023 and 2022, were calculated using the Black-Scholes option-pricing model using the following assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Expected volatility |  | * |  |  | 97.4 |  | % |  | 80.2 - 81.9 |  | % |  | 78.0 - 97.4 |  | %
Weighted-average volatility |  | * |  |  |  | 97.4 |  | % |  |  | 81.7 |  | % |  |  | 94.1 |  | %
Expected dividends |  | * |  |  | — |  | % |  | — |  | % |  | — |  | %
Expected term (in years) |  | * |  |  | 5.77 - 6.08 |  |  |  | 5.77 - 6.08 |  |  |  | 5.50 - 6.08 |  |
Risk-free rate |  | * |  |  | 3.55 - 3.56 |  | % |  | 3.50 - 3.90 |  | % |  | 1.38 - 3.56 |  | %
* No options were granted during the three months ended September 30, 2023.
Summary of Restricted Stock | Stock award activity for employees and non-employees under the Equity Compensation Plans for the nine months ended September 30, 2023 was as follows:
|  | Number of shares |  |  | Weighted Average Grant Date Fair Value |
Unvested as of December 31, 2022 |  |  | 350,000 |  |  | $ | 1.72 |
Granted |  |  | 318,875 |  |  | $ | 0.54 |
Vested |  |  | (106,250 | ) |  | $ | 1.72 |
Unvested as of September 30, 2023 |  |  | 562,625 |  |  | $ | 1.04 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 was as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 155,596 |  |  | $ | 165,607 |  |  | $ | 469,821 |  |  | $ | 683,646 |
General and administrative |  |  | 483,650 |  |  |  | 412,596 |  |  |  | 1,417,020 |  |  |  | 1,362,018 |
Total |  | $ | 639,246 |  |  | $ | 578,203 |  |  | $ | 1,886,841 |  |  | $ | 2,045,664 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration