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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
SUMMARY OF STOCK OPTIONS

A summary of stock option awards as of December 31, 2021 and changes during the two-year period ended December 31, 2021 is presented below:

 

Stock Options  Number Outstanding   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)   Aggregate Intrinsic Value 
Outstanding at January 1, 2020   288,808   $39.45           
Options granted   44,683   $51.15           
Options exercised   (9,390)  $39.60           
Options canceled or expired   (15,788)  $32.07           
Outstanding at December 31, 2020   308,313   $41.55           
Options granted   148,016   $32.09           
Options exercised   (500)  $9.45           
Options canceled or expired   (14,404)  $38.23           
Outstanding at December 31, 2021   441,425   $38.70    7.4   $– 
                     
Exercisable at December 31, 2021   292,332   $40.58    6.9   $– 
SUMMARY OF NON-VESTED RESTRICTED STOCK AWARDS

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2021 and changes during the two-year period ended December 31, 2021, is presented below:

 

Restricted Stock 

Number

Outstanding

  

Weighted

Average

Grant Date

Fair Value

 
Non-vested stock awards outstanding at January 1, 2020   583   $23.85 
Granted   28,773   $17.37 
Vested and issued   (28,940)  $17.46 
Forfeited   (233)  $23.85 
Non-vested stock awards outstanding at December 31, 2020   183   $14.70 
Granted   1,466   $13.48 
Forfeited   (66)  $33.30 
Non-vested stock awards outstanding at December 31, 2021   1,583   $14.25 
SUMMARY OF STOCK OPTIONS OUTSTANDING

A summary of stock options outstanding at December 31, 2021 by price range is as follows:

 

   Options Outstanding   Options Exercisable 
         
Range of Exercise Prices  Number  

Weighted Average Remaining Contractual Term

(in years)

   Weighted Average Exercise Price   Number  

Weighted Average Remaining Contractual Term

(in years)

   Weighted Average Exercise Price 
                         
Up to $30.00   39,316    8.4   $21.93    17,648    7.8   $25.20 
$30.01 to $75.00   397,903    7.5   $37.59    270,478    6.9   $37.80 
Above $75.00   4,206    4.2   $282.27    4,206    4.3   $284.10 
    441,425              292,332           
SCHEDULE OF ASSUMPTIONS USED TO DETERMINE FAIR VALUE OF OPTIONS GRANTED

The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from Celsion’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model:

 

   Year Ended December 31, 
   2021   2020 
Risk-free interest rate   1.54 % to 1.74%   0.65% to 1.33%
Expected volatility   106.8% to 113.2%   100.4% to 109.1%
Expected life (in years)   7.5 to 10.0    7.5 to 10.0 
Expected dividend yield   0.0%   0.0%