EQUITY INCENTIVE PLAN (Tables)

6 Months Ended

Jun. 30, 2022

EQUITY INCENTIVE PLAN [Abstract]

Stock-Based Compensation Expense (Net of Recovery) Recognized

Stock-based compensation expense (net of forfeitures) recognized in the condensed consolidated statements of operations was classified as follows:

	For the three months ended June 30				For the six months ended June 30
	2022		2021		2022		2021
Cost of product sales	$	57,096	$	43,368	$	111,346	$	72,136
Research and development expenses		112,318		139,469		203,507		223,704
Selling, general and administrative expenses		389,595		403,007		995,059		869,792
	$	559,009	$	585,844	$	1,309,912	$	1,165,632

Assumptions Made in Calculating Fair Values of Options

The weighted-average assumptions made in calculating the fair values of options are as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2022		2022
Expected term (in years)		5.5		6.0
Expected volatility		95.80%		91.62%
Expected dividend yield		N/A		N/A
Risk-free interest rate		3.09%		1.97%

Stock Option Activity

The following table provides stock option activity for the six months ended June 30, 2022:

Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contract Term	Aggregate Intrinsic Value
Outstanding at December 31, 2021	1,600,372	$	4.18	6.59 years	$	-
Granted	2,481,968		1.24			-
Exercised	-		-			-
Forfeited	121,159		2.93			-
Expired	184,745		5.63
Outstanding at June 30, 2022	3,776,436	$	2.21	8.37 years	$	-
Exercisable at June 30, 2022	636,924	$	-	5.08 years	$	-

Stock Options Outstanding

The following table summarizes information about stock options outstanding at June 30, 2022:

	Stock Options Outstanding								Stock Options Exercisable
Range of Exercise Prices	Number of Shares		Average Remaining Contract Term (Year)		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
_1 to 2.79999		2,924,253		8.57	$	1.42	$	-		317,758	$	2.36	$	-
2.8 to 4.59999		27,720		8.94		3.06		-		8,311		3.07		-
4.6 to 6.39999		777,588		8.04		4.81		-		263,980		4.90		-
6.4 to 8.19999		46,875		0.86		8.15		-		46,875		8.15		-
Total		3,776,436		8.37	$	2.21	$	-		636,924	$	3.85	$	-

Summary of Restricted Stock and Restricted Stock Units Outstanding

The following table summarizes information about restricted stock, restricted stock units and performance stock units outstanding as of June 30, 2022:

	Number of Shares & Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021		705,325	$	3.34
Granted		1,308,547		0.75
Vested		172,041		3.73
Forfeited		82,524		2.28
Outstanding at June 30, 2022		1,759,307	$	1.43