XML 40 R30.htm IDEA: XBRL DOCUMENT v3.22.2.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Share-based Payment Arrangement [Abstract]  
Summary of stock-based compensation expense
Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the periods ended September 30, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Research and development expenses$894,191 $719,768 $2,898,260 $1,572,882 
General and administrative expenses543,297 908,662 1,494,128 2,736,474 
Total stock-based compensation expense$1,437,488 $1,628,430 $4,392,388 $4,309,356 
Summary of option activity
The following is a summary of option activity under the Company’s Stock Option Plans:
Stock
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic Value
(in millions)
Outstanding as of January 1, 20223,305,291 $9.62 7.7$2.3 
Granted1,614,065 3.52 
Exercised(362,886)2.52 
Cancelled(251,415)7.88 
Forfeited(338,379)15.28 
Outstanding as of September 30, 2022
3,966,676 $7.41 8.2— 
Vested or expected to vest as of September 30, 2022
3,966,676 $7.41 8.2— 
Exercisable as of September 30, 2022
1,726,101 $8.26 6.9— 
Shares unvested as of September 30, 2022
2,240,575 $6.76 9.2$— 
Summary of black-scholes option pricing model The options were valued using the Black-Scholes option-pricing model for the nine months ended September 30, 2022 and 2021 with the following assumptions:
20222021
Expected volatility
78.6% to 82.6%
79.5% to 81.1%
Risk-free interest rate
1.5% to 3.6%
0.6% to 1.1%
Expected dividend yield%%
Expected term
5.5 to 6.1 years
5.5 to 6.0 years