Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

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 RECOGNIZED FOR STOCK OPTION AWARDS

The Company has recorded stock-based compensation expense (credit) related to the issuance of stock option awards in the following line items in the accompanying condensed consolidated statement of operations:

 

             
    Nine Months Ended
September 30,
 
    2022     2021  
             
Research and development   $ 3,318     $ 12,094  
General and administrative     208,427       120,437  
Total   $ 211,745     $ 132,531  
SUMMARY OF OPTION ACTIVITY

The following table summarizes stock option activity under the Plan:

 

    Number of
options
    Weighted-average
exercise price
    Weighted-average
remaining
contractual term
(in years)
    Aggregate
intrinsic value
 
Outstanding at December 31, 2021     878,380     $             4.12                             
Granted     7,142       4.20                  
Exercised     (64,848 )     1.16                  
Forfeited     (14,282 )     5.95                  
Outstanding at September 30, 2022     806,392     $ 4.33       4.3     $ 647,793  
                                 
Vested and exercisable at September 30, 2022     787,746     $ 4.31       4.1     $ 647,793  
SCHEDULE OF FAIR VALUE ASSUMPTIONS

The following table summarizes weighted-average assumptions using the Black-Scholes option-pricing model used on the date of the grants issued during the nine months ended September 30, 2022 and 2021, respectively:

 

    2022     2021  
Fair value of Common Stock   $ 4.62     $ 3.08  
Volatility     63.9 %     88.1 %
Expected term (years)     6.0       6.2  
Risk-free interest rate     2.20 %     0.92 %
Dividend yield     0 %     0 %