Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS

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

  

                                 
   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
    2023     2022     2023     2022  
                         
Research and development   $ 10,304     $ 4,072     $ 32,193     $ 3,318  
General and administrative     181,140       74,941       482,120       208,427  
Total stock-based compensation expense   $ 186,445     $ 79,013     $ 514,313     $ 211,745  
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, 2022     806,392     $     4.33                         
Granted     —       —                  
Exercised     —       —                  
Forfeited     (122,697 )     5.86                  
Outstanding at September 30, 2023     683,695     $ 3.99       3.2     $ 254,225  
                                 
Vested and exercisable at September 30, 2023     681,711     $ 3.99       3.2     $ 254,225  
SUMMARY OF RESTRICTED STOCK AWARD

The following table summarizes restricted stock award activity under the Plan:

  

   

Number of

restricted stock

awards (RSA)

    

Weighted-average

grant price

    

FMV on

grant date

    

Vested number

of RSA

    

Unvested number

of RSA

  
Balance at December 31, 2022     114,920     $ 3.56     $ 409,437       79,814       35,106  
Granted     326,068       1.86       607,313       227,760       98,308  
Forfeited     (4,979 )     2.76       (13,742 )     (4,979 )     —  
Balance at September 30, 2023     436,009     $ 2.30     $ 1,003,008       302,595       133,414  
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 options grants issued during the nine months ended September 30, 2022. No stock options have been issued during the nine months ended September 30, 2023:

  

    2023     2022  
Fair value of Common Stock   $ —     $ 4.62  
Volatility     — %     63.9 %
Expected term (years)     —       6.0  
Risk-free interest rate     — %     2.20 %
Dividend yield     — %     0 %