Stock-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock-based Compensation Expense |
We
recorded stock-based compensation expense for the years ended December 31, 2022 and 2021 as follows:
Schedule of Stock-based Compensation Expense
| |
|
2022 |
|
|
2021 |
|
| |
|
Year Ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Research and development |
|
$ |
2,895,653 |
|
|
$ |
809,839 |
|
| General and administrative |
|
|
5,933,060 |
|
|
|
2,598,176 |
|
| Total |
|
$ |
8,828,713 |
|
|
$ |
3,408,015 |
|
|
| Schedule of Stock Option Activity |
The
following table summarizes our stock option activity during the years ended December 31, 2022 and 2021:
Schedule
of Stock Option Activity
| |
|
Total options Outstanding |
|
|
Weighted average exercise price |
|
|
Weighted average remaining contractual life (in years) |
|
| Outstanding as of January 1, 2021 |
|
|
152,806 |
|
|
$ |
18.11 |
|
|
|
|
|
| Options granted |
|
|
30,000 |
|
|
|
11.70 |
|
|
|
1.2 |
|
| Forfeited |
|
|
(4,310 |
) |
|
|
16.80 |
|
|
|
|
|
| Outstanding as of December 31, 2021 |
|
|
178,496 |
|
|
|
17.07 |
|
|
|
3.6 |
|
| Options granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
|
|
| Outstanding and exercisable as of December 31, 2022 |
|
|
178,496 |
|
|
$ |
17.07 |
|
|
|
2.6 |
|
|
| Schedule of Restricted Stock Awards (“RSAs”) Activity |
Activity
in our Restricted Stock Awards (“RSAs”) during the years ended December 31,
2022 and 2021 was as follows:
Schedule
of Restricted Stock Awards (“RSAs”) Activity
| |
|
Number of
shares |
|
|
Weighted-
average
grant-date fair
value per share |
|
| Unvested as of January 1, 2021 |
|
|
122,782 |
|
|
$ |
8.04 |
|
| Granted |
|
|
37,500 |
|
|
|
6.65 |
|
| Vested and issued |
|
|
(58,467 |
) |
|
|
7.90 |
|
| Forfeited |
|
|
(10,706 |
) |
|
|
6.54 |
|
| Unvested as of December 31, 2021 |
|
|
91,109 |
|
|
|
7.74 |
|
Granted |
|
|
187,058 |
|
|
|
3.71 |
|
| Vested and Issued |
|
|
(182,790 |
) |
|
|
5.04 |
|
| Forfeited |
|
|
(33,489 |
) |
|
|
5.53 |
|
| |
|
|
|
|
|
|
|
|
| Unvested as of December 31, 2022 |
|
|
61,888 |
|
|
$ |
4.72 |
|
|
| Schedule of Restricted Stock Units (“RSUs”) Activity |
Activity
in our Restricted Stock Units (“RSUs”) during the years ended December 31,
2022 and 2021 was as follows:
Schedule
of Restricted Stock Units (“RSUs”) Activity
| |
|
Number of
shares |
|
|
Weighted-
average
grant-date fair
value per share |
|
| Outstanding at January 1, 2021 |
|
|
- |
|
|
|
- |
|
| Granted |
|
|
457,593 |
|
|
$ |
7.75 |
|
| Forfeited |
|
|
(4,000 |
) |
|
|
8.61 |
|
| Issued |
|
|
(14,000 |
) |
|
|
7.12 |
|
| Cancelled |
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2021 |
|
|
439,593 |
|
|
|
7.76 |
|
| Granted |
|
|
2,428,285 |
|
|
|
3.08 |
|
| Forfeited |
|
|
(68,539 |
) |
|
|
5.09 |
|
| Issued |
|
|
(47,976 |
) |
|
|
3.95 |
|
| Cancelled |
|
|
(37,386 |
) |
|
|
8.61 |
|
| |
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2022 |
|
|
2,713,977 |
|
|
|
3.69 |
|
| Vested and unissued |
|
|
(662,069 |
) |
|
|
4.54 |
|
| |
|
|
|
|
|
|
|
|
| Unvested at December 31, 2022 |
|
|
2,051,908 |
|
|
$ |
3.42 |
|
|
| Schedule of Warrants Activity |
The
following table summarizes our warrant activity during the years ended December 31, 2022 and 2021.
Schedule of Warrants Activity
| |
|
Total warrants outstanding |
|
|
Weighted average exercise price |
|
|
Weighted average remaining contractual life (in years) |
|
| Outstanding as of January 1, 2021 |
|
|
534,674 |
|
|
$ |
18.34 |
|
|
|
|
|
| Warrants granted |
|
|
229,268 |
|
|
|
8.09 |
|
|
|
|
|
| Forfeited |
|
|
(460,217 |
) |
|
|
18.31 |
|
|
|
|
|
| Outstanding as of December 31, 2021 |
|
|
303,725 |
|
|
|
18.34 |
|
|
|
1.5 |
|
| Warrants granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
| Forfeited |
|
|
(18,107 |
) |
|
|
17.16 |
|
|
|
|
|
| Outstanding and exercisable as of December 31, 2022 |
|
|
285,618 |
|
|
$ |
10.25 |
|
|
|
0.9 |
|
|
| Warrant [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock Option Warrant Valuation Assumption |
We
used the Black-Scholes option pricing model to calculate the grant date fair value of the two warrants with the following assumptions:
Schedule
of Stock Option Warrant Valuation Assumption
| Average risk-free rate of interest |
|
|
0.42 –1.85 |
% |
| Expected term (years) |
|
|
2.00–3.00 |
|
| Expected stock price volatility |
|
|
74.48–81.77 |
% |
| Dividend yield |
|
|
0 |
% |
|
| Share-Based Payment Arrangement, Option [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock Option Warrant Valuation Assumption |
The
fair value of the option award granted during the year ended December 31, 2021 was estimated using the following assumptions:
Schedule of Stock Option Valuation Assumption
| Average risk-free rate of interest |
|
|
1.85 |
% |
| Expected term (years) |
|
|
2 |
|
| Expected stock price volatility |
|
|
81.77 |
% |
| Dividend yield |
|
|
0 |
% |
|