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]  
Schedule of Stock Based Compensation Expenses Recognized

The Company recognized stock-based compensation on all employee and non-employee awards as follows:

 

   

For the Three

Months Ended

September 30, 2022

    

For the Three

Months Ended

September 30, 2021

    

For the Nine

Months Ended

September 30, 2022

    

For the Nine

Months Ended

September 30, 2021

  
Research and development   $ 32,297     $ 38,946     $ 98,151     $ 118,634  
General and administrative     436,248       61,823       739,629       1,337,036  
Total Stock-based compensation   $ 468,545     $ 100,769     $ 837,780     $ 1,455,670  
Summary of Stock Option Activity

The following table summarizes the stock option activity during the nine months ended September 30, 2022:

 

    Number of Shares    

Weighted Average

Exercise Price

     Weighted Average Remaining Contractual Term (In Years)    

Aggregate

Intrinsic Value(1)

  
Outstanding at December 31, 2021     6,724,402     $ 0.95       7.99     $ 2,773  
Granted     2,952,500       0.34       —     $ —  
Exercised     —       —       —     $ —  
Expired     (4,500 )     12.00                  
Forfeited     (726,998 )     0.94       —     $ —  
Outstanding at September 30, 2022     8,945,404     $ 0.68       8.16     $ —  
                                 
Exercisable at September 30, 2022     6,832,900     $ 0.77       7.79     $ —  

 

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2021 and September 30, 2022, respectively.