Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of shares available for future grant |
As of December 31, 2021, the shares available for future grant under the 2014 Plan are as follows:
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Shares Available for Grant |
| Available as of December 31, 2020 |
12,790,775
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| Share pool increase |
18,803,404 |
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| Cancelled |
202,500 |
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| Forfeited |
1,091,250 |
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| Granted |
(18,755,000) |
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| Available as of December 31, 2021 |
14,132,929
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| Schedule of summary of stock option activity |
The following is a summary of option activities under the Company’s 2014 Plan for the year ended December 31, 2021:
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Number of
Shares |
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Weighted
Average
Exercise Price |
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Weighted
Average Remaining
Contractual
Term (Years) |
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Aggregate
Intrinsic
Value* |
| Outstanding, December 31, 2020 |
22,050,000
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$ |
0.06
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9.52 |
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$ |
—
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| Granted |
14,755,000 |
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0.08 |
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| Exercised |
(106,250) |
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0.05 |
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13,281 |
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| Forfeited |
(1,091,250) |
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0.05 |
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| Cancelled |
(202,500) |
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0.05 |
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| Outstanding, December 31, 2021 |
35,405,000
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$ |
0.07
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9.08 |
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$ |
134,750
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| Exercisable, December 31, 2021 |
9,122,500
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$ |
0.09
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8.41 |
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$ |
49,963
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| Vested and expected to vest, December 31, 2021 |
35,405,000
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$ |
0.07
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9.08 |
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$ |
134,750
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*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at December 31, 2021 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
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| Schedule of fair value assumptions of stock option granted |
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
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Year Ended December 31, |
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2021 |
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2020 |
| Dividend yield |
0.00 |
% |
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0.00 |
% |
| Risk-free interest rate |
0.01-1.11% |
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0.28-0.46% |
| Expected term (years) |
5.27-6.13 |
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5.65-6.13 |
| Volatility |
119.10-138.00% |
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92.51-107.87% |
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| Schedule of RSA activity |
The following is a summary of restricted stock unit activity during the year ended December 31, 2021:
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Number of
Shares |
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Weighted
Average
Grant
Date Fair
Value |
| Unvested, December 31, 2020 |
—
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$ |
—
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| Granted |
4,000,000 |
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0.06 |
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| Released |
— |
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— |
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| Unvested, December 31, 2021 |
4,000,000
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$ |
0.06
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The following is a summary of restricted stock activity outside of the Company’s 2014 Plan during the year ended December 31, 2021:
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Number of
Shares |
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Weighted
Average
Grant
Date Fair
Value |
| Unvested, December 31, 2020 |
—
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$ |
—
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| Granted |
1,500,000 |
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0.12 |
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| Released |
(1,350,000) |
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0.12 |
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| *Unvested, December 31, 2021 |
150,000
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$ |
0.13
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| Schedule of Stock-Based compensation Expense |
The Company recognized stock-based compensation expense, including compensation expense for RSUs discussed above, in its Consolidated Statements of Comprehensive Loss as follows:
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Year Ended
December 31, |
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2021 |
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2020 |
| Research and development |
$ |
59,653 |
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$ |
93,545 |
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| General and administrative |
809,553 |
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209,197 |
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$ |
869,206
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$ |
302,742
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