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]  
Schedule of stock option activity
The following is a summary of option activities under the Company’s 2014 Amended and Restated Plan for the nine months ended September 30, 2023:
Number of
Shares		 Weighted
Average
Exercise Price		 Weighted
Average
Remaining
Contractual
Term (Years)		 Aggregate Intrinsic Value*
Outstanding, December 31, 2022 171,980  $ 45.00  7.14 $ — 
Granted 322,479  3.59  — 
Exercised —  — 
Cancelled (37,404) 112.53 
Forfeited (14,252) 14.51 
Outstanding, September 30, 2023 442,803  $ 9.73  9.12 $ — 
Exercisable, September 30, 2023 100,389  $ 26.73  7.26 $ — 
*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 September 30, 2023 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted The fair value of the Company's stock option grants were estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
Nine Months Ended
September 30, 2023
Dividend yield —%
Volatility factor
87.9 - 127.0%
Risk-free interest rate
3.86 - 4.61%
Expected term (years)
5.27 - 6.08
Schedule of stock-based compensation expense The Company recognized stock-based compensation expense, including compensation expense for warrants with vesting provisions issued to a service provider (Note 5), and the RSUs discussed above, in its Unaudited Condensed Consolidated Statements of Operations as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2023 2022 2023 2022
Research and development $ 33,724  $ 23,966  $ 90,725  $ 64,507 
General and administrative 126,483  120,158  303,932  361,339 
$ 160,207  $ 144,124  $ 394,657  $ 425,846 
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair value of the Company's performance-based RSUs were estimated on the date of grant under the following assumptions:
Nine Months Ended
September 30, 2023
Dividend yield $—
Volatility factor
87.4- 87.9%
Risk-free interest rate
4.21- 4.54%
Derived service periods (years)
1.20 - 3.67