STOCK-BASED COMPENSATION (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-based Payment Arrangement, Option, Activity |
The following is a summary of stock option activity during the six months ended June 30, 2023:
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Number of
options
outstanding |
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Weighted
average
exercise
price |
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Average
remaining
contractual life
(in years) |
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Aggregate
intrinsic value
(in thousands) |
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Outstanding – December 31, 2022 |
2,196,798 |
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$ |
1.76 |
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8.7 |
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$ |
6,770 |
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Options granted |
1,115,800 |
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2.62 |
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— |
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— |
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Options exercised |
(88,026) |
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1.17 |
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— |
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— |
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| Options cancelled |
(195,834) |
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1.70 |
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— |
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— |
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Outstanding – June 30, 2023 |
3,028,738 |
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2.10 |
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8.7 |
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2,040 |
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Exercisable – June 30, 2023 |
1,052,605 |
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$ |
1.64 |
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7.6 |
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$ |
1,177 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the six months ended June 30, 2023 and 2022, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
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Six months ended June 30, |
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2023 |
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2022 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
110.23% - 111.73% |
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107.25% - 110.98% |
| Expected term (in years) |
5.71 - 6.07 |
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5.73 - 5.80 |
| Risk-free rate |
3.54% - 3.80% |
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1.47% - 2.85% |
| Expected dividend yield |
$ |
— |
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$ |
— |
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| Weighted average grant date fair value per share |
$1.73 - $3.38 |
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$1.08 - $1.75 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity:
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Six months ended June 30, 2023 |
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Numbers of Shares |
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Weighted Average Grant Date Fair value |
| Non-Vested at beginning of period |
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253,970 |
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$ |
1.47 |
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| Shares granted |
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5,000 |
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2.24 |
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| Shares vested |
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(12,500) |
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2.82 |
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| Non-vested |
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246,470 |
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$ |
1.44 |
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| Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The following is a summary of stock-based compensation expense:
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Three months ended June 30, |
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Six months ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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| General and administrative |
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| Stock options |
507,200 |
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175,900 |
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707,200 |
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296,800 |
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| RSU’s |
116,400 |
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23,100 |
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217,400 |
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35,000 |
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| Total general and administrative |
623,600 |
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199,000 |
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924,600 |
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331,800 |
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| R&D |
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| Stock options |
78,800 |
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64,800 |
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170,800 |
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90,900 |
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| Total |
$ |
702,400 |
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$ |
263,800 |
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$ |
1,095,400 |
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$ |
422,700 |
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