STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-Based Payment Arrangement, Option, Activity |
The following is a summary of stock option activity during the nine months ended September 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 |
3,229,400 |
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2.80 |
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Options exercised |
(180,072) |
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1.19 |
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| Options cancelled |
(288,001) |
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2.48 |
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Outstanding – September 30, 2023 |
4,958,125 |
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2.43 |
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9.1 |
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1,406 |
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Exercisable – September 30, 2023 |
1,035,138 |
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$ |
1.71 |
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7.4 |
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$ |
972 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the nine months ended September 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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Nine Months ended September 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% - 110.64% |
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107.25% - 110.98% |
| Expected term (in years) |
5.85 - 6.07 |
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5.62 - 5.94 |
| Risk-free rate |
3.54% - 3.95% |
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1.47% - 3.10% |
| Expected dividend yield |
$ |
— |
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$ |
— |
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| Weighted average grant date fair value per share |
$1.75 - $3.38 |
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$1.08 - $1.75 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity:
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Nine months ended September 30, 2023 |
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Numbers of Shares |
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Weighted Average Grant Date Fair value |
| Non-Vested at beginning of period |
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253,970 |
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$ |
1.47 |
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| Shares granted |
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222,881 |
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3.11 |
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| Shares vested |
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(255,220) |
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1.46 |
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| Non-vested |
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221,631 |
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$ |
3.12 |
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| Schedule of Stock-Based Compensation Expense |
The following is a summary of stock-based compensation expense:
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Three months ended September 30, |
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Nine months ended September 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 administration |
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| Stock Options |
$ |
589,500 |
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$ |
148,100 |
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$ |
1,352,100 |
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$ |
445,500 |
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| RSU's |
153,000 |
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100,200 |
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323,000 |
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134,800 |
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| Total general and administration |
742,500 |
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248,300 |
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1,675,100 |
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580,300 |
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| Research and development |
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| Stock Options |
173,600 |
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89,500 |
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336,100 |
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179,900 |
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| RSU's |
10,200 |
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13,600 |
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10,200 |
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13,600 |
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| Total research and development |
183,800 |
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103,100 |
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346,300 |
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193,500 |
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| Total |
$ |
926,300 |
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$ |
351,400 |
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$ |
2,021,400 |
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$ |
773,800 |
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