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Stockholders' Deficit (Tables)
9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of Option Activity under 2018 Plan, 2013 Plan and 2010 Plan

A summary of option activity under the 2018 Plan, 2013 Plan, and 2010 Plan for the nine months ended September 30, 2023 and 2022, is as follows:

Year-to-Date Activity

 

Number
of Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in Millions)

 

Options outstanding at December 31, 2022

 

 

2,794,850

 

 

$

6.36

 

 

 

7.4

 

 

 

 

Granted

 

 

630,000

 

 

$

1.67

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(474,751

)

 

$

3.79

 

 

 

 

 

 

 

Options outstanding at September 30, 2023

 

 

2,950,099

 

 

$

5.77

 

 

 

7.0

 

 

$

 

Options exercisable at September 30, 2023

 

 

1,798,431

 

 

$

8.05

 

 

 

5.9

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Activity

 

Number
of Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in Millions)

 

Options outstanding at December 31, 2021

 

 

1,954,975

 

 

$

8.16

 

 

 

7.8

 

 

 

 

Granted

 

 

960,500

 

 

$

2.33

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(85,000

)

 

$

3.75

 

 

 

 

 

 

 

Options outstanding at September 30, 2022

 

 

2,830,475

 

 

$

6.32

 

 

 

7.8

 

 

$

 

Options exercisable at September 30, 2022

 

 

1,398,730

 

 

$

9.64

 

 

 

6.5

 

 

$

 

Summary of Stock-Based Compensation Expense The amount of stock-based compensation expense recorded to research and development expenses and to selling, general and administrative expenses is detailed in table below:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

79,331

 

 

$

160,316

 

 

$

278,910

 

 

$

459,636

 

Selling, general and administrative

 

 

153,192

 

 

 

299,799

 

 

 

499,025

 

 

 

935,353

 

Total stock-based compensation expense

 

$

232,523

 

 

$

460,115

 

 

$

777,935

 

 

$

1,394,989

 

Summary of Warrants Issued

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

 

Number

 

 

Weighted Average Exercise Price

 

 

Number

 

 

Weighted Average Exercise Price

 

Outstanding at beginning of the period

 

 

250,000

 

 

$

2.08

 

 

 

 

 

$

 

Granted during the period

 

 

750,000

 

 

 

 

 

 

250,000

 

 

 

2.08

 

Outstanding at end of the period

 

 

1,000,000

 

 

$

0.52

 

 

 

250,000

 

 

$

2.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of the period

 

 

1,000,000

 

 

$

0.52

 

 

 

250,000

 

 

$

2.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average remaining life

 

6.1 years

 

 

 

 

 

6.5 years

 

 

 

 

 

Warrants issued in March 2023 Offering

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

 

Number

 

 

Weighted Average Exercise Price

 

Outstanding at beginning of the period

 

 

 

 

$

 

Granted during the period

 

 

3,505,612

 

 

 

 

Exercised during the period

 

 

(585,306

)

 

 

 

Outstanding at end of the period

 

 

2,920,306

 

 

$

0.79

 

 

 

 

 

 

 

 

Exercisable at end of the period

 

 

2,920,306

 

 

$

0.79

 

 

 

 

 

 

 

 

Weighted average remaining life

 

5.0 years