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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Stock Based Compensation Recognized in Consolidated Statement of Operations

Amounts recognized in the consolidated statements of operations with respect to the Company’s equity incentive plans were as follows:

 

 

 

 

Years Ended December 31,

 

 

 

 

2021

 

 

2020

 

Selling, general and administrative

 

 

$

1,154,000

 

 

$

1,461,190

 

Research and development

 

 

 

141,281

 

 

 

106,267

 

Cost of product and product-related services revenue

 

 

 

22,074

 

 

 

17,328

 

 

 

 

$

1,317,355

 

 

$

1,584,785

 
Summary of Stock Option Plans Activity

 

The following table summarizes stock option activity during the two-year period ended December 31, 2021:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

Per Share

 

 

Weighted-

Average

Remaining

Contractual

Life (Years)

 

 

Aggregate

Intrinsic Value

 

Balance at January 1, 2020

 

 

193,660

 

 

$

35.55

 

 

 

8.0

 

 

$

781

 

Granted

 

 

387,178

 

 

 

7.81

 

 

 

 

 

 

 

 

 

Exercised

 

 

-

 

 

 

-

 

 

 

 

 

 

$

-

 

Forfeited

 

 

(67,369

)

 

 

12.99

 

 

 

 

 

 

 

 

 

Expired/Cancelled

 

 

(26,242

)

 

 

32.04

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

487,227

 

 

$

16.78

 

 

 

8.6

 

 

$

1,536

 

Granted

 

 

153,833

 

 

 

5.45

 

 

 

 

 

 

 

 

 

Exercised

 

 

(75

)

 

 

4.35

 

 

 

 

 

 

$

107

 

Forfeited

 

 

(52,874

)

 

 

11.98

 

 

 

 

 

 

 

 

 

Expired/Cancelled

 

 

(28,775

)

 

 

20.39

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

559,336

 

 

$

13.93

 

 

 

8.2

 

 

$

30,267

 

Exercisable at December 31, 2020

 

 

187,031

 

 

$

27.07

 

 

 

7.5

 

 

$

305

 

Exercisable at December 31, 2021

 

 

298,987

 

 

$

20.14

 

 

 

7.4

 

 

$

6,269

 

 
Summary of Material Factors Incorporated in Black-Scholes Model In Estimating Fair Value of Options Granted The material factors incorporated in the Black-Scholes model in estimating the fair value of the stock options granted for the periods presented were as follows:

 

 

 

2021

 

 

2020

 

Fair value of common stock on grant date

 

$4.07 - 6.25

 

 

$4.35 - 11.25

 

Risk-free interest rate

 

0.85% - 1.20%

 

 

0.34% - 1.65%

 

Expected volatility

 

104.2% - 107.3%

 

 

109.1% - 149.9%

 

Expected term

 

5.2 to 6.1 years

 

 

5.4 to 5.9 years

 

Expected dividend yield

 

0%

 

 

0%

 
Summary of Restricted Stock Unit (RSU) Plans Activity

The following table summarizes RSU activity during the two-year period ended December 31, 2021:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Grant Date

Fair Value

Per Share

 

Balance at January 1, 2020

 

 

14,916

 

 

$

43.65

 

Granted

 

 

7,000

 

 

 

7.83

 

Released

 

 

(7,911

)

 

 

35.85

 

Forfeited

 

 

(1,791

)

 

 

41.23

 

Balance at December 31, 2020

 

 

12,214

 

 

$

28.61

 

Granted

 

 

30,000

 

 

 

5.20

 

Released

 

 

(4,529

)

 

 

29.13

 

Forfeited

 

 

(6,508

)

 

 

24.18

 

Balance at December 31, 2021

 

 

31,177

 

 

$

6.93

 

Vested and unissued at December 31, 2021

 

 

4,148

 

 

$

9.60

 
Employee Stock Purchase Plan  
Summary of Stock Based Compensation Recognized in Consolidated Statement of Operations

Amounts recognized in the consolidated statements of operations with respect to the Amended 2014 ESPP were as follows:

 

 

 

 

Years Ended December 31,

 

 

 

 

2021

 

 

2020

 

Selling, general and administrative

 

 

$

34,219

 

 

$

12,106

 

Research and development

 

 

 

11,643

 

 

 

5,248

 

Cost of product and product-related services revenue

 

 

 

11,807

 

 

 

3,832

 

 

 

 

$

57,669

 

 

$

21,186

 

 
Summary of Material Factors Incorporated in Black-Scholes Model In Estimating Fair Value of Options Granted

The material factors incorporated in the Black-Scholes model in estimating the fair value of employee stock purchase plan stock purchase rights for the periods presented were as follows:

 

 

 

2021

 

 

2020

 

Fair value of common stock

 

$4.67 - 5.85

 

 

$8.70 - 9.75

 

Risk-free interest rate

 

0.04% - 0.08%

 

 

0.18% - 1.58%

 

Expected volatility

 

71.9% - 89.2%

 

 

65.8% - 88.9%

 

Expected term

 

0.5 years

 

 

0.5 years

 

Expected dividend yield

 

0%

 

 

0%

 
Summary of Shares Purchased under ESPP'S Six Month Purchase Periods

During the year ended December 31, 2021, employees purchased the following shares at the end of each of the six-month purchase periods:

 

 

 

June 2021

 

 

December 2021

 

 

 

Number of

Shares

 

 

Price

per Share

 

 

Number of

Shares

 

 

Price

per Share

 

Total number of shares purchased

 

 

13,637

 

 

$

3.92

 

 

 

20,326

 

 

$

3.56

 

 

During the year ended December 31, 2020, employees entering the plan at various times throughout the offering period purchased the following shares at the end of each of the six-month purchase periods:

 

 

 

June 2020

 

 

December 2020

 

 

 

Number of

Shares

 

 

Price

per Share

 

 

Number of

Shares

 

 

Price

per Share

 

ESPP Group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group A

 

 

3,033

 

 

$

8.29

 

 

 

2,857

 

 

$

4.87

 

Group B

 

 

-

 

 

N/A

 

 

 

396

 

 

 

4.87

 

Total number of shares purchased

 

 

3,033

 

 

 

 

 

 

 

3,253