Equity (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of restricted stock awards activity

		Weighted
		Average Grant-Date			Aggregate
	Awards	Fair Value			Intrinsic Value
Nonvested as of December 31, 2021	97,867	$	24.60
Granted	—
Forfeited	—
Vested	(24,467)	$	24.60	$	—
Nonvested as of March 31, 2022	73,400	$	24.60
Granted	—
Forfeited	(60,000)
Vested	—
Nonvested as of June 30, 2022	13,400	$	24.60
Granted	—
Forfeited	—
Vested	—
Nonvested as of September 30, 2022	13,400	$	24.60

Schedule of Stock Options Outstanding and Exercisable

Outstanding Options by Plan	September 30, 2022
2010 Plan		128,938
2019 Plan		235,187
Outstanding as of September 30, 2022		364,125

Stock options outstanding as of September 30, 2022 are summarized in the table below:

	Number of	Weighted		Weighted Average
	Options	Average		Remaining
Range of Exercise Prices	Outstanding	Exercise Price		Contractual Lives
Up to $7.50	108,655	$	6.73	8.75
$7.51 - $15.00	155,660	$	10.38	6.47
$15.01 - $22.50	55,267	$	17.25	9.04
$22.51 and above	44,543	$	39.54	7.63
Total	364,125	$	14.25	7.50

Schedule of Assumptions Used in Computing Fair Value of All Options Granted

	Nine Months Ended September 30,
	2022		2021
Expected volatility	116.83% - 119.43	%	127.17	%
Risk free interest rate	1.26% - 1.94	%	0.78	%
Expected term (years)	5.45 - 6.51		5.00

Schedule of Stock-Based Compensation Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development expenses
Share-based compensation	$	(23,000)	$	—	$	118,000	$	46,000
General and administrative expenses
Issuance of common stock for services (see Note 8)		—		—		—		80,000
Share-based compensation		186,000		47,000		675,000		234,000
Total share-based compensation	$	163,000	$	47,000	$	793,000	$	360,000
Unrecognized share-based compensation expense related to stock options as of September 30, 2022	$	316,000
Weighted average remaining years to vest for stock options		1.68
Unrecognized share-based compensation expense related to restricted stock awards as of September 30, 2022	$	159,000
Weighted average remaining years to vest for restricted stock awards		2.26

Employee Stock Option

Schedule of stock option activity

		Weighted		Weighted Average
	Number of	Average		Remaining		Aggregate
	Options	Exercise Price		Contractual Life		Intrinsic Value
Outstanding as of December 31, 2021	500,466	$	16.81	7.36	$	—
Granted	106,555	$	7.14
Exercised	—	$	—
Forfeited, expired and/or cancelled	(6,334)	$	13.33
Outstanding as of March 31, 2022	600,687		15.13	7.50	$	—
Granted	—
Exercised	—
Forfeited, expired and/or cancelled	(164,080)	$	17.52
Outstanding as of June 30, 2022	436,607	$	14.23	6.64	$	—
Granted	—	$	—
Exercised	—	$	—
Forfeited, expired and/or cancelled	(72,482)	$	15.89
Outstanding as of September 30, 2022	364,125	$	13.90	7.69	$	—
Exercisable as of September 30, 2022	238,384	$	15.47	5.40	$	—

Outstanding Options by Plan	September 30, 2022
2010 Plan		128,938
2019 Plan		235,187
Outstanding as of September 30, 2022		364,125

2019 Stock plan

Schedule of stock option activity

The following table summarizes the activity since inception of the 2019 Plan and the shares available for future equity awards as of September 30, 2022:

	2019 Plan
Total shares reserved for equity awards		666,667
Options granted during previous fiscal years		(262,232)
Options granted during Q1 2022		(106,555)
Restricted stock awards, net of settlement granted during fiscal 2021		(119,000)
Forfeited, expired and/or cancelled equity awards, prior year		367
Forfeited, expired and/or cancelled equity awards, during Q1 2022		1,767
Shares forfeited to settle exercise price and tax obligation during fiscal 2021		8,687
Shares forfeited to settle exercise price and tax obligation during Q1 2022		9,234
Remaining shares available for future equity awards as of March 31, 2022		198,935
Forfeited, expired and/or cancelled equity awards, during Q2 2022		57,584
RSAs forfeited during Q2 2022		60,000
Remaining shares available for future equity awards as of June 30, 2022		316,519
Forfeited, expired and/or cancelled equity awards, during Q3 2022		70,483
Remaining shares available for future equity awards as of September 30, 2022		387,002