Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Summary of Fair Values of Stock Options Granted |
The fair values of stock options granted during the second quarter of 2022 were estimated using the following assumptions:
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Three Months Ended June 30, |
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|
2022 |
|
Stock price |
|
$ |
25.40 |
|
Dividend yield |
|
|
0 |
% |
Expected volatility |
|
|
108 |
% |
Risk-free interest rate |
|
|
1.92 |
% |
Expected life |
|
5.6 years |
|
|
| Summary of Stock Option Activity |
The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2023:
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Number of
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Life In
Years |
|
|
Intrinsic
Value |
|
Outstanding at January 1, 2023 |
|
|
15,013 |
|
|
$ |
25.42 |
|
|
|
8.9 |
|
|
$ |
– |
|
Granted |
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|
– |
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|
|
– |
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|
|
– |
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|
|
– |
|
Exercised |
|
|
– |
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|
|
– |
|
|
|
– |
|
|
|
– |
|
Forfeited |
|
|
(13 |
) |
|
|
49.80 |
|
|
|
– |
|
|
|
– |
|
Outstanding at September 30, 2023 |
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|
15,000 |
|
|
$ |
25.40 |
|
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|
8.2 |
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|
$ |
– |
|
Exercisable at January 1, 2023 |
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|
13 |
|
|
$ |
49.80 |
|
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|
0.3 |
|
|
$ |
– |
|
Vested |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
Forfeited |
|
|
(13 |
) |
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|
49.80 |
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|
– |
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– |
|
Exercisable at September 30, 2023 |
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– |
|
|
$ |
– |
|
|
|
– |
|
|
$ |
– |
|
|
| Summary of Activity Related to PSUs |
A summary of the activity related to PSUs for the nine months ended September 30, 2023 is presented below:
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Total |
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|
Weighted
Average Grant
Date Fair Value |
|
Outstanding at January 1, 2023 |
|
|
– |
|
|
$ |
– |
|
PSUs granted |
|
|
2,500 |
|
|
|
6.20 |
|
PSUs forfeited |
|
|
– |
|
|
|
– |
|
PSUs vested |
|
|
– |
|
|
|
– |
|
Outstanding at September 30, 2023 |
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|
2,500 |
|
|
$ |
6.20 |
|
|
| Schedule of Restricted Stock Units Activity |
A summary of the activity related to RSUs for the nine months ended September 30, 2023 is presented below:
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Total |
|
|
Weighted
Average
Grant
Date Fair
Value |
|
Outstanding at January 1, 2023 |
|
|
108,251 |
|
|
$ |
32.67 |
|
RSUs granted |
|
|
40,412 |
|
|
|
12.81 |
|
RSUs forfeited |
|
|
(10,340 |
) |
|
|
28.02 |
|
RSUs vested |
|
|
(54,636 |
) |
|
|
32.26 |
|
Outstanding at September 30, 2023 |
|
|
83,687 |
|
|
$ |
23.92 |
|
|
| Summary of Stock-based Compensation Costs Recognized |
The following tables summarize total stock-based compensation costs recognized for the three and nine months ended September 30, 2023 and 2022:
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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 |
|
|
2022 |
|
Stock options |
|
$ |
21,564 |
|
|
$ |
21,564 |
|
|
$ |
63,989 |
|
|
$ |
53,207 |
|
RSUs |
|
|
341,443 |
|
|
|
586,652 |
|
|
|
1,273,380 |
|
|
|
1,933,301 |
|
PSUs |
|
|
4,488 |
|
|
|
67,922 |
|
|
|
15,089 |
|
|
|
67,922 |
|
ESPP |
|
|
1,412 |
|
|
|
22,084 |
|
|
|
42,419 |
|
|
|
104,485 |
|
Total |
|
$ |
368,907 |
|
|
$ |
698,222 |
|
|
$ |
1,394,877 |
|
|
$ |
2,158,915 |
|
|
| Summary of Stock-based Compensation Reflected within Statements of Operations |
The total amount of stock-based compensation was reflected within the statements of operations as:
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Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
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|
2023 |
|
|
2022 |
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|
2023 |
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|
2022 |
|
Research and development |
|
$ |
138,976 |
|
|
$ |
273,923 |
|
|
$ |
557,767 |
|
|
$ |
922,447 |
|
Sales and marketing |
|
|
84,491 |
|
|
|
109,702 |
|
|
|
292,850 |
|
|
|
344,478 |
|
General and administrative |
|
|
145,440 |
|
|
|
314,597 |
|
|
|
544,260 |
|
|
|
804,328 |
|
Severance expense |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
87,662 |
|
Total |
|
$ |
368,907 |
|
|
$ |
698,222 |
|
|
$ |
1,394,877 |
|
|
$ |
2,158,915 |
|
|
| Employee Stock Purchase Plan [Member] |
|
| Summary of Fair Values of Stock Options Granted |
The fair values of ESPP purchase options granted were estimated using the following assumptions:
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|
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|
|
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|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Stock price |
|
$4.80-16.72 |
|
|
$19.20-$25.00 |
|
Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected volatility |
|
59% - 67% |
|
|
61% - 68% |
|
Risk-free interest rate |
|
4.42% - 5.47% |
|
|
0.19% - 2.52% |
|
Expected life |
|
6 months |
|
|
6 months |
|
|