Stock-Based Compensation (Tables)
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12 Months Ended |
Sep. 30, 2020 |
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| Stock-Based Compensation |
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| Summary of stock options issued and outstanding |
Below is a table summarizing the options issued and outstanding as of and for the years ended September 30, 2020 and 2019:
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Weighted
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Weighted
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Average
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Total
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Average
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Remaining
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Aggregate
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Exercise
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Contractual
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Intrinsic
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Stock Options
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Price
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Life (in years)
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Value
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Outstanding as of September 30, 2018
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—
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$
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—
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Assumed in connection with license acquired- Ohr
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106,000
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13.3
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Granted
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6,269,966
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2.52
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Outstanding at September 30, 2019
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6,375,966
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2.70
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Granted
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444,536
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7.38
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Exercised
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(31,731)
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5.42
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Forfeited
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(597,981)
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5.42
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Outstanding at September 30, 2020
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6,190,790
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2.76
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8.4
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$
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30,616,018
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Exercisable as of September 30, 2020
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4,250,243
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$
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1.36
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8.2
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$
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27,097,326
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| Schedule of key assumptions used to estimate the fair value of the stock options granted |
Key assumptions used to estimate the fair value of the stock options granted during the years ended September 30, 2020 and 2019 included:
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Year Ended September 30,
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2020
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2019
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Expected term of options (years)
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6 - 7
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1.6 - 7
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Expected common stock price volatility
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78% - 84.3%
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75.6% - 78.4%
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Risk-free interest rate
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0.2% - 1.8%
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1.8% - 2.5%
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Expected dividend yield
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—
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—
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| Summary of changes in the outstanding restricted stock |
A summary of the changes in the outstanding restricted stock during the years ended September 30, 2020 and 2019 is as follows:
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Weighted Average
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Grant Date
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Unvested Restricted
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Fair Value
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Stock
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Price
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Unvested as of September 30, 2018
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—
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$
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—
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Granted
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1,532,984
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1.31
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Vested
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(1,526,109)
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1.29
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Unvested as of September 30, 2019
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6,875
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$
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6.24
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Granted
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6,980
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7.52
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Vested
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(13,855)
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6.89
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Unvested as of September 30, 2020
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—
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$
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—
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Total unrecognized expense remaining
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$
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—
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Weighted-average years expected to be recognized over
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0
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| Schedule of key assumptions used to estimate the fair value of the advisory warrants granted during the year |
Key assumptions used to estimate the fair value of the advisory warrants granted during the year ended September 30, 2020:
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Year Ended
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September 30,
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2020
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Remaining contractual term (years)
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3.0
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Common stock price volatility
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86.4
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%
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Risk-free interest rate
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0.19
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%
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Expected dividend yield
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—
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| Schedule of stock-based compensation expense |
The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations for the years ended September 30, 2020 and 2019:
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Year Ended September 30,
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2020
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2019
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General and administrative
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$
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3,729,061
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$
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6,543,575
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Research and development
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1,465,723
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2,415,391
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Total
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$
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5,194,784
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$
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8,958,966
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