Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.1
Stock-Based Compensation (Tables)
6 Months Ended
Mar. 31, 2021
Stock-Based Compensation  
Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations for the three and six months ended March 31, 2021 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months ended March 31,

 

Six Months ended March 31,

 

    

2021

    

 

2020

    

2021

    

2020

General and administrative

 

$

448,880

 

 

$

954,241

 

$

1,291,159

 

$

2,067,352

Research and development

 

 

493,228

 

 

 

385,169

 

 

827,534

 

 

776,284

Total

 

$

942,108

 

 

$

1,339,410

 

$

2,118,693

 

$

2,843,636

 

Summary of stock options issued and outstanding

Below is a table summarizing the options issued and outstanding as of and for the six months ended March 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

Average

 

Total

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

 

 

Exercise

 

Contractual Life

 

Intrinsic

 

    

Stock Options

    

Price

    

(in years)

    

Value

Outstanding at September 30, 2020

 

6,190,790

 

$

2.76

 

  

 

 

  

Granted

 

534,340

 

 

7.59

 

  

 

 

  

Exercised

 

(21,576)

 

 

5.21

 

 

 

 

 

Forfeited

 

(150,670)

 

 

5.68

 

 

 

 

 

Outstanding at March 31, 2021

 

6,552,884

 

 

3.08

 

8.1

 

$

29,219,357

Exercisable as of March 31, 2021

 

4,575,375

 

 

1.65

 

7.7

 

$

26,884,291

 

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 six months ended March 31, 2021 and 2020 included:

 

 

 

 

 

 

 

 

Six Months ended March 31, 

 

    

2021

    

2020

 

 

 

 

 

Expected term of options (years)

 

 5.5 - 7.0 

 

7.0

Expected common stock price volatility

 

 83% - 83.3%

 

 78% - 83.5%

Risk-free interest rate

 

 0.6% - 1.3%

 

 0.9% - 1.8%

Expected dividend yield

 

 —

 

 —

 

Summary of changes in the outstanding restricted stock

A summary of the changes in the unvested restricted stock during the six months ended March 31, 2021 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

 

 

 

  Grant Date

 

    

Unvested Restricted

    

 Fair Value

 

 

 Stock

 

Price

Unvested as of September 30, 2020

 

 

 —

 

$

 —

Granted

 

 

4,364

 

 

9.17

Vested

 

 

(4,364)

 

 

9.17

Unvested as of March 31, 2021

 

 

 —

 

 

 —