Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.2
Stock-Based Compensation
9 Months Ended
Jun. 30, 2021
Stock-Based Compensation  
Stock-Based Compensation

13.  Stock-Based Compensation

As of June 30, 2021, an aggregate of 4,709,277 shares of common stock were authorized under the Company’s 2019 Stock Incentive Plan (the “2019 Plan”), subject to an “evergreen” provision that will automatically increase the maximum number of shares of common stock that may be issued under the term of the 2019 Plan. As of June 30, 2021, 807,251 common shares were available for future grants under the 2019 Plan. As of June 30, 2021, 291,667 shares of common stock were authorized under the Company’s 2016 Consolidated Stock Incentive Plan (the “2016 Plan”) and 147,041 common shares were available for future grants under the 2016 Plan.

The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations for the three and nine months ended June 30, 2021 and 2020:

Three Months ended June 30,

Nine Months Ended June 30, 

    

2021

    

2020

    

2021

    

2020

General and administrative

$

574,353

$

847,921

$

1,865,512

$

2,915,273

Research and development

 

50,829

 

362,794

 

878,363

 

1,139,078

Total

$

625,182

$

1,210,715

$

2,743,875

$

4,054,351

Stock Options

Below is a table summarizing the options issued and outstanding as of and for the nine months ended June 30, 2021:

Weighted

Weighted

Average

Total

Average

Remaining

Aggregate

Exercise

Contractual Life

Intrinsic

    

Stock Options

    

Price

    

(in years)

    

Value

Outstanding as of September 30, 2020

6,190,790

$

2.76

  

  

Granted

1,291,559

6.08

  

  

Exercised

(47,052)

2.39

Forfeited

(432,876)

6.77

Outstanding as of June 30, 2021

7,002,421

3.13

7.8

$

15,864,133

Exercisable as of June 30, 2021

4,693,528

1.78

7.3

$

15,862,208

As of June 30, 2021, unrecognized compensation costs associated with the stock options of $5.4 million will be recognized over an estimated weighted-average amortization period of 1.4 years.

The weighted average grant date fair value of options granted during the nine months ended June 30, 2021 and 2020 was $4.29 and $4.67, respectively.

Key assumptions used to estimate the fair value of the stock options granted during the nine months ended June 30, 2021 and 2020 included:

Nine Months ended June 30, 

    

2021

    

2020

Expected term of options (years)

5.5 - 7.0

6.1 - 7.0

Expected common stock price volatility

83% - 83.7%

78% - 84.3%

Risk-free interest rate

0.6% - 1.3%

0.3% - 1.8%

Expected dividend yield

During the nine months ended June 30, 2021, the Company granted a stock option to purchase 225,000 shares to a consultant, which was cancelled and reissued in June 2021, in recognition of future service to the Company as an employee. The exercisability and vesting of the stock options are subject to the consultant’s effective date of employment with the Company, which had not yet occurred as of June 30, 2021, and as a result, the grant-date of such option has not occurred under GAAP. Therefore, the number and fair value of the shares subject to this option are not reflected in the table summarizing the options issued and outstanding as of and for the nine months ended June 30, 2021 and did not have impact on unrecognized compensation costs or the estimated weighted-average amortization period above as of June 30, 2021.

Restricted Stock

A summary of the changes in the unvested restricted stock during the nine months ended June 30, 2021 is as follows:

Weighted Average

  Grant Date

    

Unvested Restricted

    

 Fair Value

 Stock

Price

Unvested as of September 30, 2020

 

$

Granted

7,056

8.15

Vested

 

(7,056)

 

8.15

Unvested as of June 30, 2021

 

Total unrecognized expense remaining

$

 

  

Weighted-average years expected to be recognized over

 

 

  

Restricted Stock Units

Below is a table summarizing the restricted stock units granted and outstanding as of and for the nine months ended June 30, 2021:

Weighted Average

Grant Date

Restricted Stock

Fair Value

    

Units

    

Price

Unvested as of September 30, 2020

 

$

Granted

 

10,000

 

5.09

Unvested as of June 30, 2021

 

10,000

 

5.09

Total unrecognized expense remaining

$

50,654

Weighted-average years expected to be recognized over

 

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