Stock-Based Compensation (Tables)
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9 Months Ended |
Jun. 30, 2021 |
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| Stock-Based Compensation |
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| 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 nine months ended June 30, 2021 and 2020:
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Three Months ended June 30, |
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Nine Months Ended June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
General and administrative |
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$ |
574,353 |
|
$ |
847,921 |
|
$ |
1,865,512 |
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$ |
2,915,273 |
Research and development |
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|
50,829 |
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|
362,794 |
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|
878,363 |
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|
1,139,078 |
Total |
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$ |
625,182 |
|
$ |
1,210,715 |
|
$ |
2,743,875 |
|
$ |
4,054,351 |
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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 nine months ended June 30, 2021:
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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 Life |
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Intrinsic |
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Stock Options |
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Price |
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(in years) |
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Value |
Outstanding as of September 30, 2020 |
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6,190,790 |
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$ |
2.76 |
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Granted |
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1,291,559 |
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|
6.08 |
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Exercised |
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(47,052) |
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|
2.39 |
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Forfeited |
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(432,876) |
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|
6.77 |
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Outstanding as of June 30, 2021 |
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7,002,421 |
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|
3.13 |
|
7.8 |
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$ |
15,864,133 |
Exercisable as of June 30, 2021 |
|
4,693,528 |
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|
1.78 |
|
7.3 |
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$ |
15,862,208 |
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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 nine months ended June 30, 2021 and 2020 included:
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Nine Months ended June 30, |
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2021 |
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2020 |
Expected term of options (years) |
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5.5 - 7.0 |
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6.1 - 7.0 |
Expected common stock price volatility |
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83% - 83.7% |
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78% - 84.3% |
Risk-free interest rate |
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0.6% - 1.3% |
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0.3% - 1.8% |
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 unvested restricted stock during the nine months ended June 30, 2021 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 |
|
Price |
Unvested as of September 30, 2020 |
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— |
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$ |
— |
Granted |
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|
7,056 |
|
|
8.15 |
Vested |
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(7,056) |
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|
8.15 |
Unvested as of June 30, 2021 |
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— |
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— |
Total unrecognized expense remaining |
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$ |
— |
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Weighted-average years expected to be recognized over |
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— |
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| Summary of restricted stock units granted and outstanding |
Below is a table summarizing the restricted stock units granted and outstanding as of and for the nine months ended June 30, 2021:
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Weighted Average |
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Grant Date |
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Restricted Stock |
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Fair Value |
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Units |
|
Price |
Unvested as of September 30, 2020 |
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— |
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$ |
— |
Granted |
|
|
10,000 |
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|
5.09 |
Unvested as of June 30, 2021 |
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|
10,000 |
|
|
5.09 |
Total unrecognized expense remaining |
|
$ |
50,654 |
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Weighted-average years expected to be recognized over |
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|
2.2 |
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