13. Stock-Based Compensation

The Company has a 2016 Consolidated Stock Incentive Plan (the “2016 Plan”) and a 2019 Stock Incentive Plan (the “2019 Plan”), which provide for the issuance of incentive and non-incentive stock options, restricted and unrestricted stock awards, stock unit awards and stock appreciation rights. Options and restricted stock units granted generally vest over a period of one to four years and have a maximum term of ten years from the date of grant. Upon completion of the Ohr Acquisition, the Company assumed the awards outstanding under the NeuBase Therapeutics, Inc. 2018 Equity Incentive Plan.

As of September 30, 2021, an aggregate of 4,709,277 shares of common stock were authorized under 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 September 30, 2021, 407,852 common shares were available for future grants under the 2019 Plan. As of September 30, 2021, 291,667 shares of common stock were authorized under 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 consolidated statements of

operations for the years ended September 30, 2021 and 2020:

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Stock Options

Below is a table summarizing the options issued and outstanding as of and for the years ended September 30, 2021 and 2020:

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As of September 30, 2021, the unrecognized compensation costs of $4.9 million will be recognized over an estimated weighted-average amortization period of 1.5 years.

The intrinsic value of stock options exercised during the years ended September 30, 2021 and 2020 was $0.2 million and $0.1 million, respectively.

The weighted average grant date fair value of options granted during the year ended September 30, 2021 and 2020 was $3.84 and $5.23.

During the year ended September 30, 2021, the Company modified the terms of an option award granted to one former employee. The modification provides for accelerated vesting of unvested options and an extension of the term of the vested and unvested options to 2.5 years. The net incremental compensation expense incurred as a result of this modification was approximately $0.03 million.

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

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During the year ended September 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 September 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 year ended September 30, 2021 and did not have impact on unrecognized compensation costs or the estimated weighted-average amortization period above as of September 30, 2021.

Restricted Stock

A summary of the changes in the outstanding restricted stock during the years ended September 30, 2021 and 2020 is as follows:

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The fair value of restricted stock that vested during the years ended September 30, 2021 and 2020 was $0.1 million and $0.1 million, respectively.

Restricted Stock Units

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

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