Stock-Based Compensation (Tables)
|
12 Months Ended |
Sep. 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 consolidated statements of
operations for the years ended September 30, 2021 and 2020:
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Year Ended September 30, |
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2021 |
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2020 |
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|
|
|
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|
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General and administrative |
|
$ |
2,369,287 |
|
$ |
3,729,061 |
Research and development |
|
|
1,327,097 |
|
|
1,465,723 |
Total |
|
$ |
3,696,384 |
|
$ |
5,194,784 |
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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, 2021 and 2020:
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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 |
|
Price |
|
Life (in years) |
|
Value |
Outstanding at September 30, 2019 |
|
6,375,966 |
|
$ |
2.70 |
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|
|
|
|
Granted |
|
444,536 |
|
|
7.38 |
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|
|
|
|
Exercised |
|
(31,731) |
|
|
5.42 |
|
|
|
|
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Forfeited |
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(597,981) |
|
|
5.42 |
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|
|
|
|
Outstanding at September 30, 2020 |
|
6,190,790 |
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|
2.76 |
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|
|
|
|
Granted |
|
1,758,599 |
|
|
5.45 |
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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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(505,183) |
|
|
6.80 |
|
|
|
|
|
Outstanding at September 30, 2021 |
|
7,397,154 |
|
|
3.13 |
|
7.5 |
|
$ |
11,994,910 |
Exercisable as of September 30, 2021 |
|
5,242,852 |
|
$ |
2.19 |
|
6.8 |
|
$ |
11,952,755 |
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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, 2021 and 2020 included:
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Year Ended September 30, |
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2021 |
|
2020 |
Expected term of options (years) |
|
6.1 |
|
6 - 7 |
Expected common stock price volatility |
|
82.7% - 83.7% |
|
78% - 84.3% |
Risk-free interest rate |
|
0.6% - 1.3% |
|
0.2% - 1.8% |
Expected dividend yield |
|
— |
|
— |
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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, 2021 and 2020 is as follows:
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Weighted Average |
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Grant Date |
|
|
|
Unvested Restricted |
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Fair Value |
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|
|
Stock |
|
Price |
Unvested as of September 30, 2019 |
|
|
6,875 |
|
$ |
6.24 |
Granted |
|
|
6,980 |
|
|
7.52 |
Vested |
|
|
(13,855) |
|
|
6.89 |
Unvested as of September 30, 2020 |
|
|
— |
|
|
— |
Granted |
|
|
11,722 |
|
|
6.37 |
Vested |
|
|
(11,722) |
|
|
6.37 |
Unvested as of September 30, 2021 |
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|
— |
|
|
— |
Total unrecognized expense remaining |
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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 year ended September 30, 2021:
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Weighted Average |
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|
Grant Date |
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Restricted Stock |
|
Fair Value |
|
|
Units |
|
Price |
Unvested as of September 30, 2020 |
|
|
— |
|
$ |
— |
Granted |
|
|
10,000 |
|
|
5.09 |
Unvested as of September 30, 2021 |
|
|
10,000 |
|
|
5.09 |
Total unrecognized expense remaining |
|
$ |
43,117 |
|
|
|
Weighted-average years expected to be recognized over |
|
|
1.9 |
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