Stock-Based Compensation (Tables)
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6 Months Ended |
Mar. 31, 2022 |
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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 six months ended March 31, 2022 and 2021:
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Three Months ended March 31, |
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Six Months Ended March 31, |
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2022 |
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2021 |
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2022 |
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2021 |
General and administrative |
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$ |
554,661 |
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$ |
448,880 |
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$ |
881,792 |
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$ |
1,291,159 |
Research and development |
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|
398,167 |
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|
493,228 |
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|
864,240 |
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|
827,534 |
Total |
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$ |
952,828 |
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$ |
942,108 |
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$ |
1,746,032 |
|
$ |
2,118,693 |
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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 six months ended March 31, 2022:
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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 at September 30, 2021 |
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7,397,154 |
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$ |
3.13 |
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Granted |
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1,500,365 |
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2.14 |
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Exercised |
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(42,250) |
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0.00 |
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Forfeited |
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(433,794) |
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5.17 |
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Outstanding at March 31, 2022 |
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8,421,475 |
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2.86 |
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7.3 |
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$ |
6,377,580 |
Exercisable as of March 31, 2022 |
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5,370,128 |
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$ |
2.35 |
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6.1 |
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$ |
6,143,729 |
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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 six months ended March 31, 2022 and 2021 included:
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Six Months Ended March 31, |
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2022 |
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2021 |
Expected term of options (years) |
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5.1 - 6.1 |
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5.5 - 7.0 |
Expected common stock price volatility |
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73.8% - 77.2% |
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83% - 83.3% |
Risk-free interest rate |
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1.1% - 2.6% |
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0.6% - 1.3% |
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 six months ended March 31, 2022 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 |
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Price |
Unvested as of September 30, 2021 |
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— |
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$ |
— |
Granted |
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|
4,441 |
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|
3.94 |
Vested |
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(4,441) |
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|
3.94 |
Unvested as of March 31, 2022 |
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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 six months ended March 31, 2022:
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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 |
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Price |
Unvested as of September 30, 2021 |
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|
10,000 |
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$ |
5.09 |
Forfeited |
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(10,000) |
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|
5.09 |
Unvested as of March 31, 2022 |
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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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