Stock-Based Compensation (Tables)
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9 Months Ended |
Jun. 30, 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 nine months ended June 30, 2022 and 2021:
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Three Months ended June 30, |
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Nine Months Ended June 30, |
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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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$ |
507,435 |
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$ |
574,353 |
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$ |
1,389,227 |
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$ |
1,865,512 |
Research and development |
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|
133,611 |
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50,829 |
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|
997,851 |
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|
878,363 |
Total |
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$ |
641,046 |
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$ |
625,182 |
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$ |
2,387,078 |
|
$ |
2,743,875 |
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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, 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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1,510,366 |
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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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(652,492) |
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4.67 |
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Outstanding at June 30, 2022 |
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8,212,778 |
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2.84 |
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6.9 |
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$ |
3,430,544 |
Exercisable as of June 30, 2022 |
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5,628,339 |
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$ |
2.49 |
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6.0 |
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$ |
3,429,894 |
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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, 2022 and 2021 included:
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Nine Months Ended June 30, |
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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% - 83.7% |
Risk-free interest rate |
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1.1% - 3.1% |
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0.6% - 1.3% |
Expected dividend yield |
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0% |
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0% |
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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, 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 June 30, 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 nine months ended June 30, 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 June 30, 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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