Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.20.1
Stock-Based Compensation
3 Months Ended
Dec. 31, 2019
Stock-Based Compensation  
Stock-Based Compensation

4.  Stock-Based Compensation

As of December 31, 2019, an aggregate of 3,783,114 shares of common stock were authorized under the Company’s 2019 Stock Incentive Plan (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 December 31, 2019,  744,362 common shares were available for future grants under the 2019 Plan. As of December 31, 2019, 291,667 shares of common stock were authorized under the Company’s 2016 Consolidated Stock Incentive Plan (the “2016 Plan”) and 147,041 common shares were available for future grants under the 2016 Plan.

Stock Options

Below is a table summarizing the options issued and outstanding as of and for the three months ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Weighted

 

Average

 

Total

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

 

 

Exercise

 

Contractual Life

 

Intrinsic

 

    

Stock Options

    

Price

    

(in years)

    

Value

Outstanding as of September 30, 2019

 

6,375,966

 

$

2.70

 

  

 

 

  

Granted

 

91,000

 

 

6.56

 

  

 

 

  

Outstanding at December 31, 2019

 

6,466,966

 

$

2.76

 

9.2

 

$

29,405,646

Exercisable as of December 31, 2019

 

4,131,869

 

$

1.24

 

8.9

 

 

25,270,895

 

As of December 31, 2019, unrecognized compensation costs of associated with the stock options $6.0 million will be recognized over an estimated weighted-average amortization period of 1.5 years.

The weighted average grant date fair value of options granted during the three months December 31, 2019 was $4.78.

Key assumptions used to estimate the fair value of the stock options granted during the three months ended December 31, 2019 included:

 

 

 

 

    

Three Months Ended

 

 

December 31, 2019

Expected common stock price volatility

 

78% - 81.1%

Risk-free interest rate

 

1.7% - 1.8%

Expected term of options (years)

 

6.96 - 7.0

Expected dividend yield

 

 —

 

Restricted Stock

A summary of the changes in the unvested restricted stock during the three months ended December 31, 2019 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

  Grant Date

 

 

Unvested Restricted

 

 Fair Value

 

    

 Stock

    

 Price

Outstanding as of September 30, 2019

 

 

6,875

 

$

6.24

Vested

 

 

(1,875)

 

 

6.24

Unvested at December 31, 2019

 

 

5,000

 

$

6.24

Total unrecognized expense remaining

 

$

18,096

 

 

  

Weighted-average years expected to be recognized over

 

 

0.4

 

 

  

 

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations for the three months ended December 31, 2019 and 2018:

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

    

2019

    

2018

 

    

 

 

 

(As Restated) (Note 2)

General and administrative expenses

 

$

1,113,111

 

$

288,886

Research and development expenses

 

 

391,115

 

 

4,417

 

 

$

1,504,226

 

$

293,303