Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.20.1
Stock-Based Compensation
6 Months Ended
Mar. 31, 2020
Stock-Based Compensation  
Stock-Based Compensation

5.  Stock-Based Compensation

As of March 31, 2020, 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 March 31, 2020, 701,610 common shares were available for future grants under the 2019 Plan. As of March 31, 2020, 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 six months ended March 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

136,000

 

 

6.20

 

  

 

 

  

Forfeited

 

(5,000)

 

 

7.56

 

 

 

 

 

Outstanding at March 31, 2020

 

6,506,966

 

$

2.77

 

8.9

 

$

28,977,799

Exercisable as of March 31, 2020

 

4,231,799

 

$

1.34

 

8.7

 

$

25,120,498

 

As of March 31, 2020, unrecognized compensation costs associated with the stock options of $4.9 million will be recognized over an estimated weighted-average amortization period of 1.3 years.

The weighted average grant date fair value of options granted during the six months March 31, 2020 was $4.78.

Key assumptions used to estimate the fair value of the stock options granted during the six months ended March 31, 2020 included:

 

 

 

 

    

Six Months ended

 

 

March 31, 2020

Expected term of options (years)

 

7.0

Expected common stock price volatility

 

 78% - 83.5%

Risk-free interest rate

 

 0.9% - 1.8%

Expected dividend yield

 

 -

 

Restricted Stock

A summary of the changes in the unvested restricted stock during the six months ended March 31, 2020 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

Unvested Restricted

 

  Grant Date

 

    

 Stock

    

 Fair Value

Unvested as of September 30, 2019

 

 

6,875

 

$

6.24

Granted

 

 

2,752

 

 

6.36

Vested

 

 

(6,502)

 

 

6.29

Unvested as of March 31, 2020

 

 

3,125

 

$

6.24

Total unrecognized expense remaining

 

$

5,830

 

 

  

Weighted-average years expected to be recognized over

 

 

0.2

 

 

  

 

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations for the three and six months ended March 31,2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Six Months Ended March 31,

 

    

2020

    

2019

    

2020

    

2019

 

    

 

 

 

Restated (Note 2)

    

 

 

 

Restated (Note 2)

General and administrative

 

$

954,241

 

$

1,245,414

 

$

2,067,352

 

$

1,534,300

Research and development

 

 

385,169

 

 

8,757

 

 

776,284

 

 

13,174

Total

 

$

1,339,410

 

$

1,254,171

 

$

2,843,636

 

$

1,547,474