Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Jun. 30, 2021
Stock-Based Compensation  
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, 2021 and 2020:

Three Months ended June 30,

Nine Months Ended June 30, 

    

2021

    

2020

    

2021

    

2020

General and administrative

$

574,353

$

847,921

$

1,865,512

$

2,915,273

Research and development

 

50,829

 

362,794

 

878,363

 

1,139,078

Total

$

625,182

$

1,210,715

$

2,743,875

$

4,054,351

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, 2021:

Weighted

Weighted

Average

Total

Average

Remaining

Aggregate

Exercise

Contractual Life

Intrinsic

    

Stock Options

    

Price

    

(in years)

    

Value

Outstanding as of September 30, 2020

6,190,790

$

2.76

  

  

Granted

1,291,559

6.08

  

  

Exercised

(47,052)

2.39

Forfeited

(432,876)

6.77

Outstanding as of June 30, 2021

7,002,421

3.13

7.8

$

15,864,133

Exercisable as of June 30, 2021

4,693,528

1.78

7.3

$

15,862,208

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, 2021 and 2020 included:

Nine Months ended June 30, 

    

2021

    

2020

Expected term of options (years)

5.5 - 7.0

6.1 - 7.0

Expected common stock price volatility

83% - 83.7%

78% - 84.3%

Risk-free interest rate

0.6% - 1.3%

0.3% - 1.8%

Expected dividend yield

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, 2021 is as follows:

Weighted Average

  Grant Date

    

Unvested Restricted

    

 Fair Value

 Stock

Price

Unvested as of September 30, 2020

 

$

Granted

7,056

8.15

Vested

 

(7,056)

 

8.15

Unvested as of June 30, 2021

 

Total unrecognized expense remaining

$

 

  

Weighted-average years expected to be recognized over

 

 

  

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, 2021:

Weighted Average

Grant Date

Restricted Stock

Fair Value

    

Units

    

Price

Unvested as of September 30, 2020

 

$

Granted

 

10,000

 

5.09

Unvested as of June 30, 2021

 

10,000

 

5.09

Total unrecognized expense remaining

$

50,654

Weighted-average years expected to be recognized over

 

2.2