Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.1
Stock-Based Compensation (Tables)
6 Months Ended
Mar. 31, 2022
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 six months ended March 31, 2022 and 2021:

Three Months ended March 31,

Six Months Ended March 31, 

    

2022

    

2021

    

2022

    

2021

General and administrative

$

554,661

$

448,880

$

881,792

$

1,291,159

Research and development

 

398,167

 

493,228

 

864,240

 

827,534

Total

$

952,828

$

942,108

$

1,746,032

$

2,118,693

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:

Weighted

Weighted

Average

Total

Average

Remaining

Aggregate

Exercise

Contractual Life

Intrinsic

    

Stock Options

    

Price

    

(in years)

    

Value

Outstanding at September 30, 2021

7,397,154

$

3.13

  

  

Granted

1,500,365

2.14

  

  

Exercised

(42,250)

0.00

Forfeited

(433,794)

5.17

Outstanding at March 31, 2022

8,421,475

2.86

7.3

$

6,377,580

Exercisable as of March 31, 2022

5,370,128

$

2.35

6.1

$

6,143,729

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:

Six Months Ended March 31, 

    

2022

    

2021

Expected term of options (years)

5.1 - 6.1

5.5 - 7.0

Expected common stock price volatility

73.8% - 77.2%

83% - 83.3%

Risk-free interest rate

1.1% - 2.6%

0.6% - 1.3%

Expected dividend yield

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:

Weighted Average

  Grant Date

    

Unvested Restricted

    

 Fair Value

    

 Stock

    

Price

Unvested as of September 30, 2021

 

$

Granted

4,441

3.94

Vested

 

(4,441)

 

3.94

Unvested as of March 31, 2022

 

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 six months ended March 31, 2022:

Weighted Average

Grant Date

Restricted Stock

Fair Value

    

Units

    

Price

Unvested as of September 30, 2021

 

10,000

$

5.09

Forfeited

(10,000)

5.09

Unvested as of March 31, 2022

 

 

Total unrecognized expense remaining

$

Weighted-average years expected to be recognized over