Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.22.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2021
Stockholders' Equity  
Summary of restricted stock award activity

Certain employees, directors and consultants have been awarded restricted stock. The restricted stock vesting consists of milestone and time-based vesting. The following table summarizes restricted stock award activity for the year ended December 31, 2021 and 2020:

Weighted Average

Grant Date Fair

    

Number of Shares

    

Value

Nonvested at December 31, 2019

 

3,303,839

$

4.29

Granted

 

1,117,340

 

2.39

Vested

 

(551,283)

5.23

Nonvested at December 31, 2020

 

3,869,896

$

3.61

Granted

1,229,012

2.86

Forfeited

(15,666)

2.24

Vested

 

(570,541)

 

4.10

Non-vested at December 31, 2021

 

4,512,701

$

3.35

Summary of stock option award activity

The following table summarizes stock option award activity for the year ended December 31, 2021 and 2020:

Weighted Average

Remaining

Weighted Average

Contractual Life

    

Stock Options

    

Exercise Price

    

(in years)

Outstanding as of December 31, 2019

 

160,000

$

3.64

 

8.56

Granted

 

60,000

 

2.04

 

Outstanding as of December 31, 2020

 

220,000

$

3.20

 

8.04

Granted

 

50,000

 

2.85

 

Outstanding as of December 31, 2021

270,000

$

3.14

7.44

Vested and exercisable as of December 31, 2021

 

75,000

$

2.33

 

7.57

Summary of stock options assumptions used

The Company used the Black-Scholes option pricing model for determining the estimated fair value of stock-based compensation related to stock options. The table below summarizes the assumptions used:

For the Years Ended December  31,

 

    

2021

    

2020

 

Risk-free interest rate

 

1.04% - 1.50

%

0.65% - 1.02

%

Expected dividend yield

 

Expected term in years

 

10.0

10.0

Expected volatility

 

100.65% - 102.71

%

101.27% - 104.60

%

Summary of warrant activities

A summary of warrant activities for year ended December 31, 2021 and 2020 is presented below:

Weighted Average

Remaining

Weighted Average

Contractual Life

    

Warrants

    

Exercise Price

    

(in years)

Outstanding as of December 31, 2019

 

4,207,447

$

6.81

 

1.25

Exercised

 

(102,742)

 

0.13

 

Expired

 

(4,047,190)

 

7.00

 

Outstanding as of December 31, 2020

 

57,515

$

5.39

 

1.22

Exercised

(698)

0.00

Expired

(44,324)

7.00

Outstanding as of December 31, 2021

12,493

$

0.00

3.83

Summary of stock-based compensation expense

The following table summarizes stock-based compensation expense for the years ended December 31, 2021 and 2020 (in thousands).

For the year ended December 31, 

    

2021

    

2020

Research and development

$

684

$

617

General and administrative

 

2,453

 

2,163

Total stock-based compensation expense

$

3,137

$

2,780