Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v3.22.4
Common Stock (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Fair Value of Option Awards

The estimated fair value of stock options granted in the respective periods was determined using the Black-Scholes option pricing model using the following weighted average assumptions:

 

 

 

2022

 

 

2021

 

 

Risk-free interest rates

 

 

1.65

%

 

 

0.66

%

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

Expected life

 

5.80 years

 

 

6.00 years

 

 

Expected volatility

 

 

122.80

%

 

 

110.10

%

 

Forfeiture rate

 

 

0

%

 

 

0

%

 

Summary of Share-Based Compensation Expense

The results for the periods set forth below included stock-based compensation expense in the following expense categories of the consolidated statements of loss (in thousands):

 

 

 

Year ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Research and development

 

$

1,117

 

 

$

685

 

General and administrative

 

 

2,153

 

 

 

1,502

 

Total stock-based compensation

 

$

3,270

 

 

$

2,187

 

Summary of Stock Options Activity

Stock option transactions and the number of stock options outstanding are summarized below:

 

 

 

Number of

 

 

Weighted

 

 

 

Optioned

 

 

Average

 

 

 

Common

 

 

Exercise

 

 

 

Shares

 

 

Price

 

Balance, January 1, 2022

 

 

522,090

 

 

$

26.11

 

Granted

 

 

300,450

 

 

 

7.83

 

Expired

 

 

(25

)

 

 

28,522.56

 

Balance, December 31, 2022

 

 

822,515

 

 

$

18.57

 

Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Outstanding Options

(1) Number of common shares issuable upon exercise of outstanding options:

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Weighted-

 

 

Contractual

 

 

 

 

 

 

 

Average

 

 

Life

 

Exercise Prices

 

Number of Options

 

 

Exercise Price

 

 

(in years)

 

$5.07 - $7.27

 

 

84,200

 

 

$

6.59

 

 

 

9.11

 

$7.28 - $7.89

 

 

35,000

 

 

 

7.42

 

 

 

8.87

 

$7.90 - $8.43

 

 

226,250

 

 

 

8.26

 

 

 

9.01

 

$8.44 - $10.78

 

 

114,750

 

 

 

10.23

 

 

 

7.90

 

$10.79 - $11.65

 

 

74,880

 

 

 

11.20

 

 

 

7.08

 

$11.66 - $12.60

 

 

5,650

 

 

 

12.10

 

 

 

8.20

 

$12.61 - $20.74

 

 

232,750

 

 

 

13.09

 

 

 

8.07

 

$20.75 - $39.80

 

 

14,766

 

 

 

28.40

 

 

 

6.08

 

$39.81 - $59.30

 

 

18,747

 

 

 

51.20

 

 

 

5.72

 

$59.31 - $28,952.00

 

 

15,522

 

 

 

391.78

 

 

 

5.31

 

 

 

 

822,515

 

 

$

18.57

 

 

 

8.21

 

Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Vested Options

(2) Number common shares issuable upon exercise of vested options:

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Weighted-

 

 

Contractual

 

 

 

 

 

 

 

Average

 

 

Life

 

Exercise Prices

 

Number of Options

 

 

Exercise Price

 

 

(in years)

 

$5.07 - $7.27

 

 

10,295

 

 

$

7.07

 

 

 

8.67

 

$7.28 - $7.89

 

 

6,250

 

 

 

7.51

 

 

 

8.70

 

$7.90 - $8.43

 

 

 

 

 

 

 

 

 

$8.44 - $10.78

 

 

65,750

 

 

 

10.13

 

 

 

7.92

 

$10.79 - $11.65

 

 

54,653

 

 

 

11.20

 

 

 

7.08

 

$11.66 - $12.60

 

 

3,296

 

 

 

12.10

 

 

 

8.20

 

$12.61 - $20.74

 

 

111,526

 

 

 

13.09

 

 

 

8.07

 

$20.75 - $39.80

 

 

14,543

 

 

 

28.40

 

 

 

6.08

 

$39.81 - $59.30

 

 

18,747

 

 

 

51.20

 

 

 

5.72

 

$59.31 - $28,952.00

 

 

15,490

 

 

 

392.45

 

 

 

5.30

 

 

 

 

300,550

 

 

$

34.44

 

 

 

7.51

 

Summary of Restricted Stock Unit Award Activity

The following table summarizes our restricted stock unit award activity during the year ended December 31, 2022:

 

 

 

 

 

 

 

Weighted

 

 

 

Number

 

 

Average

 

 

 

of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance, January 1, 2022

 

 

53,250

 

 

$

13.09

 

Granted

 

 

226,250

 

 

 

8.26

 

Released

 

 

(26,625

)

 

 

13.09

 

Balance, December 31, 2022

 

 

252,875

 

 

$

8.77

 

Summary of Outstanding Warrants

The following is a summary of outstanding warrants to purchase common stock at December 31, 2022:

 

 

 

Total

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Exercise

 

 

 

 

 

and

 

 

price per

 

 

 

 

 

Exercisable

 

 

Share

 

 

Expiration Date

(1) Warrants issued in September 2017 financing

 

 

411

 

 

$

699.2000

 

 

March 2023

(2) Warrants issued in June 2018 financing

 

 

114,100

 

 

$

80.0000

 

 

June 2023

(3) Warrants issued in October 2018 financing

 

 

31,215

 

 

$

62.8900

 

 

October 2023

(4) Warrants issued in May 2019 financing

 

 

60,000

 

 

$

90.0000

 

 

May 2025

(5) Warrants issued in December 2019 financing

 

 

609,258

 

 

$

2.3100

 

 

December 2024

(6) Warrants issued in April 2020 financing

 

 

182,461

 

 

$

7.2400

 

 

April 2025

(7) Warrants issued in April 2020 financing

 

 

24,375

 

 

$

7.3200

 

 

April 2025

(8) Warrants issued in April 2020 financing

 

 

25,270

 

 

$

7.5900

 

 

April 2025

(9) Pre-Funded Warrants issued in August 2020 financing

 

 

142,857

 

 

$

0.0010

 

 

*

(10) Warrants issued in December 2020 financing

 

 

50,000

 

 

$

8.7500

 

 

December 2025

(11) Warrants issued in November 2022 financing

 

 

4,093,141

 

 

$

4.5000

 

 

November 2029

Computation of Basic and Diluted Net Loss Attributable to Common Shareholders Per Share

The following table presents the computation of basic and diluted net loss attributable to common stockholders per share (in thousands, except per share and share amounts):

 

 

 

Years ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(42,350

)

 

$

(33,152

)

 

$

(14,730

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

10,593,034

 

 

 

8,119,836

 

 

 

2,718,909

 

Basic and diluted net loss per common share

 

$

(4.00

)

 

$

(4.08

)

 

$

(5.42

)