Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.20.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 6 - Stockholders' Equity

 

Stock Options

 

The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the "2011 Plan"), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. On June 16, 2020, the Company's stockholders approved an amendment to the 2011 Plan to increase the number of shares authorized for issuance under the 2011 Plan to a total of 14,000,000. As of June 30, 2020, there were 5,169,109 shares remaining available for issuance under the 2011 Plan.

 

During the six months ended June 30, 2020, the Company granted stock options to employees to purchase 235,000 shares of the Company's common stock with grant date prices that ranged between $2.24 to $2.56 per share. The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over periods ranging from three to four years. The stock options have an aggregate grant date fair value of $438,913.

 

During the six months ended June 30, 2020, stock options to purchase 205,841 shares of common stock were exercised for cash proceeds of $232,557.

 

During the six months ended June 30, 2020, stock options to purchase 213,543 shares of common stock were cancelled and return to the option pool for future issuance.

 

The Company recorded stock-based compensation as follows:

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2020     2019     2020     2019  
Research and development   $ 235,754     $ 237,331     $ 448,183     $ 510,142  
General and administrative     417,373       426,833       1,087,589       917,681  
Total   $ 653,127     $ 664,164     $ 1,535,772     $ 1,427,823  

 

The following table represents stock option activity for the six months ended June 30, 2020:

 

                Weighted Average        
    Stock Options     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2019     7,632,358       4,542,144     $ 2.21     $ 1.57     $ 1.57       6.44     $      -  
Granted     235,000       -       -       -       -       -       -  
Exercised     (205,841 )     -       -       -       -       -       -  
Cancelled     (213,543 )     -       -       -       -       -       -  
Balance – June 30, 2020     7,447,974       5,074,744     $ 2.06     $ 1.67     $ 1.67       6.27     $ 2,111,409  

 

The following table summarizes information on stock options outstanding and exercisable as of June 30, 2020:

 

Grant Price     Weighted Average     Total     Number     Weighted Average
From     To     Exercise Price     Outstanding     Exercisable     Remaining Contractual Term
$ 0.26     $ 2.02     $ 0.88       3,098,057       2,923,890     3.90 years
$ 2.10     $ 4.60     $ 2.42       3,756,917       1,636,520     8.23 years
$ 5.30     $ 8.86     $ 6.25       593,000       514,334     7.86 years
                  Totals       7,447,974       5,074,744      

 

Warrants

 

The following table summarizes information on warrants outstanding as of June 30, 2020.

 

                Weighted Average        
    Warrants     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2019     4,907,223       4,907,223     $ 2.40     $ 2.40     $ 1.11       1.55     $         -  
Granted     -       -       -       -       -       -       -  
Exercised     (20,000 )     -       -       -       -       -       -  
Cancelled     -       -       -       -       -       -       -  
Balance – June 30, 2020     4,887,223       4,887,223     $ 2.40     $ 2.40     $ 1.11       1.77     $ 1,036,961  

 

During the six months ended June 30, 2020, warrants to purchase 20,000 shares of common stock were exercised for cash proceeds of $45,000.