General form of registration statement for all companies including face-amount certificate companies

Stock-Based Compensation (Tables)

v3.21.1
Stock-Based Compensation (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]    
Summary of Stock Options Activity  

The following is a summary of option activity under the 2011 Plan and the 2020 Plan:

 

     Number of
Shares
     Weighted-
Average
Exercise
Price
Per Share
     Weighted-
Average
Remaining
Contractual
Term
(In Years)
 

Outstanding at December 31, 2018

     2,822,796      $ 1.01        8.19  

Granted

     546,348        5.57        5.65  

Exercised

     —          —          —    

Forfeited

     —          —          —    

Cancelled

     —          —          —    
  

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2019

     3,369,144        1.75        7.78  

Granted

     227,300        10.00        6.98  

Exercised

     —          —          —    

Forfeited

     —          —          —    

Cancelled

     —          —          —    
  

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2020

     3,596,444        2.27        7.73  
  

 

 

    

 

 

    

 

 

 

Exercisable at December 31, 2020

     3,274,444        1.68        7.84  
  

 

 

    

 

 

    

 

 

 

Vested or expected to vest at December 31, 2020

     3,596,444        2.27        7.73  
  

 

 

    

 

 

    

 

 

 
Schedule of Assumptions Used in Black-Scholes Valuation Model to Estimate Fair Value of Stock Options  

The weighted-average fair values of options granted in the years ended December 31, 2020 and 2019 were $6.45 and $3.02, per share, respectively, and were calculated using the following estimated assumptions:

 

     Year ended December 31,  
     2020     2019  

Weighted-average risk-free interest rate

     0.32     1.79

Expected dividend yield

     0.00     0.00

Expected volatility

     87.63     71.84

Expected terms

     4.44 years       4.14 years  
Summary of Stock Compensation Expense for Employees and Nonemployees by Function

The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:

 

     Three Months Ended
March 31,
 
     2021      2020  

Research and development

   $ 368,495      $ 65,020  

Selling, general and administrative

     222,629        74,738  
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 591,124      $ 139,758  
  

 

 

    

 

 

 

The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:

 

     Year ended December 31,  
     2020      2019  

Research and development

   $ 261,492      $ 268,751  

Selling, general and administrative

     312,203        1,167,857  
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 573,695      $ 1,436,608