Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2021
Stock-Based Compensation  
Summary of fair value of the original NeuroRx options and Substitute Options determined using the Black-Scholes option-pricing model

    

Original Options

    

Substitute Options

Strike price

$1.00-$72.30

$0.20-$14.58

Volatility rate

 

80.0%

 

80.0%

Risk-free rate

 

0.07%-0.79%

 

0.07%-0.79%

Expected term

 

0.18-5.99

 

0.18-5.99

Dividend yield

 

 

    

September 30, 2021

    

December 31, 2020

 

Exercise price

 

$10.03-$23.41

$2.22-$3.07

Risk-free rate of interest

 

0.69%-1.24%

 

0.79%

Expected term (years)

 

5.25-6.5

 

4.69-5.9

Expected stock price volatility

 

80.0%-85.9%

 

80.0%

Dividend yield

 

 

Schedule of share-based compensation arrangements by share-based payment award

The following table summarizes the Company’s employee and non-employee stock option activity under the Plan for the following periods:

Weighted

Weighted

average

Aggregate

Number of

average

remaining

intrinsic

    

shares

    

exercise price

    

term (years)

    

value

Outstanding as of December 31, 2020 (as previously reported)

 

486,755

$

10.79

 

8.8

$

19,571,655

Retroactive application of reverse recapitalization

 

1,927,548

 

(8.62)

 

 

Outstanding as of December 31, 2020, effect of Merger

 

2,414,303

$

2.17

 

8.2

$

53,659,966

Options granted

 

210,800

11.69

 

9.8

3,825,276

Forfeited

 

(198,400)

(2.22)

 

(6,587,328)

Outstanding as of March 31, 2021

2,426,703

$

14.58

8.7

$

30,388,510

Options granted

587,030

14.94

9.9

Forfeited

(89,280)

(7.86)

(339,082)

Exercised

(4,960)

(3.07)

(42,385)

Outstanding as of June 30, 2021

2,919,493

$

5.25

9.0

$

20,558,299

Options granted

82,890

13.68

9.9

Forfeited

(102,507)

(3.07)

(635,543)

Exercised

(511,065)

(2.22)

(3,602,645)

Outstanding as of September 30, 2021

2,388,811

$

6.04

8.1

$

12,447,723

Options vested and exercisable as of September 30, 2021

1,250,340

$

1.86

6.2

$

9,418,169

Summary of recognition of stock-based compensation

The following table summarizes the Company’s recognition of stock-based compensation for the following periods:

Three months ended September 30, 

Nine months ended September 30, 

    

2021

    

2020

    

2021

    

2020

Stock-based compensation expense

 

  

 

  

 

  

 

  

General and administrative

$

1,340,023

$

64,604

$

5,778,606

$

182,073

Regulatory and process development

 

219,802

 

126,146

 

436,247

 

190,945

Total stock-based compensation expense

$

1,559,825

$

190,750

$

6,214,853

$

373,018