Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

Stockholders’ Equity
6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders’ Equity

5. Stockholders’ Equity


As of June 30, 2022, 819,825 shares of the 908,242 shares of the common stock grant had vested at approximately $1,844,606 value and 88,417 shares remain unvested and unrecognized at approximately $198,938 value. An aggregate of 146,808 shares of common stock were vested at approximately $330,318 value from January through June 2022 in consideration for services rendered.


On January 23, 2022, the Board of Directors authorized the Company’s management to implement a stock repurchase program for up to $10 million of the Company’s common stock at any time. The term of the Board of Directors authorization of the repurchase program is until March 31, 2023. The repurchase program may be suspended or discontinued at any time and will be funded using the Company’s working capital. As of June 30, 2022, approximately 519,828 shares of the Company’s common stock has been repurchased and cancelled at an aggregate purchase price, including all transactions costs, of approximately $7,536,216.


On January 23, 2022, the Board of Directors extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to March 24, 2023 (30 months from date of the Company’s IPO) from March 24, 2022 (18 months from date of the Company’s IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the Board of Directors.




At June 30, 2022, outstanding warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with an aggregate intrinsic value as of June 30, 2022 of $25,873 based on the June 30, 2022 closing share price of $8.47:

Shares Underlying              
Outstanding     Exercise     Expiration  
Warrants     Price(1)     Date(1)  
  20,174     $ 7.1875     September 24, 2025  


(1) The warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025. The exercise price of the warrants is $7.1875 per share or $6.9718 per share if the warrants are exercised for cash within the first six months of the period in which they are exercisable.




On June 22, 2022, 1,498,128 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $7.63 per share, which was the closing share price on June 21, 2022. The options had a fair value on the grant date of $9,512,356 of which $59,452 was expensed through June 30, 2022 and $9,452,904 will be expensed in the future if and as vesting occurs. Vesting will be based on time of service over a four year period and certain additional performance milestones for senior management, primarily related to the planned Phase III clinical trial.