| A summary of stock option activity for the nine months ended January 31, 2022, is presented below: |
A summary of stock option activity for the
nine months ended January 31, 2022, is presented below:
| |
|
|
|
|
Outstanding Options |
|
| |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
|
|
|
Weighted |
|
|
Average |
|
|
|
|
| |
|
Shares |
|
|
|
|
|
Average |
|
|
Remaining |
|
|
Aggregate |
|
| |
|
Available for |
|
|
Number of |
|
|
Exercise |
|
|
Contractual |
|
|
Intrinsic |
|
| |
|
Grant |
|
|
Options |
|
|
Price |
|
|
Life (years) |
|
|
Value |
|
| Balance at April 30, 2021 |
|
|
10,450,000 |
|
|
|
19,550,000 |
|
|
$ |
0.7195 |
|
|
|
5.92 |
|
|
$ |
35,159,500 |
|
| Options granted |
|
|
(1,750,000 |
) |
|
|
1,750,000 |
|
|
$ |
2.9171 |
|
|
|
|
|
|
|
|
|
| Options exercised |
|
|
- |
|
|
|
(3,000,000 |
) |
|
$ |
0.0004 |
|
|
|
|
|
|
|
|
|
| Options cancelled/forfeited |
|
|
300,000 |
|
|
|
(300,000 |
) |
|
$ |
1.5000 |
|
|
|
|
|
|
|
|
|
| Balance at January 31, 2022 |
|
|
9,000,000 |
|
|
|
18,000,000 |
|
|
$ |
0.9826 |
|
|
|
6.00 |
|
|
$ |
13,118,800 |
|
| Options vested and expected to vest at January 31, 2022 |
|
|
|
|
|
|
16,000,000 |
|
|
$ |
1.0418 |
|
|
|
6.41 |
|
|
$ |
1 0,529,200 |
|
| Options exercisable at January 31, 2022 |
|
|
|
|
|
|
13,460,519 |
|
|
$ |
0.7891 |
|
|
|
5.87 |
|
|
$ |
9,806,358 |
|
|
| The estimated fair value of stock options granted to employees and consultants during the nine months ended January 31, 2022 and 2021, were calculated using the Black-Scholes option-pricing model using the following assumptions: |
The estimated fair value of stock options
granted to employees and consultants during the nine months ended January 31, 2022 and 2021, were calculated using the Black-Scholes option-pricing
model using the following assumptions:
| |
|
For the Nine Months Ended January 31, |
| |
|
2022 |
|
2021 |
| Expected term (in years) |
|
3.50 – 6.25
|
|
6.25 |
| Volatility |
|
85.53% - 87.10% |
|
100.10% |
| Risk-free interest rate |
|
1.01% – 1.07% |
|
0.51% |
| Dividend yield |
|
0.0% |
|
0.0% |
|
| The Company’s results of operations include expenses relating to stock-based compensation for the three and nine months ended January 31, 2022 and 2021, was comprised as follows: |
The
Company’s results of operations include expenses relating to stock-based compensation for the three and nine months ended
January 31, 2022 and 2021, was comprised as follows:
| |
|
For the Three Months Ended
January 31, |
|
|
For the Nine Months Ended
January 31, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Research and development |
|
$ |
106,102 |
|
|
$ |
21,813 |
|
|
$ |
359,286 |
|
|
$ |
65,439 |
|
| General and administrative |
|
|
1,024,693 |
|
|
|
553,314 |
|
|
|
2,791,515 |
|
|
|
1,670,058 |
|
| Total |
|
$ |
1,130,795 |
|
|
$ |
575,127 |
|
|
$ |
3,150,801 |
|
|
$ |
1,735,497 |
|
|