Company: ARTL
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001640334-25-000335
Chunk: 533

Company: ARTELO BIOSCIENCES, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 2
Chunk 533
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 of the Company to purchase a total of 6,498 shares of the Company’s common stock with an exercise price of $2.01, all of which shall vest on the one (1) year anniversary of the vesting commencement date. The vesting commencement date is June 30, 2023. The following is a summary of stock option activity during the years ended December 31, 2024, and 2023:   Options Outstanding  Weighted    Number ofOptions  Weighted AverageExercise Price(1)  AverageRemaininglife(years)           Outstanding, December 31, 2022  313,109  $24.15   8.41 Granted  205,996   3.03   10.00 Exercised  -   -   - Forfeited/canceled  -   -   - Outstanding, December 31, 2023  519,105  $15.97   8.07 Granted  254,500   1.48   10.00 Exercised  -   -   - Forfeited/canceled  -   -   - Outstanding, December 31, 2024  773,605  $1.84   7.76              Exercisable options, December 31, 2024  11,085  $20.80   6.49    (1) During February 2024, 488,069 options were repriced to $1.55 and had their vesting schedules modified.  As per Accounting Standards Update 2021-07 Compensation – Stock Compensation (Topic 718) the changes were treated as modifications to the options and the incremental fair value was calculated resulting in $210 in additional expense to amortize over the updated vesting schedule of 1/3rd of the shares subject to the options will vest on the first anniversary and 1/36th of the shares subject to the option will vest each month thereafter.  The amendment date was February 28, 2024.

 F-13Table of Contents

 Valuation The Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions:   Year ended  Year Ended    December 31,