Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v3.23.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Stock-based Compensation [Abstract]  
Stock-Based Compensation Expense
Stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying statements of comprehensive income (loss) for the periods indicated below (in thousands):
 
   
December 31,
  
   
2022
    
2021
  
General and administrative
  
$
1,060
    
$
1,116
  
Research and development
    
747
      
798
  
Total stock-based compensation
  
$
1,807
    
$
1,914
  
Stock Option Plan Activity The following table summarizes the Company’s stock option plan activity:

 
Number of
Options
    
Weighted
Average
Exercise
Price
    
Weighted Average
Remaining
Contractual
Term (years)
    
Aggregate
Intrinsic
Value(1)
(in thousands)
  
                         
Outstanding at December 31, 2020
    
1,784,198
    
$
2.17
      
8.87
    
$
7,744
  
Granted
    
420,300
    
$
5.72
      
—
      
—
  
Exercised
    
(73,442
)
  
$
—
      
—
      
—
  
Forfeited/Cancelled
    
(34,220
)
  
$
—
      
—
      
—
  
Outstanding at December 31, 2021
    
2,096,836
    
$
2.97
      
8.20
    
$
2,795
  
Granted
    
893,305
    
$
2.64
              
Exercised
    
(24,309
)
  
$
1.09
              
Forfeited/Cancelled
    
(29,788
)
  
$
6.21
              
Outstanding at December 31, 2022
    
2,936,044
    
$
2.87
      
7.82
    
$
3,314
  
Vested and expected to vest at December 31, 2022     2,936,044     $ 2.87       7.82     $ 3,314  
Vested and exercisable at December 31, 2022
    
1,723,792
    
$
2.56
      
7.07
    
$
1,680
  

(1)
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of December 31, 2022 and 2021 of $3.53 and $3.73 per share, respectively.
Weighted-Average Assumptions Used in Black-Scholes Option-pricing Model
The weighted average assumptions used in the Black-Scholes option pricing model are as follows during the years ended December 31, 2022 and 2021:
 
   
2022
    
2021
  
             
Expected stock price volatility
    
97.4
%
    
98.1
%
Expected life of options (years)
    
5.8
      
5.8
  
Expected dividend yield
    
0
%
    
0
%
Risk free interest rate
    
2.3
%
    
0.9
%
Restricted Stock Awards Activity
A summary of RSA activity is as follows for the year ended December 31, 2021:
 
   
Number of
Shares
  
Non-vested at December 31, 2020
    
40,000
  
Granted
    
—
  
Vested
    
(40,000
)
Non-vested at December 31, 2021
    
—