Annual report pursuant to Section 13 and 15(d)

Stock-based Compensation (Tables)

v3.24.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
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 (loss) income for the periods indicated below (in thousands):
 
   
December 31,
  
   
2023
    
2022
  
General and administrative
  
$
2,435
    
$
1,060
  
Research and development
    
1,075
      
747
  
Total stock-based compensation
  
$
3,510
    
$
1,807
  
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, 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
  
Granted
    
1,768,116
    
$
3.20
              
Exercised
    
(27,469
)
  
$
1.09
              
Forfeited/Cancelled
    
(266,433
)
  
$
3.66
              
Outstanding at December 31, 2023
    
4,410,258
    
$
2.98
      
7.81
    
$
2,385
  
Vested and expected to vest at December 31, 2023     4,410,258
     $ 2.98       7.81     $ 2,385  
Vested and exercisable at December 31, 2023
    
2,519,673
    
$
2.77
      
6.72
    
$
607
  

(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, 2023 and 2022 of $3.01 and $3.53 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, 2023 and 2022:
 
   
2023
    
2022
  
             
Expected stock price volatility
    
96.0
%
    
97.4
%
Expected life of options (years)
    
6.1
      
5.8
  
Expected dividend yield
    
0
%
    
0
%
Risk free interest rate
    
4.2
%
    
2.3
%
Restricted Stock Units Activity
A summary of RSU activity is as follows for the year ended December 31, 2023:
 
   
Number of
Shares
  
Non-vested at December 31, 2022
    
—
  
Granted
    
936,156
  
Forfeited
     (100,842 )
Vested
    
(33,614
)
Non-vested at December 31, 2023
    
801,700