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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recognized total stock-based compensation expense during the three and nine months ended September 30, 2023 and 2022 as follows (table in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Service-based awards:
Restricted Stock Units$112 $46 $276 $84 
Stock Option Awards100 130 438 401 
   Total Service Based Awards212 176 714 485 
Performance-based awards:
Restricted Stock Awards— — — (391)
Total$212 $176 $714 $94 
Performance Based Restricted Stock
A summary of the Company’s restricted stock awards during the nine months ended September 30, 2023 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2023891 $62.70 
Unvested at September 30, 2023891 $62.70 
A summary of the Company’s restricted stock awards during the nine months ended September 30, 2022 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 20227,118 $62.70 
Forfeited (1)(6,227)$62.70 
Unvested at September 30, 2022891 $62.70 
__________
1.These forfeited awards were due to the resignation of the Company's Chief Development Officer on March 25, 2022 and reduced stock-based compensation expense by $0.4 million in 2022.
Restricted stock awards are measured based on their fair value on the date of grant and amortized over the vesting period of 20 months.
Service-Based Restricted Stock Units
A summary of the Company’s service-based restricted stock units during the nine months ended September 30, 2023 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2023125,000 $1.47 
Granted313,065 1.87 
Vested(125,000)1.47 
Forfeited(25,665)1.37 
Unvested at September 30, 2023287,400 $1.85 
A summary of the Company’s service-based restricted stock units during the nine months ended September 30, 2022 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 202229,289 $12.87 
Granted125,000 1.47 
Vested(23,515)11.33 
Forfeited(5,774)19.00 
Unvested at September 30, 2022125,000 $1.47 
Service based restricted stock units are measured based on their fair value on the date of grant and amortized over the vesting period. The vesting periods range from 1 to 3 years. Stock-based compensation expense of $0.1 million and $46,000 was recognized for the three months ended September 30, 2023 and 2022, respectively. Stock-based compensation expense of $0.3 million and $0.1 million was recognized for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the unrecognized stock-based compensation expense was $0.4 million, which is expected to be recognized over an estimated weighted average remaining term of less than 1.4 years.
Service-Based Stock Options
The fair value of the service-based stock options granted for the nine months ended September 30, 2023 were based on the following assumptions:
Nine Months Ended September 30, 2023
Exercise price
$1.37 - $2.83
Expected stock price volatility
81.6% - 81.8%
Risk-free interest rate
3.41% - 3.46%
Term (years)
5.6 - 6
A summary of the Company’s service-based stock option activity for the nine months ended September 30, 2023 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic Value
in yearsin thousands
Outstanding at January 1, 20231,206,905 $8.32 
Granted382,745 1.48 
Forfeited(143,430)2.82 
Expired(78,727)26.74 
Outstanding at September 30, 20231,367,493 $5.93 8.4$680 
Exercisable at September 30, 2023444,836 $14.64 7$114 
A summary of the Company’s service-based stock option activity for the nine months ended September 30, 2022 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term
in years
Outstanding at January 1, 2022528,591 $32.01 7.5
Granted898,659 1.49 5.5
Forfeited(30,093)15.11 — 
Expired(85,466)82.09 — 
Outstanding at September 30, 20221,311,691 $8.23 9.1
Exercisable at September 30, 2022243,973 $29.31 6.9
The aggregate intrinsic value is calculated as the difference between the closing price of the Company's common stock and the exercise price of the stock options that had strike prices below the closing price. The intrinsic value of the outstanding options as of September 30, 2022 was not significant.
Stock-based compensation expense recognized for service-based stock options was $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Stock-based compensation expense recognized for service-based stock options was $0.4 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $0.7 million, which is expected to be recognized over an estimated weighted average remaining term of 3.2 years. Forfeitures are recorded in the period of occurrence and compensation expense is adjusted accordingly.