The Company adopted the 2012 Equity Incentive Plan, or the 2012 Plan, in May 2012. Including subsequent increases, the Company had reserved 14,000,000 shares for issuance. On December 31, 2022, there were 1,089,296 shares reserved for issuance and no shares available for future grant.

The Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan, in June 2020. The Company reserved 21,000,000 shares for issuance plus a carryover of 1,066,275 shares from the 2012 Plan for a total of 22,066,275 shares. In addition, returning shares from the 2012 Plan are available for issuance under the 2020 Plan. As of December 31, 2022, there were 9,319,326 shares reserved for issuance and 15,460,088 shares available for future grant.

Stock options generally vest ratably in either quarterly or annual installments over three or four years, commencing on the first anniversary of the grant date and have contractual terms of ten years. Stock options to directors generally vest ratably over one or two years and have contractual terms of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation is recognized based on such fair value over the period of vesting on a straight-line basis.

Proceeds from the option exercises during the year ended December 31, 2022 amounted to $21 thousand and during the year ended December 31, 2021 amounted to $1.0 million. The intrinsic value of these options amounted to $26 thousand for the year ended December 31, 2022 and $0.8 million for the year ended December 31, 2021.

Stock option activity under the Company's stock options plans for the years ending December 31, 2022 and 2021 were as follows:


(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2020		6,840,719			3.81
Granted		9,380,438			2.62
Exercised		(363,109	)		2.86
Cancelled		(5,192,179	)		3.65
Outstanding, December 31, 2021		10,665,869		$	2.87
Granted		4,697,500			1.08
Exercised		(26,250	)		0.80
Cancelled		(4,928,497	)		3.34
Outstanding, December 31, 2022		10,408,622		$	1.84		8.69	$	3
Options exercisable, December 31, 2022		3,891,598		$	2.46		8.08	$	—
Options exercisable, December 31, 2021		4,410,312		$	3.85		7.53	$	—
Options available for future grant, December 31, 2022		15,460,088

On December 31, 2022, total unrecognized compensation costs related to non-vested stock options outstanding amounted to $6.2 million. The cost is expected to be recognized over a weighted-average period of 1.92 years.

For the year ended December 31, 2022 the Company issued 280,000 shares of restricted stock and 1,601,224 in the year ended December 31, 2021 to employees and directors. During the year ended December 31, 2022, the Company repurchased 18,750 shares at a price of $2.41 per share to cover payroll taxes for one employee exercise, which is in accordance with the original terms of the award. There were no repurchases by the Company for the year ended December 31, 2021.

A summary of the status of restricted stock as of December 31, 2022 and 2021 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested, December 31, 2020		786,280			3.08
Granted		1,601,224			2.60
Vested		(754,137	)		3.40
Cancelled		(434,787	)		3.45
Unvested, December 31, 2021		1,198,580		$	2.10
Granted		280,000			0.82
Vested		(306,617	)		2.28
Cancelled		(232,901	)		3.15
Unvested, December 31, 2022		939,062		$	1.40

As of December 31, 2022, there was $1.1 million of total unrecognized stock-based compensation expense related to non-vested restricted stock arrangements. The expense is expected to be recognized over a weighted-average period of 1.78 years.