Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

5. Stock-Based Compensation

On April 15, 2021, the Company’s Board of Directors adopted the 2021 Incentive Award Plan (the “2021 Plan”) to replace the 2011 Stock Incentive Plan (the “2011 Plan”). The 2021 Plan was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on June 10, 2021. The 2021 Plan is administered by the Company’s Board of Directors and permits the Company to grant incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards.

There were 22,000 options granted during each of the nine months ended September 30, 2022 and 2021 under 2021 Plan. There were no options granted during the three months ended September 30, 2022 and 2021. The weighted-average grant date fair value per share of stock options granted during the nine months ended September 30, 2022 and 2021 was $3.11 and $3.68, respectively. At September 30, 2022, there were 231,000 shares remaining available for grant under the 2021 Plan.

The fair value of stock options granted to employees during the three and nine months ended September 30, 2022 and 2021 was estimated at the date of grant using the following assumptions:


	Three and Nine Months Ended September 30,
	2022			2021
Risk-free interest rate		2.99	%		0.73	%
Expected dividend yield	0%			0%
Expected term	5.22 years			5.22 years
Expected volatility	68.02%				68.48	%

The Company recognized stock-based compensation expense of $17 thousand, $53 thousand, $54 thousand and $354 thousand in general and administrative expense during the three and nine months ended September 30, 2022 and 2021, respectively.