Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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, 2023 and 2022 under the 2021 Plan. At September 30, 2023, there were 209,000 shares remaining available for grant under the 2021 Plan.

The aggregate intrinsic value was calculated as the difference between the exercise price of the stock options and the fair value of the underlying common stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2023 is $0.9 million. There were no options exercised during the three months ended September 30, 2023 and the three and nine months ended September 30, 2022.

The Company recognized stock-based compensation expense of $48 thousand and $112 thousand for the three and nine months ended September 30, 2023, respectively, and $17 thousand and $54 thousand for the three and nine months ended September 30, 2022, respectively, which are included in general and administrative expense on the accompanying condensed consolidated statement of operations and comprehensive loss.