Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

A summary of stock option activity for the six months ended June 30, 2022 under all the Company’s options plans is as follows:

	Options			Weighted Average Exercise Price
Outstanding at January 1, 2022		4,429,906		$	7.89
Granted		350,078		$	2.99
Exercised		-		$	-
Cancelled (forfeited)		(67,325	)	$	15.09
Cancelled (expired)		(27,025	)	$	13.64
Outstanding at June 30, 2022		4,685,634		$	7.39

The weighted average fair value of options granted during the six months ended June 30, 2022 was $2.41 per share.

The Company valued the options granted using the Black-Scholes options pricing model and the following weighted-average assumption terms for the six months ended June 30, 2022:

	Six Months Ended
	June 30, 2022
Exercise price	2.99
Market value	2.99
Expected term	6 years
Expected volatility	104%
Risk-free interest rate	1.59%
Expected dividend yield	-%

The Company recorded stock-based compensation expense in the Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General and administrative	$	1,341	$	1,407	$	2,635	$	1,771
Research and development		294		464		543		610
Total stock-based compensation	$	1,635	$	1,871	$	3,178	$	2,381

At June 30, 2022, the Company had $9.7 million of total unrecognized stock-based compensation expense, net of estimated forfeitures, related to outstanding stock options that will be recognized over a weighted-average period of 1.5 years. As of June 30, 2022, there were 4,734,557 shares available for grant under the Company’s 2020 Equity Incentive Plan (See Note 11).