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Stockholders' Equity (Deficit) (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of Stock Based Compensation Expense

Stock compensation expense was allocated between departments as follows (in thousands):

 

 

 

Year ended

 

 

 

December 31,
2022

 

 

December 31,
2021

 

Research and development

 

$

692

 

 

$

734

 

General and administrative

 

 

1,838

 

 

 

2,542

 

Total

 

$

2,530

 

 

$

3,276

 

Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

 

 

 

Year Ended

 

 

December 31,
2022

 

December 31,
2021

Expected life (years)

 

5.5-6.0

 

5.5-6.0

Risk-free interest rate

 

1.7%-3.1%

 

0.6%-1.4%

Volatility

 

88%-95%

 

89%-108%

Dividend rate

 

  %

 

  %

 

Summary of Stock Option and Restricted Stock Unit Transactions

The following table summarizes stock option and restricted stock unit transactions for the years ended December 31, 2022 and 2021 as issued under the 2014 Plan and the Inducement Plan:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price per

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate Intrinsic Value

 

 

 

Outstanding

 

 

Share

 

 

(in years)

 

 

(in thousands)

 

Balance at December 31, 2020

 

 

189,142

 

 

$

62.63

 

 

 

7.62

 

 

 

 

Options granted

 

 

230,854

 

 

 

31.95

 

 

 

 

 

 

 

Options canceled/forfeited

 

 

(11,667

)

 

 

28.65

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

408,329

 

 

$

46.28

 

 

 

7.94

 

 

 

 

Options granted

 

 

283,919

 

 

 

3.56

 

 

 

 

 

 

 

Options canceled/forfeited

 

 

(5,674

)

 

 

19.31

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

686,574

 

 

$

28.83

 

 

 

7.93

 

 

$

 

Options exercisable at December 31, 2022

 

 

357,573

 

 

$

39.54

 

 

 

7.21

 

 

$

 

Options vested and expected to vest at
   December 31, 2022

 

 

663,616

 

 

$

28.67

 

 

 

7.93

 

 

$

 

Summary of Restricted Stock Unit Transactions

The following table summarizes restricted stock unit transactions for the years ended December 31, 2022 and 2021 as issued under the 2014 Plan:

 

 

Number of
Restricted Stock Units

 

 

Weighted-
Average
Grant-Date Fair Value per Share

 

Outstanding at December 31, 2020

 

 

38,733

 

 

$

57.75

 

Restricted stock units granted

 

 

11,863

 

 

 

15.75

 

Restricted stock units vested

 

 

(21,546

)

 

 

34.65

 

Outstanding at December 31, 2021

 

 

29,050

 

 

$

57.75

 

Restricted stock units granted

 

 

8,965

 

 

 

5.33

 

Restricted stock units vested

 

 

(18,646

)

 

 

32.55

 

Restricted stock units cancelled/forfeited

 

 

(301

)

 

 

57.85

 

Outstanding at December 31, 2022

 

 

19,068

 

 

$

57.75