Stock Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement

NOTE 14: STOCK BASED COMPENSATION

On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. No awards may be granted under the 2020 Plan after May 15, 2030. An aggregate of 18,000,000 shares of common stock is reserved for issuance in connection with awards granted under the 2020 Plan. As of March 31, 2024, 4,770,173 shares were available for future grants under the 2020 Plan.

The Company granted 145,834 and 2,461,000 options to purchase shares of common stock to employees and directors during the three months ended March 31, 2024 and 2023, respectively. The weighted average grant date fair value of options granted during the three months ended March 31, 2024 and 2023 was $1.13 and $0.61, respectively. No stock options were exercised during the three months ended March 31, 2024 and 2023.

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

	Three Months Ended March 31,
	2024		2023
Research and development	$	116	$	519
General and administrative		301		1,054
Total stock-based compensation expense	$	417	$	1,573

The following table shows a summary of all stock option activity for the three months ended March 31, 2024:

	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2024		17,506,345		$	1.79			$	554,525
Granted		145,834			1.41
Forfeited		(269,321	)		1.18
Exercised		—			—
Expired		(880	)		396.00
Outstanding as of March 31, 2024		17,381,978		$	1.77		6.86	$	8,351,067
Exercisable as of March 31, 2024		15,321,414		$	1.90		6.57	$	6,336,295
Vested and expected to vest		17,381,978		$	1.77		6.86	$	8,351,067

As of March 31, 2024, there were 2,060,564 unvested options outstanding, and the related unrecognized total compensation cost associated with these options was $1.2 million. This expense is expected to be recognized over a weighted-average period of 1.51 years.