Stock Based Compensation

9 Months Ended

Sep. 30, 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. On June 27, 2024, the stockholders of the Company approved an amendment and restatement of the 2020 Plan which increased the shares available for issuance by 12,000,000 shares, to a total of 30,000,000 shares available for grant. The 2020 Plan was also extended through June 27, 2034. As of September 30, 2024, 13,484,925 shares were available for future grants under the 2020 Plan.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	204	$	324	$	440	$	1,289
General and administrative		545		602		1,078		2,813
Total stock-based compensation expense	$	749	$	926	$	1,518	$	4,102

The following table shows a summary of all stock option activity for the nine months ended September 30, 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		4,208,334			1.06
Forfeited		(1,167,504	)		1.60
Exercised		(343,998	)		0.79
Expired		(4,606	)		258.08
Outstanding as of September 30, 2024		20,198,571		$	1.61		7.13	$	6,090,201
Exercisable as of September 30, 2024		16,069,778		$	1.76		6.53	$	3,966,111
Vested and expected to vest		20,198,571		$	1.61		7.13	$	6,090,201

No options were granted during the three months ended September 30, 2024. The weighted average grant date fair value of options granted during the nine months ended September 30, 2024 was $0.84.

As of September 30, 2024, the unrecognized compensation cost associated with unvested options was $3.1 million. This expense is expected to be recognized over a weighted-average period of 1.49 years.