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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Options

The following shows the stock option activities for the years ended December 31, 2022 and 2021:

 

 

 

 

 

Total Options Outstanding

 

 

Weighted-Average Exercise Price

 

Balance—December 31, 2020

 

 

 

 

452,165

 

 

$

5.35

 

Assumed in reverse recapitalization

 

 

 

 

177,591

 

 

 

179.79

 

Granted

 

 

 

 

307,529

 

 

 

16.78

 

Exercised

 

 

 

 

(33,127

)

 

 

4.20

 

Cancelled and forfeited

 

 

 

 

(113,521

)

 

 

115.72

 

Balance—December 31, 2021

 

 

 

 

790,637

 

 

$

32.82

 

Granted

 

 

 

 

909,527

 

 

 

3.34

 

Exercised

 

 

 

 

 

 

 

 

Cancelled and forfeited

 

 

 

 

(147,123

)

 

 

128.79

 

Balance—December 31, 2022

 

 

 

 

1,553,041

 

 

 

6.66

 

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2022:

 

 

 

Shares

 

 

Weighted Average Remaining Contractual Life (In Years)

 

 

Weighted Average Exercise Price

 

 

Aggregate Intrinsic Value

 

Options outstanding

 

 

1,553,041

 

 

 

8.57

 

 

$

6.66

 

 

$

 

Vested and expected to vest

 

 

1,553,041

 

 

 

8.57

 

 

$

6.66

 

 

$

 

Exercisable

 

 

473,471

 

 

 

7.54

 

 

$

8.65

 

 

$

 

Schedule of Stock Based Compensation Expense Company’s consolidated statements of operations for the years ended December 31, 2022 and 2021:

 

 

 

2022

 

 

2021

 

Research and development

 

$

517

 

 

$

303

 

General and administrative

 

 

1,044

 

 

 

802

 

Total

 

$

1,561

 

 

$

1,105

 

Share-based Payment Arrangement, Employee  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Grant Date Fair Value The fair value of employee stock options was estimated using the following assumptions for the years ended December 31, 2022 and 2021:

 

 

 

2022

 

 

2021

 

Expected term (in years)

 

5.5 - 6.1

 

 

5.7 - 6.1

 

Expected volatility

 

109% - 112%

 

 

67% - 69%

 

Risk-free interest rate

 

1.5% - 3.9%

 

 

0.9% - 1.3%

 

Dividends

 

 

%

 

 

%