Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

The Company has issued non-qualified stock option awards to management, other key employees, consultants, and non-employee directors. These option awards generally vest ratably over a three-year period and the option awards expire after a term of ten years from the date of grant. As of March 31, 2023, the Company had total unrecognized stock-based compensation expense for its outstanding stock option awards of approximately $2.1 million, which is expected to be recognized over a weighted average period of 2.6 years. The weighted average grant date fair value of options granted during the three months ended March 31, 2023 and 2022 was $0.80 and $0.65 per option, respectively. The aggregate intrinsic value of the in-the-money awards outstanding at March 31, 2023, was de minimis.

The following table summarizes the activity related to the stock option awards for the three months ended March 31, 2023:


	Number of Shares	Weighted Average Exercise Price
Awards outstanding at December 31, 2022	8,418,571	$	2.17
Granted	726,868	0.91
Forfeited	(50,000)	1.29
Awards outstanding at March 31, 2023	9,095,439	$	2.07
Options exercisable at March 31, 2023	3,500,344	$	3.88
Weighted average remaining contractual term	6.3 Years
Options vested and expected to vest at March 31, 2023	6,963,039	$	2.42
Weighted average remaining contractual term	7.7 Years

Compensation expense related to the grants of stock options is included in research and development and general and administrative expense as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development	$	98	$	92
General and administrative	245		384
Total share-based compensation expense	$	343	$	476