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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Share Based Compensation Available for Grant under Incentive Plans

The number of shares available for grant under the Company’s incentive plans were as follows:

 

 

 

Previous

 

 

New

 

 

Inducement

 

 

 

 

 

 

Plan

 

 

Plan

 

 

Plan

 

 

Total

 

 Available for grant - January 1, 2022

 

 

—

 

 

 

1,652,101

 

 

 

—

 

 

 

1,652,101

 

Plan adjustments and amendments

 

 

—

 

 

 

1,923,697

 

 

 

—

 

 

 

1,923,697

 

Grants

 

 

—

 

 

 

(4,775,676

)

 

 

—

 

 

 

(4,775,676

)

Forfeitures

 

 

—

 

 

 

2,267,560

 

 

 

—

 

 

 

2,267,560

 

 Available for grant - December 31, 2022

 

 

—

 

 

 

1,067,682

 

 

 

—

 

 

 

1,067,682

 

Plan adjustments and amendments

 

 

(667,828

)

 

 

3,828,203

 

 

 

4,000,000

 

 

 

7,160,375

 

Grants

 

 

—

 

 

 

(5,447,757

)

 

 

—

 

 

 

(5,447,757

)

Forfeitures

 

 

667,828

 

 

 

3,714,597

 

 

 

—

 

 

 

4,382,425

 

 Available for grant - December 31, 2023

 

 

—

 

 

 

3,162,725

 

 

 

4,000,000

 

 

 

7,162,725

 
Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the years ended December 31, 2023 and 2022 was as follows:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number

 

 

Fair Value

 

 

 

of Shares

 

 

per Share

 

Nonvested at January 1, 2022

 

 

1,886,765

 

 

$

6.52

 

Restricted units granted

 

 

—

 

 

 

—

 

Vested

 

 

(628,921

)

 

 

6.52

 

Cancelled or forfeited

 

 

—

 

 

 

—

 

Nonvested at December 31, 2022

 

 

1,257,844

 

 

$

6.52

 

Restricted units granted

 

 

332,532

 

 

 

1.06

 

Vested

 

 

(556,989

)

 

 

4.78

 

Cancelled or forfeited

 

 

(658,343

)

 

 

5.18

 

Nonvested at December 31, 2023

 

 

375,044

 

 

$

6.63

 
Schedule of Restricted Stock Awards Activity

The Company’s RSA activity for the years ended December 31, 2023 and 2022 was as follows:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number

 

 

Fair Value

 

 

 

of Shares

 

 

per Share

 

Nonvested at January 1, 2022

 

 

341,975

 

 

$

5.28

 

Restricted stock granted

 

 

—

 

 

 

—

 

Vested

 

 

(256,481

)

 

 

5.28

 

Nonvested at December 31, 2022

 

 

85,494

 

 

$

5.28

 

Restricted stock granted

 

 

—

 

 

 

—

 

Vested

 

 

(64,120

)

 

 

5.28

 

Cancelled or forfeited

 

 

(21,374

)

 

 

5.28

 

Nonvested at December 31, 2023

 

 

—

 

 

$

—

 
Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs

The following table summarizes the total stock-based compensation expense for the stock options, ESPP, RSAs and RSUs recorded in the consolidated statements of operations for the years ended December 31, 2023 and 2022 (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

Research and development expense

 

$

2,225

 

 

$

7,608

 

General and administrative expense

 

 

5,680

 

 

 

10,435

 

Total

 

$

7,905

 

 

$

18,043

 
Stock Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the years ended December 31, 2023 and 2022:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

3.68

%

 

 

2.95

%

Expected dividend yield

 

 

—

 

 

 

—

 

Expected term (in years)

 

 

5.5

 

 

 

6.1

 

Expected volatility

 

 

82

%

 

 

78

%
Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity, during the years ended December 31, 2023 and 2022:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Stock

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Options

 

 

Price

 

 

Life (in years)

 

 

(in thousands)

 

Outstanding at January 1, 2022

 

 

3,649,962

 

 

$

24.13

 

 

 

9.2

 

 

$

—

 

Options granted

 

 

4,775,676

 

 

 

4.48

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(2,048,192

)

 

 

15.25

 

 

 

 

 

 

 

Options expired

 

 

(219,368

)

 

 

24.36

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

6,158,078

 

 

$

11.84

 

 

 

8.9

 

 

$

62

 

Options granted

 

 

2,726,871

 

 

 

0.99

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(2,050,562

)

 

 

10.70

 

 

 

 

 

 

 

Options expired

 

 

(873,465

)

 

 

22.21

 

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

5,960,922

 

 

$

5.75

 

 

 

8.7

 

 

$

1,960

 

Options exercisable at December 31, 2023

 

 

1,580,373

 

 

$

13.51

 

 

 

7.6

 

 

$

8

 
Performance Stock Options | Initial Options and Original Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

4.02

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

81

%
Performance Stock Options | Modified Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following assumptions were used to estimate the fair value of the Modified Options:

 

 

 

 

 

Risk-free interest rate

 

 

3.90

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

5.8

 

Expected volatility

 

 

88

%