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Share-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
5.
Share-Based Compensation

For the three months ended September 30, 2023 and 2022, share-based compensation expense was $0.1 million and $0.2 million, respectively. For the nine months ended September 30, 2023 and 2022, share-based compensation expense was $0.4 million and was $0.4 million, respectively. As of September 30, 2023, there was $0.2 million of unrecognized compensation cost related to unvested stock-based compensation arrangements that is expected to be recognized over a weighted average period of 0.3 years.

The following table summarizes the stock option activity:

 

 

Number of Options

 

 

Weighted-average exercise price per share

 

 

Weighted average remaining contractual term (in years)

 

 

Aggregate intrinsic value

 

Outstanding at December 31, 2022

 

 

1,750,967

 

 

$

5.36

 

 

 

2.9

 

 

$

486,097

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(16,783

)

 

$

8.05

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding at September 30, 2023

 

 

1,734,184

 

 

$

5.34

 

 

 

2.3

 

 

$

—

 

Exercisable at September 30, 2023

 

 

1,525,334

 

 

$

4.97

 

 

 

1.8

 

 

$

—

 

The following table summarizes information related to share-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss related to the equity awards:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Research and development

 

$

36,535

 

 

$

108,428

 

 

$

237,408

 

 

$

316,452

 

General and administrative

 

 

40,260

 

 

 

50,143

 

 

 

137,831

 

 

 

115,910

 

Total equity-based compensation

 

$

76,795

 

 

$

158,571

 

 

$

375,239

 

 

$

432,362

 

 

In February 2023, the Company extended the term of certain outstanding options to allow the exercise of these options for an additional one year period. The fair value of the stock options is estimated on the date of grant and modification using a Black-Scholes option pricing model with the following weighted average assumptions:

 

 

Nine months ended September 30,

 

 

 

2023

 

 

2022

 

Expected volatility

 

 

79.3

%

 

 

75.1

%

Risk-free interest rate

 

 

4.66

%

 

 

1.81

%

Expected term (in years)

 

 

1.0

 

 

 

7.0

 

Expected dividend yield

 

 

0

%

 

 

0

%