Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Fair value of Options Granted Under Weighted Average Assumptions

The fair value of each option granted during the period was estimated on the date of grant using the following weighted average assumptions:

	2022			2021
Expected volatility		81	%		67	%
Expected term in years		6			6
Risk-free interest rate		1.7	%		0.6	%
Dividend yield		0	%		0	%

Summary of Option Activity

A summary of option activity for 2022 is presented below:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		4,871,822		$	1.38
Granted		2,080,100			3.09
Exercised		(258,648	)		0.01
Forfeited		(285,459	)		2.41
Expired		(259,368	)		0.56
Outstanding at December 31, 2022		6,148,447			1.97		8.01	$	5,749,824
Vested or expected to vest at December 31, 2022		6,148,447			1.97		8.01	$	5,749,824
Exercisable at December 31, 2022		3,272,746		$	1.13		7.38	$	5,348,445

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for 2022 is presented below:

	Nonvested Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021		723,580		$	2.91
Granted		216,207		$	3.19
Vested		(185,794	)	$	3.28
Forfeited		(27,830	)	$	0.01
Outstanding at December 31, 2022		726,163		$	3.01

Summary of Share-based Compensation Expense

The impact on the Company’s results of operations from share-based compensation for the year ended December 31, 2022 and 2021, was as follows (in thousands):

	2022		2021
Research and development	$	435	$	200
General and administrative		2,592		1,545
Total share-based compensation expense	$	3,027	$	1,745