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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recognized total stock-based compensation expense during the three and six months ended June 30, 2023 and 2022 as follows (table in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Service-based awards:
Restricted stock units$119 $26 $164 $37 
Stock option awards190 72 338 272 
   Total Service Based Awards309 98 502 309 
Performance-based awards:
Restricted stock awards— — — (391)
Total$309 $98 $502 $(82)
Performance Based Restricted Stock
A summary of the Company’s restricted stock awards during the six months ended June 30, 2023 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2023891 $62.70 
Unvested at June 30, 2023891 $62.70 

A summary of the Company’s restricted stock awards during the six months ended June 30, 2022 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 20227,118 $62.70 
Forfeited(6,227)$62.70 
Unvested at June 30, 2022891 $62.70 
Restricted stock awards are measured based on their fair value on the date of grant and amortized over the vesting period of 20 months. As of both June 30, 2023 and 2022, unvested restricted stock awards of 891 were related to performance-based awards. The forfeited performance-based restricted stock awards of 6,227 was due to the resignation of the Company's Chief Development Officer on March 25, 2022. These forfeited awards reduced stock-based compensation expense by $0.4 million in 2022.
Service-Based Restricted Stock Units
A summary of the Company’s service-based restricted stock units during the six months ended June 30, 2023 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2023125,000 $1.47 
Granted313,065 1.87 
Vested(125,000)1.47 
Unvested at June 30, 2023313,065 $1.87 

A summary of the Company’s service-based restricted stock units during the six months ended June 30, 2022 is as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 202229,289 $12.87 
Granted125,000 1.47 
Vested(23,515)11.33 
Forfeited(5,774)19.00 
Unvested at June 30, 2022125,000 $1.47 
Service based restricted stock units are measured based on their fair value on the date of grant and amortized over the vesting period. The vesting periods range from 1 to 3 years. Stock-based compensation expense of $0.1 million and $25,554 was recognized for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense of $0.2 million and $37 thousand was recognized for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the unrecognized stock-based compensation expense was $0.5 million, which is expected to be recognized over an estimated weighted average remaining term of less than 1.7 years.
Service-Based Stock Options
The fair value of the service-based stock options granted for the six months ended June 30, 2022 were based on the following assumptions:
Six Months Ended June 30, 2023
Exercise price
$1.37 - $2.83
Expected stock price volatility
81.64% - 81.9%
Risk-free interest rate
3.41% - 3.55%
Term (years)
4 - 6
A summary of the Company’s service-based stock option activity for the six months ended June 30, 2023 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term
Outstanding at January 1, 20231,206,905 $8.32 8.9
Granted382,745 1.48 5.5
Forfeited(13,447)4.02 — 
Expired(5,604)19.01 — 
Outstanding at June 30, 20231,570,599 $6.65 8.7
Exercisable at June 30, 2023301,986 $26.15 6.5

A summary of the Company’s service-based stock option activity for the six months ended June 30, 2022 is as follows:
Shares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term
Outstanding at January 1, 2022528,591 $32.01 7.5
Granted909 4.07 9.5
Forfeited(24,488)15.00 — 
Expired(81,695)83.32 — 
Outstanding at June 30, 2022423,317 $23.03 7.8
Exercisable at June 30, 2022227,412 $31.19 5.8
The aggregate intrinsic value is calculated as the difference between the closing price of the Company's common stock and the exercise price of the stock options that had strike prices below the closing price. The intrinsic value of the outstanding options were not significant for all periods presented.
During the six months ended June 30, 2023, the Company granted 382,745 stock options to purchase shares of common stock. During the six months ended June 30, 2023, 13,447 shares were forfeited and 5,604 shares expired. Forfeitures are recorded in the period of occurrence and compensation expense is adjusted accordingly.
Stock-based compensation expense recognized for service-based stock options was $0.2 million and $0.1 million for the three months ended June 30, 2023, and 2022 respectively. Stock-based compensation expense recognized for service-based stock options was $0.3 million and $0.3 million for the six months ended June 30, 2023, and 2022, respectively. As of June 30, 2023, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $0.9 million, which is expected to be recognized over an estimated weighted average remaining term of 8.7 years.