Stock Incentive Plans

6 Months Ended

Jun. 30, 2022

Stock Incentive Plans

Stock Incentive Plans

10.Stock Incentive Plans

A summary of the Company’s stock option activity and related information follows:

				Weighted
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
		Average		Contractual	Value
	Shares	Exercise Price		Term (years)	(in thousands)
Outstanding at December 31, 2021	1,346,733	$	22.25	9.02	$	168
Granted	796,481	$	6.17
Cancelled or forfeited	(37,013)	$	21.87
Expired	(51)	$	115.80
Outstanding at June 30, 2022	2,106,150	$	16.18	8.96	$	61
Vested and exercisable at June 30, 2022	485,217	$	31.42	8.14	$	61

There were no stock options exercised in the three or six months ended June 30, 2022 and 2021. The total grant date fair value of stock options vested for the three months ended June 30, 2022 and 2021 was $3.3 million and $0.4 million, respectively. The total grant date fair value of stock options vested for the six months ended June 30, 2022 and 2021 was $3.9 million and $1.0 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended June 30, 2022 and 2021 was $3.04 and $10.38, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the six months ended June 30, 2022 and 2021 was $3.87 and $10.38, respectively.

At June 30, 2022, the total unrecognized compensation expense related to unvested stock option awards was $11.2 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.7 years.

On February 17, 2022, the Company’s Board of Directors adopted the 2022 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards with respect to an aggregate of 300,000 shares of the Company’s common stock. Awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). As of June 30, 2022, 38,000 options have been granted under the Inducement Plan, which are included in the table above.