Stock Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement

NOTE 14: STOCK BASED COMPENSATION

On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. On June 27, 2024, the stockholders of the Company approved an amendment and restatement of the 2020 Plan which increased the shares available for issuance by 12,000,000 shares, to a total of 30,000,000 shares available for grant. The 2020 Plan was also extended through June 27, 2034. As of June 30, 2024, 13,013,925 shares were available for future grants under the 2020 Plan.

The Company recognized stock-based compensation expense in the Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	120	$	447	$	236	$	965
General and administrative	232			1,156	$	533		2,211
Total stock-based compensation expense		352	$	1,603	$	769	$	3,176

The following table shows a summary of all stock option activity for the six months ended June 30, 2024:

	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2024		17,506,345		$	1.79			$	554,525
Granted		4,208,334			1.06
Forfeited		(696,504	)		2.04
Exercised		(268,998	)		0.85
Expired		(4,328	)		255.47
Outstanding as of June 30, 2024		20,744,849		$	1.59		7.44	$	2,389,459
Exercisable as of June 30, 2024		15,230,527		$	1.80		6.62	$	1,246,913
Vested and expected to vest		20,744,849		$	1.59		7.44	$	2,389,459

During the six months ended June 30, 2023, the Company granted 6,691,100 options.

The weighted average grant date fair value of options granted during the three and six months ended June 30, 2024 was $0.83 and $0.84.

As of June 30, 2024, the unrecognized compensation cost associated with unvested options was $4.2 million. This expense is expected to be recognized over a weighted-average period of 1.73 years.