Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Valuation

The fair value of stock option grants is estimated using the Black-Scholes option-pricing model with the following assumptions:

	Black-Scholes Option- Pricing
	September 30, 2022	December 31, 2021
Risk-free interest rate	2.84% - 3.36%	0.42% - 1.34%
Expected volatility	95.63% - 97.45%	97.18% - 98.96%
Expected dividend yield	- %	- %
Expected life (in years)	5.5 - 6.1		6.1

Summary of Option Activity

The table below summarizes stock option activity under the Company’s stock option plans and Inducement Awards:

Stock Option Activity
	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2021		1,098,134		$	5.80		8.76	$	5,808
Granted		1,074,364			4.11		10.00		(975	)
Exercised		(385,527	)		0.10		8.24		6,626
Forfeited and expired		(98,294	)		7.92		9.34		(113	)
Outstanding as of September 30, 2022		1,688,677			5.90		8.95		(1,671	)
Options exercisable at September 30, 2022		415,361			8.98		8.24		(352	)

Summary of RSU Activity

The following table summarizes the movement in the number of Restricted Stock Units (“RSUs”) issued by the Company under the Plans. The table below summarizes activity relating to RSUs for the nine months ended September 30, 2022:

RSU Activity
	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Total nonvested units at December 31, 2021	$	291,886		$	9.06
Granted		25,000			2.91
Vested		(127,605	)		9.04
Total nonvested units at September 30, 2022	$	189,281		$	8.36

Summary of Stock-Based Compensation Expense

The Company recorded share-based compensation expense in the following expense categories for the three and nine months ended September 30, 2022 and 2021 of its consolidated statements of operations and comprehensive loss (in thousands):

Share-Based Compensation
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development expenses	$	500	$	1,115	$	1,446	$	4,197
General and administrative expenses		946		400		2,870		1,357
	$	1,446	$	1,515	$	4,316	$	5,554