Schedule of Stock Option Activity |
The following table summarizes the stock option
activity, including performance-based stock options, under the 2021 Plan, the 2022 Inducement Plan and the Company’s 2019 Equity
Incentive Plan (the “2019 Plan”) for the nine months ended September 30, 2023:
| |
Options Outstanding | | |
| | |
| |
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted -
Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value (in thousands) | |
Balance, December 31, 2022 | |
| 6,169,180 | | |
$ | 2.25 | | |
| 7.80 | | |
$ | — | |
Options granted | |
| 5,570,696 | | |
$ | 1.64 | | |
| | | |
| | |
Options exercised | |
| (545,816 | ) | |
$ | 0.71 | | |
| | | |
| | |
Options cancelled/forfeited | |
| (921,691 | ) | |
$ | 1.84 | | |
| | | |
| | |
Balance, September 30, 2023 | |
| 10,272,369 | | |
$ | 2.04 | | |
| 8.77 | | |
$ | 3 | |
Vested and expected to vest, September 30, 2023 | |
| 10,272,369 | | |
$ | 2.04 | | |
| 8.77 | | |
$ | 3 | |
Exercisable, September 30, 2023 | |
| 2,938,989 | | |
$ | 1.99 | | |
| 7.54 | | |
$ | 1 | |
The following table summarizes the performance-based
stock options activity under the 2021 Plan and the 2019 Plan, which are included in the stock option activity table above, for the nine
months ended September 30, 2023:
| |
Options Outstanding | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Balance, December 31, 2022 | |
| 463,959 | | |
$ | 1.42 | | |
| 8.06 | | |
$ | — | |
Options granted | |
| 50,000 | | |
$ | 1.92 | | |
| | | |
| | |
Options cancelled/forfeited | |
| (50,000 | ) | |
$ | 1.92 | | |
| | | |
| | |
Balance, September 30, 2023 | |
| 463,959 | | |
$ | 1.42 | | |
| 7.31 | | |
$ | — | |
Vested and expected to vest, September 30, 2023 | |
| 463,959 | | |
$ | 1.42 | | |
| 7.31 | | |
$ | — | |
Exercisable, September 30, 2023 | |
| 313,959 | | |
$ | 0.78 | | |
| 6.71 | | |
$ | — | |
|
Schedule of RSUs Activity |
The following table provides a summary of RSU activity
under the 2021 Plan during the nine months ended September 30, 2023:
| |
Number of Shares | | |
Weighted Average Grant Date Fair Value | |
Unvested restricted stock units at December 31, 2022 | |
| 2,617,445 | | |
$ | 0.79 | |
Granted | |
| 50,000 | | |
$ | 1.50 | |
Vested | |
| (1,309,356 | ) | |
$ | 0.79 | |
Forfeited | |
| (281,275 | ) | |
$ | 0.92 | |
Unvested restricted stock units at September 30, 2023 | |
| 1,076,814 | | |
$ | 0.79 | |
Outstanding restricted stock units at September 30, 2023 | |
| 1,076,814 | | |
$ | 0.79 | |
|
Schedule of Stock-Based Compensation Expense |
The following table presents stock-based compensation
expenses related to options and RSUs granted to employees and non-employees, ESPP awards and restricted common stock shares issued to
founders (in thousands):
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
General and administrative | |
$ | 1,014 | | |
$ | 475 | | |
$ | 2,713 | | |
$ | 1,511 | |
Research and development | |
| 381 | | |
| 169 | | |
| 1,340 | | |
| 976 | |
Total | |
$ | 1,395 | | |
$ | 644 | | |
$ | 4,053 | | |
$ | 2,487 | |
|
Schedule of Fair Value of Stock Options Was Estimated Using a Black-Scholes Option-Pricing Model |
The grant date fair value of stock options was
estimated using a Black-Scholes option-pricing model with the following assumptions:
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Expected term (in years) | |
| 5.46 – 6.08 | | |
| 6.01 – 6.08 | | |
| 5.25 – 6.08 | | |
| 1.00-6.08 | |
Expected volatility | |
| 108.08% – 108.88 | % | |
| 105.64% – 105.99 | % | |
| 103.31% – 108.98 | % | |
| 63.41% – 105.99 | % |
Risk-free interest rate | |
| 4.12% – 4.55 | % | |
| 2.99% – 3.27 | % | |
| 3.45% – 4.55 | % | |
| 1.40% – 3.27 | % |
Expected dividend yield | |
| — | | |
| — | | |
| — | | |
| — | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Expected term (in years) | |
| — | | |
| — | | |
| 0.50 | | |
| 0.50 | |
Expected volatility | |
| — | | |
| — | | |
| 266.24 | % | |
| 75.60 | % |
Risk-free interest rate | |
| — | | |
| — | | |
| 5.39 | % | |
| 1.81 | % |
Expected dividend yield | |
| — | | |
| — | | |
| — | | |
| — | |
|