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STOCK-BASED COMPENSATION
9 Months Ended
Sep. 30, 2023
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

11.STOCK-BASED COMPENSATION

2017 Stock Incentive Plan—Restricted Stock Units

The following table summarizes the activity for all RSUs outstanding under the 2017 Plan at:

2023

2022

    

    

Weighted Average

    

    

Weighted Average

Grant Date

Grant Date

Fair Value

Fair Value

Shares

Per Share

Shares

Per Share

Nonvested RSUs at beginning of period

 

650

$

259.50

 

17,028

$

374.40

Granted

 

 

 

 

Vested

 

(246)

 

255.85

 

(399)

 

297.00

Cancelled and forfeited

 

(45)

 

260.10

 

(11,301)

 

382.50

Nonvested RSUs at September 30

 

359

$

285.36

 

5,328

$

365.40

Total stock compensation expense recognized from stock-based compensation awards classified as restricted stock units were recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, as follows:

Three Months Ended

Nine Months Ended

2023

    

2022

    

2023

    

2022

Research and development

$

5,800

$

17,300

$

20,900

$

31,200

General and administrative

 

8,800

 

21,100

 

23,300

 

16,400

Total

$

14,600

$

38,400

$

44,200

$

47,600

As of September 30, 2023, there was $146,600 unrecognized stock compensation expense related to unvested restricted stock units.

2017 Stock Incentive Plan— Stock Options

The following table summarizes the activity for all stock options outstanding at September 30, 2023 under the 2017 Plan:

2023

2022

    

    

Weighted

    

    

Weighted

Average

Average

Exercise

Exercise

Shares

Price

Shares

Price

Options outstanding at beginning of period

 

11,286

$

254.40

 

12,697

$

257.10

Granted

 

 

 

 

Exercised

 

 

 

 

Cancelled and forfeited

 

(5,433)

 

215.35

 

(1,401)

 

275.70

Balance at September 30

 

5,853

$

285.36

 

11,296

$

254.70

Options exercisable at September 30:

 

5,853

$

285.36

 

11,204

$

255.90

In addition, the weighted average remaining contractual life for the options is 4.18 years and 4.93 years as of September 30, 2023 and December 31, 2022, respectively. The options have no intrinsic value as of September 30, 2023 or December 31, 2022, respectively.

Total stock compensation expense recognized from stock-based compensation awards classified as stock options were recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 as follows:

Three Months Ended

Nine Months Ended

2023

    

2022

    

2023

    

2022

Research and development

$

$

9,000

$

$

61,000

General and administrative

 

 

8,000

 

 

23,000

Total

$

$

17,000

$

$

84,000

As of September 30, 2023, there was no unrecognized stock compensation expense related to unvested stock options.

2021 Stock Incentive Plan—Restricted Stock Units

The following table summarizes the activity for all RSUs outstanding at September 30, 2023 and 2022 under the 2021 Plan:

2023

2022

    

    

Weighted Average

    

    

Weighted Average

Grant Date

Grant Date

Fair Value

Fair Value

Shares

Per Share

Shares

Per Share

Nonvested RSUs at beginning of period

684

$

133.20

 

2,068

$

165.60

Granted

50,843

 

0.62

 

24,610

 

12.30

Vested

(13,483)

 

0.62

 

(19,853)

 

38.40

Cancelled and forfeited

(621)

 

126.60

 

(265)

 

126.60

Nonvested RSUs at September 30

37,423

$

20.41

 

6,560

$

43.20

Total stock compensation expense recognized from stock-based compensation awards classified as restricted stock units were recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, as follows:

Three Months Ended

Nine Months Ended

2023

    

2022

    

2023

    

2022

Research and development

$

9,500

$

21,800

$

21,300

$

47,500

General and administrative

 

2,300

 

220,000

 

17,000

 

249,800

Total

$

11,800

$

241,800

$

38,300

$

297,300

The vested outstanding restricted stock units have not been released to grantees as of September 30, 2023, but they were included in calculation of weighted average common shares outstanding, basic and diluted (See Note 3, Net Loss Per Share of Common Stock). The Company plans to release these shares to the grantees before the end of the year. Since there is a possibility that any portion of those shares could be sold as part of the release, the shares will be released in compliance with the Company’s insider trading policy when there is an open trading window and grantees are not in possession of any material non-public information.

2021 Stock Incentive Plan — Stock Options

The following table summarizes the activity for all stock options outstanding at September 30, 2023 under the 2021 Plan:

2023

2022

    

    

Weighted

    

    

Weighted

Average

Average

Exercise

Exercise

Shares

Price

Shares

Price

Options outstanding at beginning of period

 

21,420

$

12.90

 

$

Granted

 

 

 

24,480

 

12.90

Exercised

 

 

 

 

Cancelled and forfeited

 

(9,180)

 

12.90

 

 

Balance at September 30

 

12,240

$

12.90

 

24,480

$

12.90

Options exercisable at September 30:

 

12,240

$

12.90

 

18,360

$

12.90

Weighted average grant date fair value for options granted during the year:

 

  

$

 

  

$

10.80

In addition, the stock options had weighted average remaining contractual life of 4.18 years. There was no stock compensation expense during the nine months ended September 30, 2023 or September 30, 2022.