Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
The Company adopted on August 10, 2022, and the stockholders approved on August 18, 2022, the 2022 Stock Plan (the “Plan”). The Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards. The Plan, through the grant of stock awards, is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and provide a means by which the eligible recipients may benefit from increases in value of the common stock. In September 2022, the Company issued a total of options with a strike price of $ per share to employees, directors, and scientific advisory board members under this Plan. In February 2023, the Company issued an additional total of options with a strike price of $ per share to employees and directors under this Plan. In August 2023, a total of options with a strike price of $ per share were forfeited. In March 2024, the Company issued options with a strike price of $ per share to employees under this Plan. Generally, awards granted by the Company vest over four years and have an exercise price equal to the estimated fair value of the common stock as determined by the board of directors with consideration given to contemporaneous valuations of the Company’s common stock prepared by an independent third-party valuation firm.
As of March 31, 2024, and December 31, 2023, there were and shares, respectively, available for future issuance under the Plan.
In addition to this $ thousand stock-based compensation expense for stock options, a $ thousand stock-based compensation expense was recognized for the grant of shares of Series C Preferred Stock to the CEO during the three months ended March 31, 2024.
During the three months ended March 31, 2024, the weighted-average grant date fair value of the options granted was $ per share.
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