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Equity Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2023
Equity Incentive Plans  
Assumptions used in the black-Scholes model

The assumptions used in the Black-Scholes model during the six months ended June 30, 2023 and 2022 are presented below.

Six months ended

    

June 30, 2023

June 30, 2022

Risk-free interest rate

3.54% - 4.20%

2.65% - 3.52%

Expected volatility

90.99% - 91.58%

84.81% - 85.67%

Expected term (in years)

5.50 - 7.00

5.50 - 7.00

Expected dividend yield

0%

0%

Allocation of Stock-Based Compensation Expenses

The tables below summarize the total share-based compensation expense included in the Company’s consolidated statements of operations for the periods presented:

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2023

    

2022

    

2023

    

2022

    

Research and development

$

259,000

$

489,000

$

804,000

$

679,000

General and administrative

 

2,000

 

460,000

 

314,000

 

763,000

Total share-based compensation

$

261,000

$

949,000

$

1,118,000

$

1,442,000

Summary of Stock Option Activity

Stock option transactions during the six months ended June 30, 2023 are presented below:

Options Outstanding

Weighted

Average

Weighted

Remaining

Average

Contractual

Aggregate

Exercise

Term

Intrinsic

    

Shares

    

Price

    

(Years)

    

Value

Outstanding at December 31, 2022

 

3,352,803

$

5.32

 

7.8

Granted

 

17,500

 

2.36

 

 

Exercised

$

Forfeited/Cancelled

 

(168,374)

 

5.63

 

 

Outstanding at June 30, 2023

 

3,201,929

$

5.29

 

7.3

$

Vested and expected to vest at June 30, 2023

 

3,201,929

$

5.29

 

6.7

$

Exercisable at June 30, 2023

 

2,142,829

$

5.57

 

7.3

$

Schedule of restricted stock awards and restricted stock unit activity

Restricted stock award transactions under the Assumed 2016 Plan and restricted stock unit award transactions during the six months ended June 30, 2023 are presented below:

Weighted Avg

Grant Date

    

Shares

    

Fair Value

Outstanding at December 31, 2022

129,666

$

27.11

Granted

Forfeited/Cancelled

(3,699)

 

39.54

Vested and Issued as Common Stock

(54,901)

29.97

Outstanding at June 30, 2023

71,066

$

24.25

Shares Reserved for Future Issuance

As of June 30, 2023, the Company had reserved shares of its Common Stock for future issuance as follows:

    

Shares Reserved

Stock options outstanding

 

3,201,929

Unvested restricted stock units

71,066

Employee stock purchase plan

 

9,748

Available for future grants under the 2016 Plan

 

2,534,180

Warrants outstanding

 

20,549,338

Total shares reserved

 

26,366,261