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STOCK-BASED COMPENSATION AWARDS | 9 Months Ended
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Sep. 30, 2022
STOCK-BASED COMPENSATION AWARDS |
STOCK-BASED COMPENSATION AWARDS | NOTE 4 STOCK-BASED COMPENSATION AWARDS Equity Incentive Plans In March 2021, the Company’s Board of Directors adopted, and its stockholders approved, the Company’s 2021 Equity Incentive Plan (2021 Plan), which became effective in March 2021 in connection with the IPO. Upon adoption of the 2021 Plan, the Company restricted the grant of future equity awards under its 2017 Equity Incentive Plan, as amended and restated (the 2017 Plan). The 2021 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees and any of its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance shares to its employees, directors, and consultants and its subsidiary corporations’ employees and consultants. The vesting of stock options is stated in each individual grant agreement, which is generally four years. Options granted expire 10 years after the date of grant. A total of 5,040,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan. The 2021 Plan share reserve will be increased by the number of shares under the 2017 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan up to the limit under the 2021 Plan. The number of shares available for issuance under the 2021 Plan increases annually on the first day of each fiscal year beginning with the Company’s 2022 fiscal year, equal to the least of (1) 5,040,000 shares, (2) five percent (5%) of the outstanding shares of its common stock as of the last day of the immediately preceding fiscal year; or (c) such other amount as the Company’s Board of Directors may determine. In February 2022, the number of shares of common stock authorized for issuance under the 2021 Plan was increased from 5,040,000 to 7,515,015. As of September 30, 2022, 2,401,377 shares remained available for future grant under the 2021 Plan. Founder Stock Options On September 19, 2017, the Company granted one of its founders the option to purchase 1,795,880 shares of the Company’s common stock at an exercise price of $0.18 per share which vest monthly over a four-year period that expires 15 years after the date of grant. This grant is separate from the Company’s equity incentive plans discussed above. As of September 30, 2022, 1,531,780 options were outstanding and exercisable. There were no options exercised during the three and nine months ended September 30, 2022. Total stock-based compensation expense related to all equity awards granted was allocated as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Research and development | ​ | $ | 1,743 |  | $ | 1,055 |  | $ | 4,152 |  | $ | 1,670
General and administrative | ​ |  | 1,430 | ​ |  | 493 | ​ |  | 3,036 | ​ |  | 861
Total stock-based compensation expense | ​ | $ | 3,173 | ​ | $ | 1,548 | ​ | $ | 7,188 | ​ | $ | 2,531
​ Grant of stock options During the nine months ended September 30, 2022, the Company issued 2,947,698 stock options with a fair value of $21.9 million that vest over a weighted average period of 3.8 years. Restricted Stock Units During the nine months ended September 30, 2022, the Company issued 268,031 restricted stock units with a fair value of $2.1 million that vest over a period of 3 years.

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