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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Estimated Weighted Average Grant Date Fair Value per Share

The Company granted options to purchase an aggregate of 433,700 and 500,350 shares of common stock in the years ended December 31, 2021 and 2020, respectively. The fair values of employee stock options granted in the years ended December 31, 2021 and 2020 were estimated at the date of grant using the Black-Scholes model with the following assumptions and had the following estimated weighted average grant date fair value per share:

		Year Ended December 31,
		2021				2020
Expected term		5.9 years				6.0 years
Expected volatility			94	%			96	%
Risk-free interest rate			1.08	%			0.50	%
Expected dividend yield			0	%			0	%
Weighted-average grant date fair value per share		$	2.09			$	3.28

Summary of Stock Option Activities

A summary of ARCA’s stock option activities for the years ended December 31, 2021 and 2020, and related information as of December 31, 2021, is as follows:

		Options Outstanding
		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Options outstanding - December 31, 2019			31,136			$	84.50
Granted			500,350				4.29
Exercised			—				—
Forfeited and cancelled			(248	)			610.46
Options outstanding - December 31, 2020			531,238			$	8.71				9.68			$	—
Granted			433,700				2.77
Exercised			—				—
Forfeited and cancelled			(60,815	)			12.71
Options outstanding - December 31, 2021			904,123			$	5.59				9.18			$	—
Options exercisable - December 31, 2021			159,164			$	15.91				8.21			$	—
Options vested and expected to vest -        December 31, 2021			902,666			$	5.60				9.18			$	—

Summary of Non-cash, Share-based Compensation Expense

For the years ended December 31, 2021 and 2020, the Company recognized the following non-cash, share-based compensation expense (in thousands):

	Years Ended
	December 31,
	2021				2020
Research and development	$	160			$	26
General and administrative		337				17
Total	$	497			$	43

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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