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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Estimated Weighted Average Grant Date Fair Value per Share | The Company granted options to purchase an aggregate of 60,000 and 433,700 shares of common stock in the years ended December 31, 2022 and 2021, respectively. The fair values of employee stock options granted in the years ended December 31, 2022 and 2021 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, |
|  | 2022 |  |  | 2021 |
Expected term |  | 5.5 years |  |  | 5.9 years |
Expected volatility |  |  | 107 | % |  |  | 94 | %
Risk-free interest rate |  |  | 3.56 | % |  |  | 1.08 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Weighted-average grant date fair value per share |  | $ | 1.87 |  |  | $ | 2.09 |
Summary of Stock Option Activities | A summary of ARCA’s stock option activities for the years ended December 31, 2022 and 2021, and related information as of December 31, 2022, 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, 2020 |  |  | 531,238 |  |  | $ | 8.71 |  |  |  |  |  |  |
Granted |  |  | 433,700 |  |  |  | 2.77 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited and cancelled |  |  | (60,815 | ) |  |  | 12.71 |  |  |  |  |  |  |
Options outstanding - December 31, 2021 |  |  | 904,123 |  |  | $ | 5.59 |  |  |  | 9.18 |  |  | $ | — |
Granted |  |  | 60,000 |  |  |  | 2.31 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited and cancelled |  |  | (259,163 | ) |  |  | 4.74 |  |  |  |  |  |  |
Options outstanding - December 31, 2022 |  |  | 704,960 |  |  | $ | 5.62 |  |  |  | 8.29 |  |  | $ | 18 |
Options exercisable - December 31, 2022 |  |  | 308,237 |  |  | $ | 8.69 |  |  |  | 7.90 |  |  | $ | 5 |
Options vested and expected to vest - December 31, 2022 |  |  | 704,803 |  |  | $ | 5.62 |  |  |  | 8.29 |  |  | $ | 18 |
Summary of RSU Activity | A summary of RSU activity for the year ended December 31, 2022 is presented below:
|  | Restricted Stock Units Outstanding |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
RSUs outstanding - December 31, 2021 |  |  | — |  |  | $ | — |
Granted |  |  | 91,000 |  |  |  | 2.21 |
Vested and released |  |  | — |  |  |  | — |
Forfeited and cancelled |  |  | — |  |  |  | — |
RSUs outstanding - December 31, 2022 |  |  | 91,000 |  |  | $ | 2.21 |
Summary of Non-cash, Share-based Compensation Expense | For the years ended December 31, 2022 and 2021, the Company recognized the following non-cash, share-based compensation expense (in thousands):
| Years Ended |
| December 31, |
| 2022 |  |  | 2021 |
Research and development | $ | 133 |  |  | $ | 160 |
General and administrative |  | 423 |  |  |  | 337 |
Total | $ | 556 |  |  | $ | 497 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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